TMI Blog2020 (6) TMI 649X X X X Extracts X X X X X X X X Extracts X X X X ..... eflects that the Corporate Debtor's assets are classified as Sub-Standard. The Applicant issued Notice dated 24-04-2017 demanding repayment under the 3 Agreements. However, the Applicant has not received any payments - as per section 7 of the I B Code, 2016, the contention of the Corporate Debtor that the debt is disputed is not maintainable as the existence of a dispute is of no consequence in an application filed under section 7 of the Code. The Application filed under sub-section (2) of section 7 of I B Code, 2016 is complete. The existing financial debt of more than Rupees One Lakh against the corporate debtor and its default is also proved. Accordingly, the application filed under section 7 of the Insolvency and Bankruptcy Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computation of the Total claim amount arising out of the 3 Agreements stated above is annexed to the Application. 4. The Applicant has annexed copies of registration of charge in favour of the Applicant, in respect of the abovementioned Agreements and also annexed copies of Hypothecation Agreements, Personal Guarantees executed in favour of the Applicant against the 3 Agreements bearing No.99684 dated 22-12-2015, No. 106008 dated 12-04-2016 and No. 14673 dated 24.11.2017 to establish the Financial Debt. 5. The last payment received by the Applicant from the Corporate Debtor was a sum of ₹ 143,90,732/- on 24-11-2017. The Notice dated 24-04-2017 demanding payment of the entire sums under the 3 Agreements. 6. The Applicant repo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e been repaid by the Corporate Debtor to the Applicant in accordance with the Repayment schedule annexed to the facility Agreements. The Corporate Debtor failed to repay the amounts due as per the repayment schedules and the defaulted in payment of the Financial Debt. The last date of payment received by the Applicant is 24-11-2017. The CIBIL Report issued by TransUnion CIBIL reflects that the Corporate Debtor's assets are classified as Sub-Standard. The Applicant issued Notice dated 24-04-2017 demanding repayment under the 3 Agreements. However, the Applicant has not received any payments. 11. In this regard, it is relevant to mention that in the case of Innoventive Industries Ltd. v. ICICI Bank [2017] 84 taxmann.com 320/143 SCL 625 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the corporate debtor deserves to be admitted. ORDER This Application filed under section 7 of I B Code, 2016, filed by Srei Equipment Finance Limited, Financial Creditor/Applicant, under section 7 of Insolvency Bankruptcy Code, 2016 (I B Code) against Shree Ram Urban Infrastructure Limited Corporate Debtor for initiating corporate insolvency resolution process is admitted. We further declare moratorium u/s 14 of I B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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