TMI Blog2020 (4) TMI 702X X X X Extracts X X X X X X X X Extracts X X X X ..... tition is complete - There is financial debt owed by the Respondent to the Petitioner. Time Limitation - HELD THAT:- Date of NPA is 31-5-2015. The last date of transaction is on 30-6-2016 - The petition is filed on 18-3-2019 and is well within time. Petition allowed. - C.P. (IB) NO. 228/NCLT/AHM/2019 - - - Dated:- 31-1-2020 - Ms. Manorama Kumari, Judicial Member And Chockalingam Thirunavukkarasu, Technical Member Riddhesh Trivedi for the Petitioner. ORDER Chockalingam Thirunavukkarasu, 1. Mr. Dinesh Kumar Patwari, Assistant General Manager, being authorised signatory of Dena Bank (now Bank of Baroda) filed this petition under section 7 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred to as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,00,000/- dated 15-10-2013 and 19.10.2013. These loans are being renewed and restructured from time-to-time. The Corporate Debtor has been classified as NPA on 31-5-2015. 5. The Petitioner submitted that the said Credit Facilities were secured by equitable mortgage of property by deposit of title deeds and hypothecation of Movable Assets (Plant and Machinery) of the Corporate Debtor. 6. The Petitioner further submitted that M/s. Sharp Industries Limited has given the Corporate Guarantee and Personal Guarantee has also been given by the Directors of the Corporate Debtor. 7. The Petitioner submitted that the proposal to restructuring the financial facility was approved by the Financial Creditor to the tune of ₹ 11.36 crores. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Hypothecation of Movables dated 14-10-2013. Annexure-Z4 -Personal and Corporate Guarantee dated 14-10-2013 Annexure-Z5 -Letter of General Lien and Set off from Guarantors dated 14-10-2013. Annexure-Z6 -Undertaking of Mr. Rajesh Sheth, Director of the Corporate Debtor. Annexure-Z7 -Sale Deed evidencing the purchase of Immovable Property by the Corporate Debtor which is held as security as mentioned in Part V B. Annexure-Z8 -Bank Accounts statements pertaining to the Corporate Debtor. Annexure-Z9 10. None appeared for the Respondent inspite of paper publication dated 10-10-2019. The matter was finally heard on 23-1-2020 and petitioner was also given liberty to file his written submissions within 3 days. 11. In respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to provisions of sub-sections (2) and (3), on the Insolvency Commencement date, the Adjudicating Authority declared moratorium for prohibiting all of the following, viz;- (i) 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. (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor 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 Corporate Debtor in respect of its property including any action under the Securitisation and Reconst ..... X X X X Extracts X X X X X X X X Extracts X X X X
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