2018 (5) TMI 1558

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....lution Process for the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code). 2. Heard the Counsel for the Corporate Debtor and perused the record. 3. The outstanding debt owed by the Applicant/Corporate Debtor to the Financial Creditors and Operational Creditors is mentioned in Para three of Part-III of the Application as Rs. 1,90,37,230/-. The Corporate Debtor is carrying on the real estate business and had obtained various loans from the Financial Creditors and Operational Creditors. The Corporate Debtor has filed a loan agreement dated 'nil' entered into between M/s. Sundaram BNP Paribas Home Finance Limited, and the Corporate Debtor for an amou....

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....are placed at pages 43 to 83 of the typed set filed with the Application. 7. The Corporate Debtor has filed Books of Account evidencing default committed by it, the copy of which is placed at pages 84 to 86 of the typed set filed with the Application. The Corporate Debtor has also filed the Demand Notice dated 01-01-2018 issued by Sundaram BNP Paribas Home Finance Limited, one of the Financial Creditors, under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, demanding to discharge the outstanding amount of Rs. 3,98,19,963 within 60 days from the date of notice, which per se is evidencing the default on the part of the Corporate Debtor. Besides, that the Corporate Deb....

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....uits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (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. 10. The su....