TMI Blog2020 (4) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest is actually not due and payable by the Corporate Debtor. What is demanded by the Financial Creditor, here in the case in hand, is the sum of ₹ 22,65,61,156.57, which includes interest @ 16% per annum and the demand was on the basis of terms and conditions in the sanction letter dated 30-07-2012. Admittedly, the Corporate Debtor has committed default. According to the Financial Creditor, the account maintained in the name of the Corporate Debtor has been classified as non-performing asset as on 28-01-2016 and produced record of default (copy of CIBIL Report- Annexure -1 at Page 222) to prove the default - Application admitted - moratorium declared. - CP (IB) NO. 1139 (KB) OF 2018 - - - Dated:- 13-12-2019 - Jinan K.R., Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rious loan documents (Annexure B to Annexure - H). The Corporate Debtor has availed the loan limits fully and to secure further repayment of the credit facilities availed by the Corporate Debtor, the Corporate Debtor also executed the agreement of Guarantee in his personal guarantee and thereby guaranteed repayment against the entire loan advanced by the Financial Creditor in favour of the Corporate Debtor. The Corporate Debtor also created equitable mortgage over immovable properties as per the deed of mortgage (Annexure-J). However, the Corporate Debtor has failed to operate the loan account as per the terms of sanction and in spite of repeated requests and reminders, both orally and in writing, the Corporate Debtor has failed and neglect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revented from filing an application of this nature. Therefore, the Application is liable to be rejected. The Corporate Debtor further contended that the Applicant has failed in cause producing contemporaneous document and not produced acknowledgement of receipt of the invoices and that the Applicant has failed to establish its claim. It is further alleged that the amount claimed is not due and there was no default as alleged by the Applicant and upon the said contentions, the Corporate Debtor prays for passing an order of dismissal. 5. Heard both sides. Perused the records. 6. This is an Application filed under section 7 of the Code by Punjab National Bank for initiating the CIRP process as against the Corporate Debtor alleging defaul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 7. Admittedly, the Corporate Debtor has committed default. According to the Financial Creditor, the account maintained in the name of the Corporate Debtor has been classified as non-performing asset as on 28-01-2016 and produced record of default (copy of CIBIL Report- Annexure -1 at Page 222) to prove the default. The copy of CIBIL Report shows that the account stands in the name of the Corporate Debtor is doubtful as on 28-01-2016. The Application seen filed by the Chief Manager of Punjab National Bank. An authorisation letter brought in on the side of the Applicant proving that the Chief Manager was authorised to initiate the CIRP process as against the Corporate Debtor. The Form-2 produced along with the Application proves that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts 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. (iv) The supply of essential goods or services to the corporate debtor as maybe specified shall not be terminated, suspended, or interrupted during moratorium period. (v) The provisions of sub-section (1) shall not apply to such transactions as maybe notified by the Central Government in consultation with any financial sector regulator. (vi) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. (vii) Provided that where at any time during the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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