TMI Blog2020 (2) TMI 1439X X X X Extracts X X X X X X X X Extracts X X X X ..... oducts - The Corporate Applicant submitted that the total term loan sanctioned was ₹ 64,850 lakhs from KSIDC. The Corporate Debtor made defaults in repayment of ₹ 27.02 Lakhs due from 05.05.2014 to 05.02.2019 of ₹ 540.40 lakhs. The Corporate Debtor also defaulted in payment of interest of ₹ 457.37 lakhs due from 30.09.2014 to 31.03.2019 on account of cash loss incurred during the period - Corporate Debtor also furnished Sanction Letter and Default Letter issued by the KSIDC (Annexure A-2) and the unaudited financial Statements for 2019-2020 along with audited financial statements for 2017-2018 and 2018-2019 as a proof of existence of Operational Creditors and to establish the Financial Condition of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal of the Company is 5,00,000/- (Rupees Five Lakhs Only) divided into 50,000 (Fifty Thousand) equity shares of ₹ 10 Rupees Ten each. 4. As per Memorandum of Association of the Corporate Debtor (Annexure A8) the main objects of the Corporate Debtor are to carry on the business of purchase, sale, import, export, process and manufacture of food products in the form of packaged foods and beverages, ready to cook and ready to eat foods and snacks and other consumer food products. 5. The Corporate Applicant submitted that the total term loan sanctioned was ₹ 64,850 lakhs from KSIDC. The Corporate Debtor made defaults in repayment of ₹ 27.02 Lakhs due from 05.05.2014 to 05.02.2019 of ₹ 540.40 lakhs. The Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any legal right or beneficial interest therein; (c ) 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 Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 10. It is further directed that the supply of essential goods or services to the Corporate Debtor, if continuing shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub Section (1) of Section 14 of the code shall however not apply to such tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Professional under Section 18 and other relevant provisions of the Code , including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code . The Interim Resolution Professional is directed to prepare a complete list of inventories of assets of the Corporate Debtor ; (iii) The Interim Resolution Professional shall strictly act in accordance with the Code , all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; (iv) The Interim R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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