TMI Blog2019 (8) TMI 1657X X X X Extracts X X X X X X X X Extracts X X X X ..... opportunities the corporate debtor failed in making the payments. This Adjudicating Authority, on perusal of the documents filed by the creditor, is of the view that the corporate debtor defaulted in repaying the loan availed and also placed the name of the insolvency resolution professional to act as interim resolution professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore the application under sub-section (2) of section 7 is taken as complete, accordingly this Bench hereby admits this petition - Petition admitted - moratorium declared. - C. P. (IB) No. 27 /I&BP/MB/ 2019 - - - Dated:- 20-8-2019 - BHASKARA PANTULA MOHAN Judicial Member and V. NALLASENAPATHY Technical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2010 setting out the details of ₹ 1,150 crores issued by them and the confirmation of ₹ 250 crores allotted to the petitioner. (e) Copy of application form of the petitioner for the subscription of NCD of ₹ 100. (f) Crores dated July 9, 2010. (g) Copy of letter of the corporate debtor dated July 9, 2010 requesting for disbursement of ₹ 100 crores towards ₹ 100 crores, 12 per cent. NCD. (h) Copy of letter of the petitioner for the investment of ₹ 25 crores 12 NCD dated June 14, 2011. (i) Copy of application form of the petitioner for the subscription of NCD of ₹ 47.5 crores dated September 19, 2012. (j) Copy of notice issued by IDBI Trusteeship Services Ltd., under section 13(2) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Accordingly, debenture trust deed dated March 22, 2010 and other security documents were executed. An amount was disbursed by the petitioner, however, there is default in debt servicing by the corporate debtor. Despite repeated requests and reminders the corporate debtor failed to repay the dues and the account was classified as NPA. 5. On July 8, 2015 IDBI Trustee, the trustee of the debenture holders issued notice of demand on behalf of the debenture holders including the petitioner for an amount of ₹ 616,91,40,462.26. However, till date the corporate debtor has failed to pay in terms of the demand. Hence, on December 6, 2016, the IDBI Trusteeship Services Ltd. took possession of the mortgaged properties. 6. Counsel for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been reproduced below : Both side present. In view of the failure on the part of the corporate debtor in honouring the undertaken given to the court by senior counsel and later on even after affording an opportunity to the corporate debtor to discuss the issue with the bank and to settle the matter amicably. The corporate debtor expressed his inability to pay on the very same day and requests 3 weeks' time to make the payment. In view of the express admission made by the corporate debtor as regards to the debt as well as the default on their part, the matter is reserved for orders. 9. The above facts shows that the corporate debtor defaulted in making the payment towards the liability to the petitioner and the petition dese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terminated or suspended or interrupted during moratorium period. (III) That the provisions of sub-section (1) of section 14 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 August 20, 2019 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. (V) That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. (VI) That t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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