TMI Blog2021 (12) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of default to Rs. One crore for the purpose of section 4 was issued by the Ministry of Corporate Affairs on 24th March, 2020 and the amount defaulted by the corporate debtor as well as filing of captioned petition is much before the coming into effect of notification dated 24th March, 2020. Since any notification issued by the Government is generally prospective in nature unless specifically expressed, hence, the said notification is not applicable to the present matter. The evidence placed by the financial creditor is sufficient to establish the existence of debt as well as default in payment on the part of the Corporate Debtor. The Hon'ble Apex Court has clearly stated in case of Innoventive Industries M/S. INNOVENTIVE INDUST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear and accessories of footwear. b. It is submitted that a loan agreement was entered between the financial creditor and corporate debtor on 03.04.2017 which, inter-alia, contained the detailed terms and conditions of the loan granted including but not limited to repayment with interest @ 8% p.a. Pursuant to that Financial creditor paid to Corporate Debtor an amount of ₹ 13,04,983/- (Rupees Thirteen Lakhs four thousand nine hundred and eighty-three only), which is also reflected in the financial statements of the corporate debtor for the F.Y. 2018-19. c. It is averred that the financial creditor has not received principal amount including interest from the corporate debtor till date in respect of the loan granted to the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtor company within 10 days from today. He is also directed to file the authorization for assignment (AFA) for the proposed IRP along an affidavit within the said period. ... 5. In compliance of the order dated 27.10.2021, the financial creditor has filed a supplementary affidavit and stated that he is not the shareholder of the corporate debtor and also annexed the AFA with the supplementary affidavit as per the direction of this adjudicating authority. The Financial creditor has filed another supplementary affidavit to show credible evidence in compliance of order dated 27.10.2021 and annexed Declaration (certified by statutory auditor of corporate debtor) that he has lent the unsecured loan to the corporate debtor and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Ministry of Corporate Affairs on 24th March, 2020 and the amount defaulted by the corporate debtor as well as filing of captioned petition is much before the coming into effect of notification dated 24th March, 2020. Since any notification issued by the Government is generally prospective in nature unless specifically expressed, hence, the said notification is not applicable to the present matter. The evidence placed by the financial creditor is sufficient to establish the existence of debt as well as default in payment on the part of the Corporate Debtor. The Hon'ble Apex Court has clearly stated in case of Innoventive Industries (Innoventive Industries Ltd. v. ICICI Bank [2018] 1 SCC 407) that the moment it is established that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tinuation 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's 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 (54 of 2002); d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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