TMI Blog2020 (10) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... laws, outstanding amounts payable by the customers, security deposit realisable from various authorities, parties etc cannot be considered to be defences in a petition filed under section 7 of the IBC. Further, the fact that the Corporate Debtor has itself submitted various OTS proposals to the Bank, is ipso facto an admission of the fact that there is a debt due and payable to the Financial Creditor. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC at the relevant time. Therefore, the default stands established and there is no reason to deny the admission of the Petition. Petition admitted - moratorium declared. - CP (IB) No. 2579/MB.IV/2019 - - - Dated:- 6-7-2020 - Rajasekhar V.K., Member (J) And Ravikumar Duraisamy, Member (T) For the Appellant : Rohan Agrawal i/b Nishit Dhruva, Prakash Shinde, Swati i/b MDP Partners, Advocates For the Respondent : Manmohan Rao and Dipti Sawlani, Advocates ORDER Rajasekhar V.K., Me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count coupled with certificates under the Bankers Books Evidence Act, 1891, have been attached as Exhibit K to the Petition (para 7 at page 12 of the Petition); (e) Annual Returns of the Corporate Debtor for the Financial Year 2017-18 dated 29.09.2018 has also been attached as Exhibit L-4 to the Petition (para 8 at page 13 of the Petition). 5. Bank statements are also attached as Exhibit 'K' at pages 522-525. The total debt due and payable to the Financial Creditor is Rs. 61,47,52,521.59 (Rupees sixty-one crore forty-seven lakh fifty-two thousand five hundred and twenty-one and fifty-nine paise only), as mentioned at page 36 of the Petition. 6. Mr. Manmohan Rao a/w Ms. Dipti Sawlani, Learned Counsel appeared on behalf of the Corporate Debtor and made his submissions. 7. In its reply dated 27.09.2019, the Corporate Debtor has submitted as follows:- (a) Even though the Financial Creditor took over the facilities from ICICI Bank and SBI in terms of sanction letter No. 185/LCB/BMAL/2914 dated 24.02.2014, the Corporate Debtor did not accept the terms and conditions more particularly as buyers credit facility was not sanctioned and the same was requested to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uments filed along with the petition are defective, inasmuch as the applicable rate of interest is not mentioned and it is left to the banks under the consortium to decide. The bank has debited interest @15% p.a. on the account, which is illegal (para 25 at page 20 of the Reply); (j) The Corporate Debtor has submitted One Time Settlement (OTS) proposals to the Financial Creditor on 02.07.2018, 26.03.2019, 19.08.2019, and Resolution Plans dated 20.11.2018 and 12.02.2019 to the Financial Creditor, but the Financial Creditor has not considered the same positively. 8. We have heard the arguments of both sides and perused the records. The Corporate Debtor has stated that the claim of the Financial Creditor is not valid primarily on the ground that the claim is barred by limitation. 9. This is a matter where the question of limitation will have to be considered, since the date of default is stated to be 02.09.2015 and the date of declaration as NPA is 03.12.2015. 10. Upon perusal of the documents on record, it is seen that there is acknowledgment of debt in the balance sheet of the corporate debtor all along. It is well-settled through various judgments of the Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... initiating Corporate Insolvency Resolution Process (CIRP) against Bothra Metals and Alloys Limited [CIN: L27100MH2001PLC133926], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) 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; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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