TMI Blog2019 (3) TMI 1929X X X X Extracts X X X X X X X X Extracts X X X X ..... delinquencies and handed over 4 cheques to the Petitioner amounting to ₹ 1,38,46,268/-. On 08.06.2018, out of the said 4 cheques, the cheque bearing no s. 152934 and 152935 dated 29.05.2018 were dishonoured and returned with the remark Funds Insufficient . And, the cheque bearing no s. 152937 and 152938 were not presented on the request of the Corporate Debtor due to non-availability of funds - Petition further reveals that on 13.06.2018 the Corporate Debtor had once again admitted its default and reassured that the entire payment under the Facility Agreements would be made at the earliest. Pursuant to the said meeting, on 14.06.2018, the Corporate Debtor had written an e-mail to the Petitioner thereby admitting its default under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 89,50,515/- towards interest, as provided under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the Code ) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petition reveals that the following facilities were granted to the Corporate Debtor by the Petitioner and the outstanding as on 12.10.2018 is as below: SR. NO. FACILITY PRINCIPAL INTEREST AND OTHER CHARGES TOTAL DEFAULT 1 Term Loan Facility 3,35,74,499/- 27,60,521/- 3,63,35,020/- 2 Working Capital Facil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (k) Copy of the Statement of Account of the Retail Finance Agreement III. (l) Copy of the Loan Recall Notices dated 29.09.2018. (m)Copy of the Deed of Hypothecation dated 29.03.2016. (n) Copy of the Memorandum of Entry dated 13.06.2016. 4. The Petition reveals that on 11.05.2018 the Corporate Debtor had defaulted in making repayment to the Petitioner in terms of the Facility Agreements executed by it. In this regard, a meeting was held, wherein the delinquencies under the Facility Agreements were categorically discussed at length, and upon such discussion the Corporate Debtor had admitted to such delinquencies and handed over 4 cheques to the Petitioner amounting to ₹ 1,38,46,268/-. On 08.06.2018, out of the said 4 che ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (I) (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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (d) the recovery of any property by an owner or lessor where such property is oc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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