TMI Blog2022 (3) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... opportunities were given whereby this Adjudicating Authority, vide order dated 26.11.2021, passed an order to proceed ex-parte against the respondent Corporate Debtor. It is established from the record that there is default of amount of ₹ 89,75,40,237.91/-, along with the interest thereon, and the respondent Corporate Debtor has failed to pay the amount even after number of reminders and notice. Moreover, the Corporate debtor had itself admitted the debt of the Financial Creditor vide letter dated 25.08.2018. This application is otherwise complete and defect-free. The amount of default meets the threshold limit as prescribed under Section 4 of the Code and is within the limitation to initiate the CIRP against the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an recall notice and requested the Financial Creditor to consider its proposal of restructuring of the loan account and assured that on the restructuring of the loan account by the Financial Creditor as well as other creditors of consortium the account shall be upgraded to standard by next year. 4. It is further submitted by the Financial Creditor that a legal notice dated 11.02.2019 was issued by the Bank for the repayment of ₹ 89,68,25,531.60 but the Corporate Debtor and the corporate Guarantors neither repaid the said outstanding amount nor replied to the said legal notice. 5. It is stated by the Financial Creditor that the instant petition was dismissed by this Adjudicating Authority on 06.01.2020 for want of prosecution but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er sufficient opportunities were given whereby this Adjudicating Authority, vide order dated 26.11.2021, passed an order to proceed ex-parte against the respondent Corporate Debtor. 8. It is established from the record that there is default of amount of ₹ 89,75,40,237.91/-, along with the interest thereon, and the respondent Corporate Debtor has failed to pay the amount even after number of reminders and notice. Moreover, the Corporate debtor had itself admitted the debt of the Financial Creditor vide letter dated 25.08.2018. This application is otherwise complete and defect-free. The amount of default meets the threshold limit as prescribed under Section 4 of the Code and is within the limitation to initiate the CIRP against the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng any action under the SARFAESI Act, 2002 the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. V. Further, litigation or application, if any, is pending before any competent Court of law under the provisions of the SARFAESI Act and RDB Act, prior to the pronouncement of this order such proceedings are expected to be dealt with in accordance with law i.e., Section 14 and Section 238 of the Insolvency Bankruptcy Code, 2016. VI. The supply of essential goods or services to Corporate Debtor, if continuing, shall not be terminated or suspended, or interrupted during the Moratorium, period. The Corporate Debtor to provide effective assistance to the IRP as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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