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TMI Blog2020 (10) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... d 26.11.2012 under section 433 and 434 of the Companies Act, 1956 requesting payment of the outstanding dues. The Respondent did not repay the amount within the stipulated time of 21 days from the date of the said notice. Hence the Petitioner preferred a petition under section 433(e), section 433(f) and 434 of Companies Act, 1956 at the Hon'ble High Court of Kerala for winding up of the Respondent Company on the grounds of inability to pay its debts. Given the Government Notification dated 30.6.2017, Petition was transferred to NCLT, Chennai under Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016 and the petition was treated as an application under Section 7 of the I&B Code, 2016. The Petition got registered as TCP/5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'Financial Creditor') in TCP No. 16 of 2019 has filed an Application against Auto Friction Components India Private Limited (hereinafter called as 'Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ["I&B Code" for short] read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, ("IB Rules" for short) with a request to initiate Corporate Insolvency Resolution Process. 3. After filing the application in proper form, the registry issued notice to the Corporate Debtor on 18.02.2020 and informed that the matter will be list on 04.03.2020. The notice was returned stating 'door locked' as unserved. Further Financial Creditor were also directed to iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or. Repayment of the said loan was also personally guaranteed by the Directors of the Company as per their deed of guarantee dated 09.04.1990. it is also submitted that as a security for loan, the movables of the company by way of deed of hypothecation (dated 09.04.1990) is given to the Financial Creditor. 6. It is again submitted that as per the terms of the loan agreement, the principal amount of Rs. 40,80,000 (Rupees Forty Lakhs and Eighty Thousand Only) is to be repaid in 12 half yearly instalments with interest at the rate of 14% per annum. Therefore, the entire amount with interest must be repaid on or before 15.04.1998. The company has committed defaults in the repayment of the term loan. Owing to the arrears of the company, the Fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor has taken every possible step for recovery of the amounts due to it from the Company in a timely manner. It is submitted that the steps taken by the Applicant are well within the period of Limitation and are not barred in any manner whatsoever. The total outstanding due from the Corporate Debtor to the Financial Creditor as on date of issuing the Winding Up notice Rs. 1,91,70,869. An amount of Rs. 18,29,11,115/- (Rupees Eighteen Crore Twenty-Nine Lakhs Eleven Thousand One Hundred and Fifteen Only, being aggregate of the total principal amount of Rs. 40,80,000/- ((Rupees Forty Lakhs and Eighty Thousand Only), and interest of Rs. 17,88,05,424 as on 31.12.2019, was outstanding in the books of Applicant in respect of the Term Loan Account o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cement of the Corporate Insolvency Resolution Process shall be effective from the date of the Order. 13. The Financial Creditor has proposed the name of Mr. Raju Palanikunnathil, having registration No. IBBI/IPA-001/IP-P00801/2017-18/11356 as Interim Resolution Professional. We therefore appoint Mr. Raju Palanikunnathil, as Interim Resolution Professional to conduct Corporate Insolvency Resolution Process of the Corporate Debtor. The IRP is directed to submit the copy of AFA (Authorisation for Assignment) issued by Insolvency Professional Agency within two days from the date of receipt of Order of his appointment. 14. Having admitted the Application, the provisions of Moratorium as prescribed under Section 14 of the Code shall be operativ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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