TMI Blog2019 (9) TMI 1660X X X X Extracts X X X X X X X X Extracts X X X X ..... fault occurred in June, 2015 and as on date 27.11.2018, an amount of Rs. 46,63,35,337.31/- is due and outstanding. The present petition being filed in January 2019 is within limitation, being within three years from the date of the cause of action. Further even though an attempt was made on the part of the Corporate debtor to project certain inconsistencies in relation to claim amounts, however it is seen that the amount in default in excess of Rs 1,00,000/- being the minimum threshold limit fixed under IBC, 2016. Considering the circumstances this Tribunal is inclined to admit this petition and initiate CIRP of the Respondent. Petition admitted - moratorium declared. - (IB) 672 (ND)/ 2019 - - - Dated:- 6-9-2019 - SMT. INA MALHOTRA, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thecated goods/ stocks, book debts, stock of raw material, movable plant and machineries, equipments, appliances, furniture and movable properties in course of transit, till further orders of the Debt Recovery Tribunal. Further the Orders were reserved vide order dated 05.12.2017, however the Debt Recovery Tribunal vide order dated 23.12.2017 observed that while dictating the final order, it has been found that applicant has enhanced limit on various occasions. But documents reveal that the applicant bank has not placed on record the sanction letter dated 07.04.2014. Further the applicant bank has placed on record the sanction letter dated 26.11.2012 however, the applicant has not mentioned about the sanction letter dated 26.11.2012 in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor that the account of the Corporate Debtor had been declared NPA in September 2015. The Financial Creditor relied upon the One Time Settlement dated 12.12.2018 given by the corporate Debtor in acknowledgment of the interest liability. Ld Counsel for the Financial Creditor has relied upon the provision of Article 62 of the Limitation Act. Both the parties were granted liberty to file citation in support of their arguments. 6. Given the facts and circumstances that the Corporate Debtor vide its letter dated 12.12.2018 approached the Financial Creditor for one time settlement of an amount of Rs. 15 Crore, thereby admitting its default, there is a finding that there is a continuous cause of action. 7. As per the averments of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 002; (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. (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process. 9. The financial creditor has proposed the name of Mr. Ashwani Kumar Gupta as the IRP. His details are as regi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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