TMI Blog2020 (9) TMI 997X X X X Extracts X X X X X X X X Extracts X X X X ..... been satisfied with the petition filed by the Petitioner which is in compliance of provisions of Section 7 of the Code, admits this Petition declaring moratorium - petition admitted. - C.P. (IB) 2946/MB/2019 - - - Dated:- 28-7-2020 - Hon ble Smt. Suchitra Kanuparthi, Member (Judicial) And Hon ble Sri. V. Nallasenapathy, Member (Technical) For the Petitioner : Adv. Manoj Kumar, Adv. Abhishek R. Mishra, Adv. Hrushikesh Behera For the Corporate Debtor : Adv. Priyanka Fadia, Adv. Rajesh Nagory ORDER Per : V Nallasenapathy, Member (T) 1. This Company Petition is filed by Bank of India (hereinafter called Petitioner ) seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against Wadhwa Buildcon LLP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S. Wadhwa, Aas Partners of M/s Ashish Developers dated 27.03.2015. i. Deed of Mortgage dated 30.03.2015 vide Document No. KLN-3/1429/2015. j. Deed of Mortgage dated 30.03.2015 vide Document No. KLN-3/1428 4. The Petitioner enclosed the statement of account for the loan account which shows that a sum of ₹25,76,50,063.10/-,as on 24.07.2019, is due from the Corporate Debtor. When the uncharged interest and penal interest to the extent of ₹ 1,55,80,659.00 is added the due works out to ₹ 27,32,30,722 and the same is claimed as defaulted by the Corporate Debtor. 5. The Petitioner issued notice under section 13(2) of the SARFAESI Act,2002 to the Corporate Debtors and its partners on 18.07.18 informing that the accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... could not raise funds. e. Even though the Corporate Debtor has sold certain flats in Bhiwandi Project, wherein purchasers of the flat obtained sanction from Banks/financial institutions to the tune ₹ 3.00 Crores for making payment to the Petitioner, the failure of the Petitioner to release the said property, stalled the sale transaction by the Corporate Debtor. f. The offer of the Corporate Debtor to the Petitioner to take up the unsold flats in Bhiwandi Project for the official use of the Petitioner so that the consideration can be adjusted towards the outstanding amounts was not well received by the Petitioner. g. The request of the Corporate Debtor time and again to release certain collateral to enable the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor and there was a default in repayment of the said dues. b. The nature of debt is a Financial Debt as defined under section 5 (8) of the Code. It has also been established that admittedly there is a Default as defined under section 3 (12) of the Code on the part of the Corporate Debtor. c. The Corporate Debtor accepted that the account has become NPA. d. The contentions raised in the reply will not come in the way of the admission of the petition in view of the categorical ruling of the Hon ble Supreme Court in the case Innoventive Industries Ltd. Vs. ICICI Bank and Ors. - (2018) 1 SCC 407 wherein it was observed as below: 28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t out that a default has not occurred in the sense that the debt , which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be. 8. This Bench having been satisfied with the petition filed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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