TMI Blog2022 (5) TMI 1046X X X X Extracts X X X X X X X X Extracts X X X X ..... kal' on 17 March, 2022, however, none appeared on behalf of the Corporate Debtor - Further, upon perusal of the record it is apparent that transaction held between the parties squarely falls under the definition of financial transaction and the default subsists. Further, the date of default is stated to be 19 July, 2014 but the Corporate Debtor paid a sum of Rs. 24,700/- on 31 January, 2017, which is within the period of limitation. It is also pertinent to mention that there have been a series of cash deposits in the loan account on earlier occasions also and as such, this is not construed as an isolated event. The payment by the Corporate Debtor before expiration of the prescribed period of limitation would attract the 'Acknowledge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Credit Facility ('Credit facility' or 'Loan'), and the Corporate Debtor has defaulted in repayment. 4. The total amount to be claimed in default by the Financial Creditor is Rs. 6,38,96,634.33/- (Rupees Six Crore Thirty Eight Lakh Ninety Six Thousand Six Hundred Thirty Four and Thirty Three Paisa) including interest as on 31 December, 2018. The date of default is stated to be 19 July, 2014. 5. It is submitted in the Petition, Part - II that the authorised share capital of the Corporate Debtor is Rs. 16,35,00,000/- (Rupees Sixteen Crores Thirty Five Lakh only) with paid up Capital as Rs. 2,67,64,100/- (Rupees Two Crore Sixty Seven Lakh Sixty Four Thousand One Hundred only). 6. Submissions by the Ld. Counsel appearin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecovery of Debts due to Banks Financial Institutions Act, 1993 against the Corporate Debtor, before the Ld. Debt Recovery Tribunal - III, Kolkata. The said Application is still pending for adjudication before the Debt Recovery Tribunal. 6.5. Further, the Financial Creditor pursuant to an Order of the Ld. District Magistrate, Hooghly pronounced vide Memo No. 733/JM. HUG/16 dated 09 August, 2016, under section 14 of the SARFAESI Act, 2002; has taken the possession of the secured assets of the Corporate Debtor. Annexure - Y, Z AA of the Petition 6.6. From 01 January, 2015 till 31 January, 2017, the Corporate Debtor deposited the cash towards the loan outstanding but all such deposits were not sufficient enough to clear the outstand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore expiration of the prescribed period of limitation would attract the 'Acknowledgement' under the limitation Act, 1963 and would result into a fresh period of limitation. [Laxmi Pat Surana vs Union Bank of India Anr] Civil Appeal No. 2734 of 2020 decided on 26 March, 2021 10. In view of the above facts and circumstances, we are satisfies that the present petition made by the Financial Creditor is complete in all respects as required by law. The Petition establishes that the Corporate Debtor is in default of a debt due and payable and that the default is more than the minimum amount stipulated under section 4 (1) of the Code, stipulated at the relevant point of time. 11. Accordingly, it is, hereby ordered as follows:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rculars and Directions as may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code. (f) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or the RP, as the case may be, in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish information in their knowledge to the IRP within one week from the date of receipt of this Order, in default of which coercive steps will follow. No separate notice for cooperation by the suspended management should be expected. (g) The IRP/RP shall submit to this Adjudicatin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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