9911796707
TMI Blog2018 (5) TMI 2001X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor defaulted on 20.12.2015 in making the payment of loan dues, which works out to Rs. 7,00,72,742/- as on 31.12.2017, under Section 7 of the Insolvency & Bankruptcy Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petitioner vide sanction letter dated 9.3.2015 converted the existing CC Hypo limit of 500 lakhs to Working Capital Demand loan with the reduction of Rs. 50,00,000/- to Rs. 495,00,000/- which is repayable after six months within a period of 30 months at the rate of Rs. 19.43 lakhs as equated monthly instalments with the rider that the interest is to be serviced every month including the moratorium period of six months. The Petitioner enclosed the following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor will come down whereby it won't be in a position to get any loan in future. Further, no new loan was sanctioned and money disbursed to the Corporate Debtor, the old loan which was restructured was renewed in March, 2015 and if we relate back this transaction to the initial sanction of the loan in the year 2013, the loan is miserably time barred. But this contention of the Corporate Debtor cannot be accepted due to the reason that the Corporate Debtor has acknowledged the sanction of conversion of existing CC Hypo limit of Rs. 500 lakhs to Working capital Demand Loan with reduction of Rs. 5 lakhs to Rs. 495 lakhs, executed letter of guarantee dated 31.3.2015, executed Mortgage Deed on 31.3.2015, Registered the Modifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his claim of the Corporate Debtor also fails. (e) No service of notice under I&B Code 2016 : Section 7 of the I&B Code, provides that the Financial Creditor may make an application under sub-section(l) in such Form and manner accompanied with fees as may be prescribed and the Financial Creditor shall along with the Application furnish record of default as recorded with the Information Utility or such other record or evidence of default as may be prescribed along with the name of the Resolution Professional proposed to act as Interim Resolution professional. The Code does not envisage any notice or whatsoever before filing this Petition. Hence this contention of the Corporate Debtor, that no notice has been served on it does not hold water ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and hence the contention of forum shopping by the Corporate Debtor fails. Further, the aforesaid submissions cannot be accepted in view of the decision of Hon'ble NCLAT in "M/S. Unigreen Global Private Limited v. Punjab National Bank & Anr.- Company Appeal (AT) (Insolvency) No. 81 of 2017", wherein it was held that pendency of SARFAESI proceedings or the DRT proceedings or DRAT proceedings, or suit proceedings cannot be a ground to reject the Insolvency and Bankruptcy petition. Further, it was held that I & B Code shall have the effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force including DRT Act, 1993; SARFAESI Act, 2002; money suit etc." (h) Delay in disbursement of loan a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 66 has held that an Officer of the Bank who has Authority to sanction the loan has the power to initiate Corporate Insolvency Resolution Process and hence the contention of the Corporate Debtor is not sustainable. (j) Inflated claim: The Corporate Debtor makes an allegation that the claim is highly inflated but failed to produce any convincing material to show that the claim is inflated. It was further submitted that the Corporate Debtor has filed an application U/s 17 of the SARFAESI Act disputing the Claim of the Financial Creditor and also submits that Insolvency and Bankruptcy Code proceedings can be taken only in cases of bona fide acknowledgement of dues by the Corporate Debtor. Both the contentions of the Corporate Debtor can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paying the loan availed and also placed the name Of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore the Application under sub-section (2) of section 7 is taken as complete, accordingly this Bench hereby admits this Petition prohibiting all of the following of item-I, namely: I (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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