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2020 (3) TMI 1129

..... e view that the objections raised by the corporate debtor as regards to the authority for filing the petition under section 7 of the IBC and the financial debt being barred by limitation are not tenable. The financial creditor has placed on record the letter of authority issued in favour of Sh. P. Y. Jakkareddy, DGM, Corporation Bank and also the letters dated March 31, 2015 and February 13, 2018 clearly showing acknowledgment of debt by the corporate debtor within the limitation period, even if the date of default is considered as November 29, 2014 as pointed out by the corporate debtor. The financial creditor has established a default on the part of the corporate debtor in payment of their financial debt and succeeded in establishing a ca .....

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..... thorised share capital of the respondent-company is ₹ 10,00,00,000 and paid-up share capital of the company is ₹ 9,99,79,000 as per the averments made by the petitioner. 4. It is submitted by the financial creditor that it had sanctioned total loan of ₹ 71,62,70,000 (rupees seventy one crores sixty two lakhs seventy thousand) only to the corporate debtor. 5. As regards the amount involved in default and the date of default, it is mentioned by the financial creditor in Part IV of their application that : "2. The grand total of all the claims as on February 16, 2018 of the financial creditor is ₹ 79,14,95,288.26, total claim including interest up to June 1, 2019 is ₹ 88,25,77,012.26, also future interest to .....

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..... datory in nature. B. No financial debt is due hence the applicant is not the financial creditor (iii) That a bare perusal of the aforesaid report notes that the date of the default by the corporate debtor to be November 29, 2014 so therefore even assuming without admitting that there is a default on the part of the corporate debtor then also the present application is not maintainable by virtue of section 238A as the claim of the financial creditor is barred by the limitation since the present application has been filed after more than 3 years then the prescribed period. (v) That even assuming without admitting that the date of default is March 31, 2017, i. e., the date of non-performing asset, then also the present application is not maint .....

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..... of the petition Volume-II) dated February 13, 2018 confirming "acknowledgment of debt/liability" by the corporate debtor about the balance outstanding in different loan accounts. 13. It has been further submitted by the financial creditor that it had informed the corporate debtor and its guarantors vide their notice dated February 16, 2018 issued under section 13(2) of the SARFAESI Act, 2002 stating that : "In view of your failure to pay the dues/operate the accounts satisfactorily as is required, we have, in terms of the RBI Guidelines as to the Income Recognition and Prudential Accounting Norms, classified your account non-performing asset as on March 31, 2017." 14. After hearing submissions of both the parties, this B .....

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..... 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 inter est 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 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) ; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor." 16. As proposed by the financial creditor, this Bench appoints Mr. Navjit Singh as an IRP having Re .....

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