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TMI Blog2020 (3) TMI 704X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Application as reflected in the application is stated to be as under: a. In the year 1995 financial assistance was sanctioned by IDBI, to Hotline CPT Limited for setting up a plant for manufacture of colour picture tubes with installed capacity of 1.50 million units per annum at Malanpur, district Bhind, Madhya Pradesh. b. On 13.07.1995 loan cum security documents were executed and on 13.10.1995 mortgage was created by corporate debtor by way of deposit of title deed. c. On 03.03.1998 by virtue of deed of transfer cum assignment entered into between Hotline Teletube & Components Ltd. and LG Hotline CPT Ltd., the assets and liability of CPT division of Hotline Teletube & Components Ltd. had been transferred in favour of LG Hotline ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07 corporate debtor filed an application under section 15(1) of Sick Industrial Companies Act, 1985 before the Board for Industrial and Financial Reconstruction (BIFR) and the application admitted. i. On 09.04.2018 despite having availed huge financial facilities, the corporate debtor was irregular in making payments towards the loan/facilities, availed by it. The SASF recalled all the financial facilities granted to the defendants thereby calling upon corporate debtor to pay the entire dues together with further interest, liquidated damages thereon at the contractual rates. 2. Consequent to the issuing of notice by this Tribunal the Respondent filed a reply on 31.01.2019 in which the following contentions have been taken: a. The petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efault in the present case to be 01.04.2000 and 03.04.2000. Yet the entire petition is mute about the steps taken by IDBI and/or the petitioner during the period 2000 to 2019 for seeking recovery of the alleged dues. It is reiterated that since the petitioner is a complete alien to the loan agreement dated 13.07.1995 and the terms and conditions pursuant to which the alleged financial assistance was allegedly given by IDBI Bank, the petitioner naturally has no explanation for the gross delay and latches in its conduct. The petitioner cannot be allowed to take advantage of its own wrong. The conduct of the petitioner itself demonstrates the falsity in the claims raised by the petitioner. d. It is submitted that the petitioner in the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assigned, transferred and released to and unto the SASF, the financial assistance sanctioned to the corporate debtor along with the underlying securities with an intent that the SASF shall be full and absolute legal owner and the only person to receive the amounts due and payable by the corporate debtor to IDBI. b. That the corporate debtor based on the balance sheet as on 31.12.2006 filed an application under section 15(1) of Sick Industrial Companies Act, 1985 before the Board for Industrial and Financial Reconstruction (BIFR) in January 2007 and the application was admitted as Case No.09/2007, which was pending before BIFR till SICA was repealed. In view of Section 22 of Sick Industrial Companies Act, 1985, the applicant could not tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as case no. 09/2007 and was pending before BIFR till the SICA Act,1985, was repealed and in view of this the applicant could not take any steps against the corporate debtor for recovery. Further SICA has been repealed by way of a notification dated 25.11.2016 published by the Government of India with effect from 01.12.2016 and thus the BIFR established under the provisions of the SICA was also abolished. As per section 22(5) of SICA (since repealed), period from 15.01.2007 to 30.11.2016 is to be excluded for the purpose of limitation. Between 2004 to 2007 it is also seen that dispute settlement was arrived, however the same stood withdrawn subsequently. Thus "Right to Sue Survives" and the present petition being filed in December 2018 is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process." 2. The interim resolution professional ("IRP"), proposed by the applicant, is one Mr. Chirag Shah, registered with ICAI Indian Institute of Insolvency Professionals having registration number IBBI/IPA-001/IP-P01169/2018-19/11837 who has also filed his consent in Form 2 with necessary declarations and hence he is being confirmed by this Bench. The IRP appointed shall take such other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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