TMI Blog2019 (11) TMI 1211X X X X Extracts X X X X X X X X Extracts X X X X ..... y Resolution Process (CIRP) as against the Corporate Debtor as envisaged under the provisions of IBC, 2016. Petition admitted - moratorium declared. - CP (IB) NO. 205/7/JPR/2019 - - - Dated:- 20-9-2019 - Dr. Poondla Bhaskara Mohan, Judicial Member And Raghu Nayyar, Technical Member Vikas Jain, Adv. for the Petitioner. ORDER 1. This application is filed by the Punjab National Bank, (for brevity Applicant ), claiming to be a Financial Creditor, through Shri Durga Prasad Meghwal, its Authorised Signatory and Senior Manager, who is duly authorized vide Power of Attorney dated 13.07.2001 to file this application against the Corporate Debtor, Atlas Alloy (India) Private Limited (for brevity Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been enhanced from time-to-time by the Applicant as per the request of the Respondent. The Corporate Debtor has executed a Hypothecation Agreement dated 09.11.2011 to secure the Term Loan. It is inferred from the Hypothecation Agreement that the Term Loan is to be repaid by the Corporate Debtor in 24 quarterly instalments of ₹ 7,50,000/- plus interest at the rate of 15.75%. and additional interest at the rate of 2% in case of default. Copy of Hypothecation Agreement is annexed as Annexure- 18. The Applicant further submits that the Corporate Debtor has executed various other loan and security documents. 5. The Applicant further Submits that since the Corporate Debtor did not maintain financial discipline, the Loan Accounts o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Term Loan Account ₹ 45,77,928/- plus future interest, cost expenses. (b) Cash Credit Account ₹ 12,08,95,707/-plus future interest, cost expenses. (c) Bills Discounting Account ₹ 50,38,299/- plus future interest, cost expenses. Total (a+b+c) = ₹ 13,05,1 1,934/- Date of Default is the day on which the Corporate Debtor was declared as NPA i.e. 30.09.2017 7. Perusal of the records of the proceedings before this Tribunal shows that despite service of notice upon the Corporate Debtor and in view of non-appearance, this Tribunal was constrained to proceed ex parte against the Corporate Debtor on 05.09.2019 and the submissions of the learned cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereby appointed as the Insolvency Resolution Professional (IRP) to take over the affairs of the Corporate debtor and duties as required to be performed by him under the provisions of IBC, 2016 including issue of publication in widely circulated Newspaper as contemplated under the provisions of IBC, 2016 and calling for the claims from the creditors of Corporate Debtor and collation of the same shall be done. (ii) Further, as a sequence of admission, moratorium as envisaged under Section 14 of IBC, 2016 is invoked in relation to the Corporate Debtor which will be in vogue during the Corporate Insolvency Resolution Process of the Corporate Debtor. The IRP shall carry out CIRP strictly as per the timelines specified and as envisaged u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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