9911796707
TMI Blog2019 (6) TMI 1588X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Insolvency Resolution Process (CIRP) on 29th November 2018. 2. The Petition is filed Claiming a total default of Rs. 40,13,35,178/- (Rupees Forty Crores Thirteen Lakhs Thirty-Five Thousand One Hundred and Seventy Eight only) as on 20.11.2018. The Petitioner sanctioned a loan of Rs. 40,00,00,000/- (Rupees Forty Crores only) to the Corporate Debtor under the Master Facility Agreement dated 11.06.2018 as per clause 7 of the Agreement dated 11.06.2018 under Sanction Letter dated 05.06.2018. Copy of the Master Facility Agreement dated 11.06.2018 and sanction letter dated 05.06.2018 are annexed to the petition. The Corporate Debtor was required to create security in favour of the Petitioner in the following manner: (i) First paripassu c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of the Working Capital Demand Loan on due date is an event of default and as per the terms of the sanction letter and other documents that Petitioner would have the option to recall the entire credit facilities. 6. The Petitioner also issued a letter demanding repayment of the overdue amounts to Mr.Harshad Thakkar, Mr Dinesh Sodha and Mr Hitesh Punjani, invoking the personal guarantees of them on 14.10.2018. Copy of the letter above dated 14.10.2018 is annexed to the Petition. 7. The Petitioner issued letters demanding payment of the Rs. 10,00,00,000/- (Rupees Ten Crores Only) dated 16.10.2018 to the guarantors of the master facility availed by the Corporate Debtor. Copies of the said letters dated 16.10.2018 are annexed to the Petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioner to that effect. This Tribunal directed the Petitioner to serve a notice to the Corporate Debtor intimating the next date of hearing vide order dated 05.02.2019. The Petitioner served the notice of intimation of the next date of hearing to the Corporate Debtor and has filed an affidavit of service dated 27.02.2019. 11. On 27.02.2019, the Advocate for Corporate Debtor appeared and was also granted an opportunity to file an affidavit in reply by 29.03.2019. However, on 29.03.2019, Advocate for Corporate Debtor on 29.03.2019 stated that he had received no instructions as Mr Harshad Thakkar who is the Chairman and Managing Director of the Corporate Debtor was absconding, and the other Directors have resigned. 12. We have heard the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l debt which was taken from the Petitioner-Bank for a sum of Rs. 40,00,00,000/- (Rupees Forty Crores only). 17. The Corporate Debtor failed to create security within the stipulated period of 120 days, i.e., by 13.10.2018. The Petitioner Bank issued a letter dated 14.10.2018 demanding repayment of the credit facilities as the Corporate Debtor failed to create security in favour of the Petitioner within the stipulated period. The letter dated 14.10.2018 issued to the Corporate Debtor and the personal guarantors of the Agreement dated 11.06.2018 is annexed to the Petition. The Petitioner issued a letter dated 16.10.2018 to the Corporate Debtor and its guarantors seeking payment of the instalments of principal and interest amounts. The Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia. 20. The Corporate Debtor has failed to maintain the financial discipline to repay the loan amounts and has not taken any efforts to make the necessary payments. 21. The Petitioner has proposed the name of Mr Kashyap Vaidya, a registered insolvency resolution professional having Registration Number [IBBI/IPA-001/IP-P01204/2018-19/11971] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code, and given his declaration; no disciplinary proceedings are pending against him. 22. The Application under sub-section (2) of Section 7 of I&B Code, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the provisions of sub-section (1) of Section 14 of I&B Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. 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 sub-section (1) of section 31 of I&B Code or passes an order for the liquidation of the corporate debtor under section 33 of I&B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
