TMI Blog2022 (9) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor was having enough time to settle the outstanding amounts of the Financial Creditor, but the Corporate Debtor failed to do so. Under the said circumstances, since the debt and default on the part of the Corporate Debtor is being proved and also by looking at the consent given by the Insolvency Professional, the application is admitted. The application is admitted - moratorium declared. - C. P. (IB)-1269(MB)/2021 - - - Dated:- 26-8-2022 - Hon ble Member ( Judicial ) : Justice P. N. Deshmukh ( Retd. ) And Hon ble Member ( Technical ) : Shri Shyam Babu Gautam For the Financial Creditors : Counsel , Rubina Khan i / b Fortis India Law For the Corporate Debtor : Counsel , Mrinali Prasad ORDER Per - Shyam Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Corporate Debtor, which was obligated the corporate debtor to repay on or before the expiry of 18 months from the date of disbursement, along with interest at the rate of 18% per annum, as per the terms stipulated in the Agreement. With respect to grant loan Facility, the Financial creditors have disbursed the amount on various dates, as per the loan agreement in following manner: Financial Creditors Date(s) of Disbursement along with the Amount Financial Creditor No. 1 26.12.2019 ₹20,00,000 30.12.2019 ₹10,00,000 03.01.2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23.01.2020 ₹5,90,000 24.01.2020 ₹3,15,000 28.01.2020 ₹1,89,885 Total ₹13,34,885 Total Amount ₹1,24,02,925 In addition to this Loan Agreement dated 18.02.2020, these Financial Creditors have filed true Copies of the Bank statement of all the four Financial Creditors showing proof of disbursement. 3. In response to this, the Corporate Debtor has filed reply and denied all the averments and submissions made in the application e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied employees of the Corporate Debtor with good intentions provided the said loans to the Corporate Debtor for revival of its business. But to great shock, the Corporate Debtor has failed and defaulted to repay the agreed loan amounts. Further submitted that the account of the Corporate Debtor has been declared NPA and the Corporate Debtor in its reply has duly acknowledged its inability to repay the loan amounts and undergoing huge financial crunch. 5. On having seen the loan disbursement and documents supporting agreement between the parties conferring obligation upon the Corporate Debtor to repay the Loan amount including interest, we are of the considered view that this Financial Creditor has proved existence of debt and default. Mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal, arbitration panel or other authority, transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest 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. e. That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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