TMI Blog2022 (9) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... all the necessary requirement for admission. Petition admitted - moratorium declared. - C. P. No. 571/IBC/MB/2022 - - - Dated:- 6-9-2022 - Hon ble Shri H. V. Subba Rao , Member ( Judicial ) And Hon ble Smt Anuradha Sanjay Bhatia , Member ( Technical ) For the Petitioner : Mr. Prakhar Tandon , Adv For the Respondent : Mr. Vyas Bhalwal , Adv ORDER Per : Shri H. V. Subba Rao , Member ( Judicial ) 1. This Company petition is filed by Union Bank Of India Limited (hereinafter called Financial Creditor ) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Peri Nitrates Private Limited (hereinafter called Corporate Debtor ) alleging that the Corporate debtor committed default in making payment to the Financial Creditor. This petition has been filed by invoking the provisions of Section 7 Insolvency and Bankruptcy Code, 2016. (hereinafter called Code ) read with Rule 4 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for a resolution of an unreserved financial debt of Rs. 26,94,51,864.44/- along with interest. 2. Brief facts leading to filing the above Company Petition by the Financial Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st of the Corporate Debtor from Rs. 7,73,98,000/- to Rs. 10,21,93,000/-. A Supplementary Simple Mortgage Deed dated 16.10.2010 and a Supplemental Deed to the Composite Hypothecation Deed dated 19.11.2010 was executed between the Corporate Debtor and the Financial Creditor pursuant to which the said Charge was modified on 16.10.2010 (creating charge over the Immovable Property) and 19.11.2010 (creating Hypothecation by way of First Charge in the Book Debts and Assets / Plant Machinery of the Corporate Debtor). 10. Thereafter, the Financial Creditor again upon requisition of the Corporate Debtor enhanced the credit limits from Rs. 10,21,93,000/- to Rs. 11,11,93,000/- and charge was suitably modified on 31.03.2011 and 30.04.2011 respectively. 11. The Corporate Debtor later increased manufacturing capacity for Ammonium Nitrate and the same was not supported by increase in working capital limit. Thus, on the request of the Corporate Debtor, the Financial Creditor further increased the existing limits of facilities from Rs. 11,11,93,000/- to Rs. 12,40,79,000/- and pursuant to the same, the charge was further modified on 05.06.2012 and 14.06.2012 respectively. 12. Due to reduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re also the Personal Guarantors of the Corporate Debtor under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( SARFAESI Act ) vide letter dated 18.02.2016 demanding the Corporate Debtor to pay the outstanding dues amounting to Rs. 17,49,21,463/- as on 18.02.2016 within 60 days of the receipt of the notice. 17. The Corporate Debtor vide its letter dated 02.05.2017 offered for restructuring of the limits held with the Financial Creditor. The Corporate Debtor in the same letter acknowledged the debts due/outstanding of Rs.18,11,22,000/-. 18. Even after issuance of the Enforcement of Security Interest Action Notice, the Corporate Debtor failed to discharge whole of its liabilities pursuant to the notice issued under Section 13(2) of SARFAESI Act, thus the Financial Creditor issued a notice intimating the Corporate Debtor about taking over of the possession of the secured assets of the Corporate Debtor under section 13(4) of the SARFAESI Act for realisation of the outstanding dues. 19. The Financial Creditor later after taking the possession of the assets sold that flat having address Flat No.24 Maith ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unting to Rs. 12,39,28,563.9 (Rupees Twelve Crore Thirty Nine Lacs Twenty Eight Thousand Five Hundred and Sixty Three Only). Observations and Findings i. The Corporate Debtor filed affidavit in reply of Shri. Tatipatri Sarveswararao Sastry, and also annexed various letters addressed by the Corporate Debtor to the Financial Creditor requesting them to accept the settlement proposal submitted by the Corporate Debtor. The Corporate Debtor also annexed letter dated 29.06.2022, addressed by M/s. Iris Chemicals to the Managing Director of the Corporate Debtor confirming payment of Rs. 5,00,000/- with the Financial Creditor under no lien account as per the instructions of the Corporate Debtor for considering the OTS proposal of the Corporate Debtor by the Financial Creditor. ii. Heard the submissions on both sides and perused the material available on record. The corporate Debtor has admitted the liability and also the default committed by them in the affidavit in reply as well as through various letters addressed to the Bank requesting them for considering their OTS proposal. The Corporate Debtor did not raise any substantial legal pleas in opposing the above Company Petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssession 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. f. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP. j. Registry shall send a copy of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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