TMI Blog2022 (2) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... . 7(5) if the Adjudicating Authority is satisfied that a default has occurred and the Application is complete in accordance to Sec. 7(2) and 7(3), then Adjudicating Authority may admit such Application. The Application is complete in all respects and there is a failure on the part of Corporate Debtor to make the timely payments of the Loan and follow the repayment Schedule. The Financial Creditor had made several attempts to recover the due amount and served legal notice on the Corporate Debtor but Corporate debtor had never responded to those. Even after passing of the Arbitral Award in favour of the Financial Creditor, Corporate debtor failed to comply with it. Thus it is a fit case to admit CIRP against Corporate Debtor and the application is within the limitation Period - application admitted - moratorium declared. - CP (IB) 355 (ND)/2020 - - - Dated:- 31-1-2022 - Abni Ranjan Kumar Sinha, Member (J) And Avinash K. Srivastava, Member (T) For the Appellant : Sagar Bansal and Abhas Singh, Advs. ORDER Avinash K. Srivastava, Member (T) 1. The present application has been preferred by INTEC CAPITAL LIMITED (hereinafter referred to as Financial Creditor ) agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . First EMI to be paid from 16.11.2013 and Last EMI Due was on 16th September, 2018 and Last Payment Transaction was on 18th September 2017. For the Last Payment Proof, Financial Creditor has annexed Annexure A-12 as statement of account of Loan I and Loan II. Corporate Debtor duly handed over ECS/post dated cheques to the Financial Creditor for the repayment of loan. As far as the payments done by Corporate Debtor is concerned, Financial Creditor has segregated the payment in two halves i.e. till the date of LRN and after the date of LRN. For Loan I, Corporate Debtor had paid ₹ 13,46,081/- plus 80,400/-. That the due amount pertaining to Loan I remains ₹ 89,06,638/- till 31.10.2019. The calculation of due amount is placed on record Annexure A-5. v. According to Loan II terms' and Conditions, it has to be repaid in 60 EMI's of ₹ 1,20,536/- @ interest rate of 15% p.a. on reducing basis. First EMI to be paid from 01.05.2014 and Last EMI Due was on 1st March, 2019 and Last Payment Transaction was on 4th September 2017. Financial Creditor has annexed Annexure A-12 as statement of account of Loan I and Loan II. Corporate Debtor duly handed over ECS/post da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by learned tribunal. It is further submitted by the Financial Creditor that in spite of the Arbitral Award, Corporate Debtor fails to comply with it and Financial Creditor had initiated the Execution proceedings to enforce the same. viii. Thereafter, Financial creditor has placed the audited Financial Statements (Balance Sheets, Profit and Loss Accounts) duly signed by the Corporate Debtor for the year 2016-2017 and for 2017-2018 wherein under the term Long Term Borrowings and Under Note 3: Securities, there is a mention of the Loan transaction on the name of INTEC CAPITAL which is a valid acknowledgement under Sec. 18 of the Limitation Act, 1963. The Balance sheet for the Year 2017-2018 was signed on 05 Sept, 2018, from which the fresh Limitation Period shall start to be counted from. Below given are few extracts of the duly signed Balance Sheet (true typed copies): Financial Creditor has relied upon an judgment of Asset Reconstruction Company (India) Limited Vs Bishal Jaiswal and Anr. wherein it has been held that Balance Sheet is indeed an acknowledgement of debt u/s. 18 of Limitation Act, 1963. 5. We have perused the averments, documents p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to admit CIRP against Corporate Debtor and the application is within the limitation Period. 7. Accordingly, this petition is ADMITTED. A moratorium in terms of Section 14 of the IBC, 2016 shall come into effect prohibiting:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, 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; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. Further: (e) the supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during morato ..... X X X X Extracts X X X X X X X X Extracts X X X X
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