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2019 (1) TMI 1717

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..... that it was a loan attracting interest. The execution of the demand promissory note, tender of cheques which bounced, acceptance of receipt of financial assistance against offer of security, execution of a specific Finance Agreement all point out to financial assistance availed to be liquidated against future purchases or be returned on demand. In view of the same, the objections raised on behalf of the Corporate Debtor do not merit any consideration. The petitioner/financial creditor is entitled to the prayer made. This Petition is therefore Admitted. Application admitted - moratorium declared. - (IB)-1089 (ND) OF 2018, 02-01-2019 - Dated:- 2-1-2019 - Smt. Ina Malhotra, Judicial Member And Smt. Deepa Krishan, Technical Member Vaibhav Maha .....

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..... erves Pvt. Ltd. offered security by way of equitable mortgage of immovable property belonging to it. 3. As per submissions, the Corporate Debtor failed to repay the loan in terms of their agreement dated 04.04.2017. A notice dated 23rd February, 2018 was issued which was duly acknowledged by the Corporate Debtor. The Corporate Debtor also confirmed that a sum of ₹ 1,13,46,653/- was also due and payable on account of release of 18.761 MT of graphite electrodes from the Vizag Port paid for by the Financial Creditor for and on their behalf. In response to the legal notice, the Corporate Debtor issued 4 cheques amounting to ₹ 8,27,63,010/-. These returned dishonoured on grounds of "Insufficient Funds". The financial credit .....

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..... executed promissory notes, only by way of security. 5. The Corporate Debtor further seeks to dispute the transaction as a financial claim, by relying upon the terms of the agreement dated 04.04.2017, the sum and substance of which also includes that the petitioner would have the first right of procurement from the respondent corporate debtor on priority basis for a minimum of 500 MT of Low Carbon Ferro Chrome per month. In case of a supply made directly to third parties, the respondent would be entitled to a commission of 3 to 5% of the billed amounts. It was also argued that the loans claimed as loans 1 and loan 2 are incorrect and without any substantiation. The total amount disbursed under loan 1 is wrongly being portrayed as the financ .....

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..... rit any consideration. The petitioner/financial creditor is entitled to the prayer made. This Petition is therefore Admitted. 8. A moratorium in terms of Section 14 of Code comes into effect forthwith, staying: '(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action unde .....

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