TMI Blog2019 (9) TMI 1613X X X X Extracts X X X X X X X X Extracts X X X X ..... has expressly denied the existence of any security and they are attempting to play a fraud on the Courts and this Tribunal. Based on this, it has been submitted that the Financial Creditor is not entitled to any of the reliefs. The Corporate Debtor have filed reply and raised an objection with regard to the authorization for the purpose of filing Application and further objected that the Applicant is not a Financial Creditor to the Corporate Debtor and the Corporate Debtor is liable to offer only the mortgaged assets, in the event if it is held liable to pay. The Corporate Debtor has also stated in its Reply that the Financial Creditor has expressly denied the existence of any security and they are attempting to play a fraud on the Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Two Thousand Three Hundred and Sixty Nine Only) as outstanding against the Corporate Debtor as per the Debt Recovery Certificates (DRC) issued by the DRT-1, Chermai vide DRC Nos. 145/2017, 251/2017 and 139/2017. 4. It has been submitted by the Counsel for the Financial Creditor that originally Ind Bank Housing Limited has sanctioned various credit facilities to M/s. Gemini Arts Private Limited, M/s. Green Gardens Private Limited and M/s. Mahalakshmi Properties and Investments Private Limited to which the Corporate Debtor stood as mortgagor and mortgaged its immovable property viz., land admeasuring 5 Acres situated in Survey No. 11, Guttala Begampet Village Serillingam Pally Mandal and Municipality, Ranga Reddy District, Andhra Pradesh b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 33/1999, CS No. 1023/1998 and CS No. 52/1999. The said OAs were allowed and the Recovery Certificates have been issued in favour of the Financial. Creditor. Copies of Recovery Certificates issued by the DRT are placed at pages 46 to 56 of the typed set filed with the Application. 8. The Corporate Debtor have filed reply and raised an objection with regard to the authorization for the purpose of filing Application and further objected that the Applicant is not a Financial Creditor to the Corporate Debtor and the Corporate Debtor is liable to offer only the mortgaged assets, in the event if it is held liable to pay. The Corporate Debtor has also stated in its Reply that the Financial Creditor has expressly denied the existence of any s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... blic announcement as prescribed under Section 15 of the I B Code, 2016, within three days from the date the copy of this order is received, and call for submissions of claim in the mariner as prescribed. 12. The moratorium is hereby declared 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. It is hereby ordered to prohibit all of the following, namely: (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, encumber ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge of the Corporate Debtor's assets including the bank accounts etc., and. make compliance with this Order as per the provisions of I B Code, 2016. The address details of the IRP are as follows: - Mr. Lingumgunta Venkata Shyam Sundar, Reg. No. IBBI/IPA-002/IPN00262/2017- 18/10775, 3rd Floor, No. 17, Gandhi Road, Aiwarthirunagar, Opp to Vinayagar Temple Above Sanryuktha Scans, Chennai- 600087 Email ID: shyam.ascend@gmail.com 16. The Registry is directed to communicate this Order to the Financial Creditor and the Corporate Debtor with immediate effect. 17. The Order is dictated and pronounced in the open court in the presence of the Counsel for the parties. - - TaxTMI - TMITax - Insolvency & Bankrup ..... X X X X Extracts X X X X X X X X Extracts X X X X
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