TMI Blog2020 (3) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... ll respects as required by law, and it clearly shows that the Corporate Debtor has not paid the dues, and this has also been confirmed by the Corporate Debtor. Application admitted - moratorium declared. - CP (IB) NO. 2208/MB/C-IV/2019 - - - Dated:- 25-11-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member B. Gopalakrishnan, Ms. Ishita Merchant and Reuben Masrao, for the Petitioner. ORDER Rajasekhar V. K., 1. This is a Company Petition filed under section 7 of the Insolvency Bankruptcy Code, 2016 (IBC) by Bank of India ( the Financial Creditor ), a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, duly represented by its Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd eight hundred and eighty-two only) as penal interest at the rate of 2% p.a. as stated at p.6 of the Petition. Date of default is 30.06.2018, as stated at p.5 of the petition. 4. The Financial Creditor has granted various credit facilities to the Corporate Debtor aggregating to an amount of ₹ 11,55,00,000/-(Rupees eleven crore and fifty-five lakh only) (at page 4 of the Petition). Details of credit facilities as per part-IV of Form-1 are as follows: Sl.No. Nature of Credit Facility Principal Outstanding as on 17.05.2019 Normal Interest from 30.06.2018 to 17.05.2019 p.a. Penal Interest from 30.06.2018 to 17.05.2019 @ 2% simple Total Clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Debt to the Financial Creditor dated 21.03.2017 and 09.03.2018, acknowledging its dues for an amount of ₹ 9,95,75,565.51/-(Rupees nine crore ninety-five lakh seventy-five thousand five hundred sixty-five and fifty-one paise only) and ₹ 51,31,454.50/-(Rupees fifty-one lakh thirty-one thousand four hundred fifty-four and fifty paise only) (para E p. 11 of the Petition, Document is at p. 137 and p. 141 of the Petition) 6. The Financial Creditor has submitted that the Corporate Debtor's account was classified as Non-performing Assets on 30.06.2018 as the Corporate Debtor failed to pay the amount due to the Financial Creditor. (Exhibit 'B' of the Petition at p. 44) 7. The Financial Creditor issued Notice dated 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hin that period, the right to file reply shall stand forfeited. 11. However, in spite of these clear directions, no vakalatnama was filed on behalf of the Corporate Debtor, and there was no appearance from the side of the Corporate Debtor when the matter was called on 16.10.2019. Since the IBC procedure is time bound process, it was not possible to wait indefinitely for the appearance and reply of the Corporate Debtor. Hence, the matter was taken up for admission on that date, i.e., 16.10.2019. 12. We have heard the arguments of the Learned Counsel for the Financial Creditor and perused the records. 13. It is noticed from the petition that- (a) There is unequivocal admission of liability on the part of the Corporate Debtor in it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) The institution of suits or continuation of pending suits or proceedings against the Financial Creditor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Financial Creditor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Financial Creditor in respect of its property including any action under the Securitisation and Reconstruction of Operational Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Financial Creditor shall deposit a sum of ₹ 1,00,000/- (Rupees one lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) The Registry is directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post ..... X X X X Extracts X X X X X X X X Extracts X X X X
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