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TMI Blog2019 (7) TMI 1721X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor failed to make payment of Rs. 167,40,33,396/- (including interest). Date of default is 04.04.2016. The Petition filed on 04.01.2019. 2. In part IV of Form 1 in the column of the Total Amount of debt granted, the Financial Creditor has stated that an amount of Rs. 90,00,00,000/- was granted as loan/credit facility, disbursed and restructured under various Sanction Letters, Hypothecation Agreements and Mortgage Deeds. 3. The Financial Creditor has stated that in order to secure the credit facilities, the Corporate Debtor being the borrower along with Phoenix Realtors Pvt. Ltd. and Rockdude Management Consultant Pvt. Ltd. being the mortgagors have time and again executed various loan and security documents to secure the cash credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement plan for clearing of outstanding dues. However, the settlement plan failed. A further letter dated 4.09.2017 and 19.09.2017 the petitioner again requested the respondent for one-time settlement, but no settlement has fructified till date. 8. We have heard the arguments of both sides and perused the records. 9. The Petition is filed by Mr. Bali Singh Mahawar, Chief Manager of the Punjab National Bank duly authorised by a General Power of Attorney dated 14.05.2018 and a specific Authority Letter dated 02.02.2019. 10. The Hon'ble Supreme Court in the matter of Innoventive Industries Limited V. ICICI Bank & Anr. [ (2018) 1 SCC 407], has held that the provisions of Section 7 become applicable as soon as financial debt is established ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her proves the existence of debt and default. 14. The application made by the Operational Creditor is complete in all respects as required by law, and it clearly shows that the operational debt has not been paid and this has also been confirmed by the Corporate Debtor. 15. The Operational Creditor has proposed the name of Mr.Manish Shah registration No. IBBI/IPA-001/IP-P00094/2017-18/10194, as Interim Resolution Professional with his consent in Form 2 declaring that no disciplinary proceedings are pending against him. 16. This Petition reveals that there is a debt as defined in Section 3(11) of IBC; there is a default within the meaning of Section 3(12) of IBC; the application of the Financial Creditor is complete; an amount of more than ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iod. b. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. c. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under subsection (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be. d. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of IBC. e. That this Bench at this moment appoints Mr. Manish Shah r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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