TMI Blog2019 (11) TMI 769X X X X Extracts X X X X X X X X Extracts X X X X ..... the considered view that this case is fit for admission. Petition admitted - moratorium declared. - CP/541/IB/2018 - - - Dated:- 28-5-2019 - SHRI B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) AND SHRI S. VIJAYARAGHAVAN, MEMBER (TECHNICAL) For The Financial Creditor : Shri E. Om Prakash, Sr. Advocate, Shri R. Vanjinathan, Advocate, Shri V. M. Karthik, Advocate For M/s. Ramalingam and Associates For The Corporate Debtor : Shri N. P. Vijay Kumar, Advocate And Shri R. Pradeep, Advocate ORDER Per : B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is a Company Petition u/s. 7 of the Insolvency and Bankruptcy Code, 2016 (the Code ) the Financial Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. 5. The Corporate Debtor sought for release of certain security on repayment of portion of the loan amount, accordingly the Financial Creditor, accepting the said request, issued a letter dated 15.09.2011 incorporating the modification. Thereafter, further release of certain security on pre-payment of a further part of a loan amount was sought and the Financial Creditor by Credit Arrangement Letter dated 21.06.2012 sanctioned the same. 6. When the Corporate Debtor failed to repay as agreed, the Financial Creditor initiated DRT proceedings against this Corporate Debtor. Upon which, DRT-II, Chennai issued Debt Recovery Certificate (DRC) No.145/2018 in favour of the Financial Creditor for an amount of ₹ 71 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Looking at all these documents and the DRC No. 145/2018 dated 14.05.2018 issued for an amount of ₹ 71,69,27,203.48 in favour of the Financial Creditor by DRT-II, Chennai in O.A.No.166/2016 realisable from the Corporate Debtor, and the same not being paid, it has become evident that the Corporate Debtor failed to repay the certified amount. Though this case was filed on 26th April 2018, till date the Corporate Debtor has failed to repay the claim amount except every time the Corporate Debtor saying that it was trying for settlement. 9. As the Financial Creditor has proved existence of debt and default against the Corporate Debtor by showing various documents and the certificate issued by the DRT-II, Che ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate debtor. II. That Supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from 28.05.2019 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
