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2019 (11) TMI 1402

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....Ltd. to initiate corporate insolvency resolution process against the corporate debtor, viz., Dagcon (India) Private Limited. The amount of default has been stated in the application at Rs. 74,62,39,740/- including claim for interest till the date of payment. 2. The facts, in brief, are that the Indian Overseas Bank was original lender who sanctioned credit facilities on 9th May 2016. Subsequently, documents were executed from time to time and further limits were sanctioned/ revised. Copies of such documents have been attached with the petition. Demand notice/ hypothecation agreement are also attached with the application. Corporate debtor failed to repay the loan which resulted into classification of its account as NPA on 29th March 2012. ....

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....ly, contended that this averment also amounted to acknowledgment of debt within the meaning of provision of Sec. 18 of Limitation Act, 1963. 4. Ld. Counsel for the corporate debtor initiated his argument by stating that writ petition was filed by the corporate debtor wherein issue of classification of its NPA was challenged along with validity of notice issued under Sec. 13(2) of the SARFAESI Act, 2002. Against the order of dismissal, an appeal had been filed with Division Bench of the Honble High Court which was pending. In the circumstances, according to the Ld. Counsel, no debt was due and payable and, therefore, at the threshold of law itself, the petition was liable to be dismissed. 5. Second plea was taken that except the averment m....

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....e on the decision of Honble National Company Law Appellate Tribunal in the case of Lalan Kunmar Singh, order dated 20/ 12/2018 wherein assignment of debt was held as legal which could not be challenged for the purpose of application filed under the Insolvency & Bankruptcy Code, 2016. 8. It is not in dispute that the account was declared NPA on 29/3/2012 and notice of recall has been issued/ served on 30/9/2013. Proceedings under SARFAESI Act, 2002 have also been initiated thereafter. 9. This legal steps have been taken by the bank on account of default made by the corporate debtor in the payment of loans. The main plea taken before us that the debt was not due and payable as the corporate debtor has challenged the validity of such steps t....

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....r can appropriate its assets lying with the financial creditor as security for issue of such guarantee. 10. In view of this long settled commercial/ legal position and considering the legal status of its writ petition, we hold that there is no merit in the claim of the corporate debtor that debt is not due and payable. As regard to validity of deed of assignment on account of multiple parties being involved, insufficient stamp duty, consent of corporate debtor, we note that these issues have been raised earlier in different cases before us and after considering the scheme and objects of Insolvency & Bankruptcy Code, 2016 along with specific provisions of Sec.3(6) containing definition of term "claim" and Sec.238 of Insolvency & Bankruptcy ....

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....n Act, 1963. 12. It reveals from the record that the financial creditor has proposed the name of Shri Bimal Agarwal, Registration No.IBBI/IPA-001/IP-P00268/201718/ 10512 email address bimal@dvaonline.in as Interim Resolution Professional who has has given his consent in Form 2. It further appears that no disciplinary proceedings are pending against the IRP. Accordingly, we approve his appointment as IRP. 13. The petition is otherwise complete in all respects and defect free. ccordingly, we admit the same and order as under:- ORDER i. The application filed by the Financial Creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Silverton Spin....

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....ervices to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi. 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. vii. The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii. Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have ....