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2019 (10) TMI 1513

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..... tor : Shri. M.L. Ganesh, Advocate For the Corporate Debtor : Shri. Avinash Krishnan Ravi, Advocate ORDER Per: B. ANIL KUMAR, MEMBER (TECHNICAL) This Company Petition has been filed before this Tribunal u/s 7 of the Insolvency Bankruptcy Code, 2016 ( the Code ) by Punjab National Bank (hereinafter called as Financial Creditor ) for initiation of Corporate Insolvency Resolution Process ( CIRP ) on the ground that M/s. Cauvery Power Generation Private Limited (hereinafter called as Corporate Debtor ) has defaulted in repaying the loan amount of 13,71,05,776.34/- fallen overdue as on 31.12.2018. 2. In continuation of the default, the Financial Creditor had initiated proceedings under Section 13(2) of the SARFAESI A .....

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..... o 184 Crores as per the following pattern: (Rs. In Crores) S. No. Name of the Lenders Term Loan 1. Punjab National Bank 39 2. State Bank of Hyderabad 35 3. State Bank of India 35 4. State Bank of Mysore 25 5. State Bank of Travancore 50 Total 184 5. The Counsel for Financial Creditor has also submitted that in furtherance of the cour .....

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..... s classified as NPA in September, 2018 and subsequently the Financial Creditor also declared the account of the Corporate Debtor as NPA on 03/01/2019. 9. The Counsel for the Financial Creditor has further submitted that though a Consortium meeting was held on 01/12/2018 to find out the viability, feasibility and acceptability of the promoter s proposal for revival of business operation, it was found to be commercially unviable to revive the operations of the Corporate Debtor. 10. The Counsel for Financial Creditor has further submitted that since the Corporate Debtor has not initiated tangible and concrete steps to revamp the business operation in order to repay the outstanding loan amount which was mounting day by day, the Financial .....

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..... n who is named in this petition as IRP looking at the consent given by the said IRP with directions as follows. I. That Moratorium is hereby declared prohibiting all of the following actions, 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, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest the rein; 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 S .....

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..... Directions issued in this regard. 14. Accordingly, this Petition is admitted. The Registry is hereby directed to immediately communicate this order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional by way of email. <!--[if gte mso 9]> <![endif]--><!--[if gte mso 9]> Normal 0 false false false EN-US X-NONE <![endif]--><!--[if gte mso 9]> .....

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