TMI Blog2019 (7) TMI 1838X X X X Extracts X X X X X X X X Extracts X X X X ..... pay the loan amounts and has not taken any efforts to make the necessary payments - The Corporate Debtor s submission that the said petition deserved to be dismissed on the ground that the Petitioner has already initiated proceedings under the SARFAESI Act, 2002 and a special civil suit is an untenable argument. In this regard, it is imperative to mention here that section 238 of the Insolvency and Bankruptcy Code, 2016 provides that the provisions of the Code shall have an overriding effect and therefore the proceedings under the SARFAESI Act, 2002 or any other proceedings are no bar to initiate proceedings under section 7 of the I B Code. 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 filed under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor Deserves to be admitted. Petition admitted - moratorium declared. - CP(IB)No.1880/NCLT/MB/2018 - - - Dated:- 16-7-2019 - Mr. V.P. Singh And Mr. Ravikumar Duraisamy, JJ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a, (iv) Navinchandra Bhagwandas Jariwala (v) Mehul Navinchandra Jariwala, (vi) Ankur Navinchandra Jariwala (vi) Vishal Dineshchandra Jariwala and (viii) Sagarkumar Dineshchandra Jariwala; b) Undertaking for non-disposal of the shareholding and nonwithdrawal of unsecured assets dated 05.03.2014; c) Declaration and Undertaking by Mr Sagarkumar Jariwala concerning Mortgage dated 05.03.2014. Declaration and undertaking dated 05.03.2014 in respect of litigation, statutory liabilities and various other obligations of the company and Miscellaneous undertaking of the Company that the shares of the company shall not be transferred; d) Affidavit in respect of litigation, statutory liabilities and various other obligations by Mr Sagarkumar Jariwala; e) Affidavit and Registered Memorandum of Deposit of Title Deeds dated 05.03.2014. 6. The repayment of the said Term Loan as per the Letter of Intent dated 04.02.2014 was agreed to be repaid by the Borrower, i.e. the Corporate Debtor to the Petitioner in 78 months equal instalments after a moratorium of 6 (six) months from the date of the first disbursement of the loan as per the repayment schedule annexed to the letter of intent. 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Petitioner filed a Miscellaneous Application bearing M.A. No. 165/2016 before Chief Metropolitan Magistrate, Ahmedabad under section 14 of SARFAESI Act, 2002 seeking physical possession of the mortgaged property. The said application was decided by the CMM Court, allowing the Petitioner to take physical possession of the said property and order was passed in favour of the Petitioner on 30-01-2017. Copy of the Order dated 30.01.2017 is annexed to the Petition. 16. The Petitioner filed an Original Application bearing O.A. NO. 465/2016 under section 19 of the R.D.D.B Act, 1993 before the Debt Recovery Tribunal, Ahmedabad for the recovery of the ₹ 6,70,89,720/- against the Corporate Debtor and its Directors / Promoters those who had given their guarantees. The said Application is pending consideration, however the Ld. DRT has passed an ex-parte order dated 08.07.2016 granting an interim injunction restraining the Corporate Debtor and its Directors from alienating the secured assets and also as directed by the Ld. DRT, the Court commissioner also prepared a report. The Copies of O.A No.465/2016 filed by the Petitioner, Court Commissioner s Report, Copy of Commercial Credit In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Copy of the Board Resolution dated 03.03.2014 and the Loan Agreement dated 05.03.2014 is annexed to the Petition. 24. The Letter of Intent issued by the Petitioner dated 04.02.2014, the Board resolution dated 03.03.2014 of the Corporate Debtor, accepting the terms of the Letter of Intent, the Loan Agreement dated 05.03.2014 establish the fact that the Corporate Debtor received financial assistance under the Secured Business Loan Scheme. 25. The Corporate Debtor has acknowledged its debt in the Balance Confirmation Letter dated 07.01.2015 and 30.06.2015 and has admitted to its liability in the Reply Letter dated 17.02.2016 issued by the Corporate Debtor in response to the Notice under section 13(2) of the SARFAESI Act, 2002 dated 05.02.2016. 26. The Corporate Debtor has not disputed the fact that it has received the loan under the Secured Business Loan Scheme. Further, the Corporate Debtor has not disputed that it has to repay the amounts so received as a loan. The Corporate Debtor and its Directors have also executed a deed of guarantee and personal guarantees dated 05.03.2014, and various other undertakings that the secured assets of the Corporate Debtor shall not be t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s petition filed under Section 7 of I B Code, 2016, filed by Small Industries Development Bank of India, Financial Creditor Petitioner, under section 7 of Insolvency Bankruptcy Code, 2016 (I B Code) against Swiss Ribbons Private Limited, Corporate Debtor for initiating corporate insolvency resolution process is at this moment admitted. We further declare moratorium u/s 14 of I B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: 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; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including 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 wher ..... X X X X Extracts X X X X X X X X Extracts X X X X
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