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TMI Blog2019 (7) TMI 1757X X X X Extracts X X X X X X X X Extracts X X X X ..... against this corporate debtor on the ground that the corporate debtor defaulted in repaying Rs. 29,96,10,603.01 loan amount as on February 28, 2019. 2. On perusal of this company petition, it appears that the petitioner advanced loan to the corporate debtor at various dates as mentioned below : (i) Term loan-Rs. 15 crores, dated May 29, 2015 (ii) Letter of guarantee-Rs. 5 crores, dated June 13, 2011 (iii) Term loan I-Rs. 15 crores (iv) Term loan II-Rs. 2.45 crores (v) Term loan III-Rs. 3.30 crores (vi) Term loan IV-Rs. 1 crore (vii) Letter of guarantee-Rs. 5 crores (viii) Term loan-Rs. 10.62 crores (ix) Term loan II-Rs. 2.45 crores (x) Term Loan III-Rs. 3.30 cores (xi) Term Loan IV-Rs. 1 crore (xii) Short-term loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor to the financial creditor dated June 13, 2011 annexed in Form-I of the application as "annexure 9". (8) Copy of the letter of hypothecation executed by the corporate debtor to the financial creditor dated June 13, 2011 annexed in form-I of the application as "annexure 10". (9) Copy of the memorandum of deposit of title deeds executed by the corporate debtor to the financial creditor dated October 14, 2011 annexed in form-I of the application as "annexure 11". (10) Copy of the credit sanction advice, issued by the financial creditor to the corporate debtor dated September 27, 2012 annexed in form-I of the application as "annexure 12". (11) ID copy of the credit sanction advice, issued by the financial creditor to the cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication as "annexure 20". (19) Copy of the legal notice along with acknowledgment due cards by the corporate debtor to the financial creditor dated March 15, 2017 annexed in form-I of the application as "annexure 21". (20) Copy of the reply letter by the financial creditor to the corporate debtor dated March 27, 2017 annexed in form-I of the application as "annexure 22". (21) Copy of the sanction of one-time settlement proposal by the corporate debtor to the financial creditor dated July 3, 2017 annexed in form-I of the application as "annexure 23". (22) Copy of the request for extension of one-time settlement period letter by the financial creditor to the corporate debtor dated August 5, 2017 annexed in form-I of the application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to-day basis. We are quite surprised to receive this notice from your end since we are in the process of settling the issue with the bank. Please treat this as a reply given by all the parties concerned. This is for your kind information. Please advise your clients accordingly. With kind regards, Yours sincerely, For Malar Energy and Infrastructure P. Ltd. Director. 5. This applicant simultaneously initiated the Debts Recovery Tribunal proceedings as well as proceedings under SARFAESI over the same claim, but till date neither the corporate debtor made payment nor have the proceedings come to a logical end, therefore the bank has filed this petition for initiation of CIRP against the corporate debtor. 6. As against this claim, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lds that the claim is within limitation. 9. To say that it is time bared debt, the debtor counsel relied upon a judgment in a case between Central Bank of India v. Ali Mohammad [1993] SCC Online Mah. LJ 1092. In the case supra, the party, instead of getting acknowledgment to the earlier debt, obtained fresh promissory note without any reference to the earlier debt, when the claim was made over the earlier debt basing on the fresh promissory note subsequently executed, the court held that a promissory note not having any reference to the earlier debt will not become an acknowledgment to the earlier debt already time barred by time claim was made, therefore held that claim as time barred debt. 10. But whereas in the present case, it is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the defence raised by the corporate debtor counsel stating that an offer for one-time settlement dated July 3, 2017 does not amount to acknowledgment. 14. Accordingly, for the reasons stated above, this company petition is hereby admitted to initiate CIRP against the corporate debtor with the following directions by appointing Mr. Radhakrisnan Dharmarajan as interim resolution professional basing on the consent given by him : (I) That moratorium is hereby declared prohibiting all of the following actions, namely, (a) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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