TMI Blog2024 (4) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial Creditor who has obtained physical possession of the secured assets (coowned by the debtor herein) and to frustrate other proceedings under SARFAESI Act, the debtor came running and filed this application. It appears that the sole intention of the debtor herein is to enjoy the moratorium as contemplated under Section 96 of the IBC, 2016 which commences from the date the application is declared defect-free by the Registry of this Tribunal. The second reason which comes to mind at this stage is the order under Section 94(1) of the IBC, 2016 was issued by this Tribunal on 30.05.2022. Nearly one and half years have passed in further proceedings in the matter due to the stay by Hon ble Supreme Court in the matter of DILIP B JIWRAJKA VER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor has availed the working loan facility for its business requirement and the Financial Creditor had sanctioned the loan facility of Rs. 1,50,00,000/- and as on the default date i.e. NPA date of 31.3.2021, the loan outstanding was Rs. 1,65,54,866.21. ii. The Financial Creditor issued a demand letter cum action notice under SARFAESI Act on 12.04.2021. iii. The Corporate Debtor has defaulted in repayment of the outstanding loan, amount as demanded vide notice dated 12.4.2021. Simultaneously, the Debtor or Personal Guarantor also defaulted in repayment of the said outstanding loan amount for which the Debtor had executed Guarantee letters and other documents. The debtor has been unable to repay the demanded loan amount. iv. The De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as secured against primary securities in the form of inventories and book debts and was additionally/collateral secured by way of Personal Guarantee of the Debtor herein and Equitable Mortgage of Plot no. 87 88 at Gurukrupa Society on R. S. No. 14/1, Paikey Moje Adajan, Near Croma Showroom, LP Savani Road, Adjan Gam, Surat. The said property is jointly owned by the debtor herein and his wife Mrs. Umaben Rakeshkumar Shah. d) The Corporate Debtor never applied for renewal of the loan facility and continued to overdraw. The loan facility was recalled and a demand notice dated 12.04.2021 was issued. The Corporate Debtor did not pay the stipulated amount of Rs.1,65,54,866.21 and the loan account was declared as NPA and notice u/s 13 (2) of SARFA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l possession of the mortgaged property to the Financial Creditor. A copy of the said order is attached as Annexure-E. j. On 11.05.2022, Mamlatdar on directions of Ld. Dist. Magistrate took the physical possession of the mortgaged property and handed it over to the Financial Creditor. k. As such it is the contention of the Financial Creditor (Applicant herein) that the present application is filed with a fraudulent and malicious intention, to enjoy moratorium and to thwart the recovery proceedings initiated by the Financial Creditor. 9. The Ld. Counsel for the applicant in IA 515 of 2022 was explained that power of recalling a reasoned order is not available with this Tribunal, to which the Ld. Counsel requested this Tribunal to consider the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12.2023. The grounds taken in reply are almost identical to the objections taken in the IA 515 of 2022 and for the sake of brevity, we are not discussing the same here. 14. We have heard counsels for the applicant in the main CP, Respondent/objector and the RP. The following are the undisputed facts in this matter a) The debtor is one of the directors of M/s. Devkrut Engineers Pvt. Ltd. b) Financial Creditor Tamilnad Mercantile Bank Ltd. has given loan by way of working capital of Rs.1.50 Crores to the said Devkrut Engineers Pvt. Ltd. c) As a security the debtor has extended his personal guarantee and has even mortgaged immovable property in favour of the Financial Creditor. d) The main borrower i.e., Devkrut Engineers Pvt. Ltd., failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as post the physical possession dated 11.05.2022, this application was filed vide Inward Diary No. E734 on 12.05.2022, cleared from scrutiny only on 17.05.2022 and numbered as CP (IB)/125/NCLT/AHM/2022. 18. It is clearly established from IA 514 of 2022 and IA 515 of 2022 that the present application was filed by the debtor herein to thwart the recovery proceedings initiated by the sole Secured Financial Creditor who has obtained physical possession of the secured assets (coowned by the debtor herein) and to frustrate other proceedings under SARFAESI Act, the debtor came running and filed this application. 19. It appears to us that the sole intention of the debtor herein is to enjoy the moratorium as contemplated under Section 96 of the IBC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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