TMI Blog2019 (8) TMI 1786X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor to pay its dues, this is a fit case to be moved u/s 7 of the I B Code. It is concluded that the Financial Creditor has established that the loan was duly sanctioned and duly disbursed to the Corporate Debtor but there has been default in payment of Debt on the part of the Corporate Debtor - the nature of Debt is a Financial Debt as defined under section 5 (8) of the Code. It has also been established that there is a Default as defined under section 3 (12) of the Code on the part of the Debtor. It is found that the Petitioner has not received the outstanding Debt from the Respondent and that the formalities as prescribed under the Code have been completed by the Petitioner - this Petition deserves Admission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lity 2) vide Facility Agreements dated 27.06.2014 and 24.09.2014 respectively. 4. The IL FS had assigned its debt in favour of the Financial Creditor herein pursuant to the Assignment Agreement dated 30.12.2015. The Corporate Debtor is the guarantor of WWWFPL for it had executed irrevocable and unconditional guarantees in respect of the Facilities granted to the WWWFPL. This Petition is filed by an assignee of a debt against the guarantor of the borrower. Submissions by the Financial Creditor 5. The Financial Creditor in its Form 1 submits that amounts under Facility 1 and Facility 2 are disbursed on different dates as given below: Facility 1- ₹100,00,00,000/-- Facility 2- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor herein issued a recall Notice dated 29.01.2018 to the WWWFPL for an outstanding amount of ₹254,72,62,584/- as on 28.01.2018, but nothing fructified. The Financial Creditor thereafter issued a letter dated 07.02.2018 to the Corporate Debtor for invocation of guarantee issued to the Financial Creditor for the debt of WWWFPL, in respect of the default committed in repayment. 9. The Financial Creditor has established the outstanding debt by producing on record its Statement of Account by Axis Bank and HDFC Bank, which corroborate to the claim of the Financial Creditor. The financial statements of WWWFPL reflect the amount borrowed from IL FS to the tune of ₹210,10,07,800/- as on 31.03.2018. 10. The Financial creditor s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is a fit case to be moved u/s 7 of the I B Code. 13. On going through the facts and submissions of the petitioner and upon considering the same, it is concluded that the Financial Creditor has established that the loan was duly sanctioned and duly disbursed to the Corporate Debtor but there has been default in payment of Debt on the part of the Corporate Debtor. 14. Considering the above facts, we come to conclusion that the nature of Debt is a Financial Debt as defined under section 5 (8) of the Code. It has also been established that there is a Default as defined under section 3 (12) of the Code on the part of the Debtor. 15. As a consequence, keeping the afore said facts in mind, it is found that the Petitioner has not recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, the supply of essential goods or services to the Corporate Debtor shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 20. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 21. That the Interim Resolution Professional shall perform the duties as assigned under Section 18 and Section 15 of the Code and inform the progress of the Resolution Plan and the complia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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