TMI Blog2020 (2) TMI 1472X X X X Extracts X X X X X X X X Extracts X X X X ..... n admitted - moratorium declared. - C.P. (IB)No. 3176/NCLT/MB/C-IV/2019, MA No. 206/2020 in CP(IB) No. 3176/2019 - - - Dated:- 26-2-2020 - Mr. Rajasekhar V.K And Mr. Rajesh Sharma, JJ. For the Petitioner : Mr. Govind Bhardwaj, Advocate For the Respondent : Mr. Abhigyan Choudhary, Advocate i/b Diwan Advocates ORDER Rajesh Sharma, J. 1. This is an application being C.P. (IB) No. 3176/NCLT/MB/CIV/2019 filed by Noble Co-operative Bank Limited, the Financial Creditor/Applicant, under section 7 of Insolvency Bankruptcy Code, 2016 (I B Code) against Independent TV Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Application is filed by Mr. Ranjit Kansal, authorised si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid loan agreement was also secured through hypothecation of the said vehicles in the name of the Financial Creditor vide Hypothecation Agreement and Corporate Debtor was made to execute the Deed of Guarantee for the same. The copy of Deed of Guarantee is annexed as Exhibit-4 to the application. 6. The Financial Creditor had financed 8 Mahindra Bolero Vehicles to the Corporate Debtor of the total value of ₹ 70,54,912/- (Rupees Seventy Lakh Fifty Four Thousand Nine Hundred and Twelve Only). The bank disbursed ₹ 63,00,000/- (Rupees Sixty-Three lakh only) and balance amount was arranged by the Corporate Debtor. Financial Creditor made the payment of ₹ 70,54,912/- (Rupees Seventy Lakh Fifty Four Thousand Nine Hundred and Tw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 65 of Insolvency Bankruptcy Code, 2016 (I B Code) for initiation of the Fraudulent and malicious proceedings by the Corporate Debtor in connection with the main application i.e. C.P. (IB) No. 3176/NCLT/MB/C-IV/2019 to which the Financial Creditor filed its Reply on 14.02.2020. 13. The Applicant filed an Additional Affidavit dated 22.01.2020 whereinit produced the Current Account Statement of the Corporate Debtor to show the disbursement of loan amount of ₹ 63,00,000/- (RupeesSixty-Three lakh only) and the Corporate Debtor issued Cheque No.371724 for ₹ 70,72,612 (Rupees Seventy Lakh Seventy Two Thousand Six Hundred and Twelve Only) at Pg.19 of Additional Affidavit referred above as Exhibit-1, for getting the Pay Ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor that there has been a disbursement of the aforementioned amount in favour of the Corporate Debtor and other documents produced on record also substantiate the claims of the Financial Creditor. 19. MA 206/2020 filed by the Corporate Debtor for initiation of fraudulent and malicious proceedings against the Financial Creditor is just to deviate from the main issue in hand. 20. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than ₹ 1,00,000/- (Rupees One Lakh Only) is due and payable by the Corporate Debtor to the Applicant. There is default by the Corporate Debtor in repayment of the loan amount. 21. The application is complete and has been filed under the proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g any action under the Securitization 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 possession of the corporate debtor. II. That the supply of essential goods or services to the corporate 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 a. such transactions as may be notified by the CentralGovernment in consultation with any financial sector regulator; b. a surety in a contract of guarantee to a Corporate Debtor. IV. That the order of moratorium sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). 23. The Registry is directed to immediately communicate this Order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional by Speed Post, email and WhatsApp immediately, and in any case, not later than two days from the date of this Order. 24. A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a Compliance Report in this regard to the Registry of this Court within seven days from the date of receipt of a copy of this Order. - - TaxTMI - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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