TMI Blog2021 (4) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... Sinha, Member Technical For the Financial Creditor : Ms. V. Priyanka Reddy, counsel For the Corporate Debtor : Mr. Subba Rao Vadrevu, counsel ORDER The present Application is filed under section 7 of IBC, 2016 by M/s. Bhagyanagar Investments and Trading (P) Ltd (The Financial Creditor) against M/s. Velugu Engineering and Enterprises (P) Ltd (The Corporate Debtor) to initiate Corporate Insolvency Resolution Process of the Corporate Debtor on the ground that on 10.06.2019, the Corporate Debtor committed default on Financial Debt of ₹ 2,67,46,301/-. 2. The Financial Creditor states that in June 2017, the Corporate Debtor has availed a Corporate Loan of ₹ 2.00 crores from Financial Creditor which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 . Therefore, there is no inconsistency with the principal amount and the total claim amount remains unchanged. b. That the Petitioner is ready to submit the record of default with Information Utility and produce the same before this Adjudicating Authority. However, non-filing of record of default with Information Utility will not vitiate the rights of the Petitioner in approaching this Adjudicating Authority. 8. We heard learned counsel for the Financial Creditor and learned counsel for the Corporate Debtor. 9. It is seen from the record that the Financial Creditor has filed a memo dated 06.07.2020 filed on 09.07.2020 whereby the Financial Creditor has submitted an Application before the NATIONAL E-GOVERNANCE SERV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or making the payment as our realisations are struck. 15. Again the Corporate Debtor vide its letter dated 05.12.2019 stated as under:- Due to unavoidable circumstances we were unable to make the payment of ₹ 2,00,00,000/ - payable to you. We request you to give us a further time of 2 months, in which time we will be making the payment. 16. From the above letters, it appears that the Corporate Debtor admitted the fact that the Financial Debt of more than ₹ 1,00,000/ - (as per Sec.4 of IBC, 2016) is due and payable by them to the Financial Creditor and that they have committed default in paying the same. 17. This is the only fact involved for consideration of this Application which is proven on record. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process for the purposes referred to in Section 14 of the I B Code, 2016. We order to prohibit all of the following, namely:- i. 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; ii. Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; iii. Any action to foreclose, recover or enforce any security interest created by the corporate de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not paid dues arising from such supply during the moratorium period. Furthermore, the provisions of Sub-section (1) of Section 14 shall not apply to such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority. f) The IRP shall comply with the provisions of Sections 13(2), 15, 17 18 of the Code. The directors, Promoters or any other person associated with the management of Corporate Debtor are directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the I B Code, 2016. g) The Petitioner/Financial Creditor as well as the Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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