TMI Blog2020 (4) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... 2015 filed on 20th July, 2015 after the date of NPA dated 23rd November, 2014. The Financial Creditor had pursued its legal rights and remedies without any delay and the present petition was filed on 2nd August, 2019. In view of the fact that the claim of the Financial Applicant have already been crystallised by DRT in its proceedings and the Recovery Certificate issued, followed by admission of the claim by the ld. Counsel appearing on behalf of the Corporate Debtor, we have no hesitation in admitting the petition and initiating Corporate Insolvency Resolution Process against the Corporate Debtor - application admitted - moratorium declared. - C.P. (IB) No. 1281 (KB) of 2019 - - - Dated:- 6-1-2020 - Jinan K.R., Judicial Member And ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accepted the terms and conditions of the loan agreement, Agreement-cum-Loan Hypothecation dated 26th August, 2011 along with the Guarantee Agreement executed between the Guarantors for the Corporate Debtor and the Financial Creditor. 4. It is submitted that the Corporate Debtor failed to comply with the terms and conditions of the Loan agreements and thus committed default vide balance confirmation letter dated 19th May, 2014 to the tune of ₹ 3,62,71,790/- as on 31-3-2014. On their failure to make the payments of its dues, several letters and reminders were sent to the Corporate Debtor but, the Corporate Debtor did not make any payment and, therefore, the account was declared as NPA on 23rd November, 2014. A legal notice was also i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... closed copy of statement of accounts, AUCA Statements, CIBIL Report and the Provisional and Audited Balance Sheet of the Corporate Debtor. 7. The Financial Creditor has proposed the name of one Mr. Sanjay Kumar Agarwal, an Insolvency professional, who has also given his consent to accept the appointment in the event this application is admitted. 8. It would be seen from the application that the Financial Creditor had secured its loan by executing various documents like Agreement of Loan-cum-Hypothecation, Guarantee Agreements with the guarantors and has enclosed all the relevant documents with the application. 9. In the reply affidavit filed through one of its Directors Mr. Amit Kumar Sarawgi, the Corporate Debtor disputed and deni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irectors of the company on blank paper and forms and now the Financial Creditor is sending copies of the forms filled up as per their interest and will, which shows the ulterior motive and mala fide intentions of the Bank. It is stated that due to the high-handedness attitude and ulterior motives, the Corporate Debtor had suffered huge losses. It is stated that the claim of the Financial Creditor is exorbitant and without any basis and that the Financial Creditor is not entitled to get any amount as claimed. 14. We have heard the ld. Counsel for the parties at length. Having gone through all the documents placed on record by the Financial Creditor, we find that the Financial Creditor has been able to prove its case. The Ld. Counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oses referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under section 15. (iii) Moratorium under section 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following:- (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mobile No. 9830946380, is hereby appointed as Interim Resolution Professional by this Tribunal for ascertaining the particulars of creditors and convening a meeting of Committee of Creditors for evolving a resolution plan. (ix) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. (x) The Registry is hereby directed under section 7(7) of the Insolvency and Bankruptcy Code, 2016 to communicate the order to the Financial Creditor, the Corporate Debtor and to the I.R.P. by Speed Post as well as through E-mail. (xi) The matter b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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