2019 (4) TMI 1606

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rocess of the Corporate Debtor as the Corporate Debtor committed default in paying debt of Rs. 22,97,82,021/- (Rupees Twenty Two Crore Ninty Seven Lakh Eighty Two Thousand and Twenty One Only) (together with interest). 2. By Loan against Securities Agreement dated 23.06.2008, the Financial Creditor sanction and disbursed loan of Rs. 8,00,00,000/- (Rupees Eight Crore Only) in favour of the Corporate Debtor. The Corporate Debtor was to repay the loan in equitable monthly instalments. The Corporate Debtor did not repay loan as agreed. However, at request of Corporate Debtor, the amount was enhanced to Rs. 10,00,00,000/- (Rupees Ten Crore Only) vide letter for enhancement of sanctioned loan amount dated 05.04.2011 and the agreed Facility furth....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....this application proceeded ex parte against the Corporate Debtor. 5. I heard Ld. Counsel for the Financial Creditor. I have gone through the record and proceedings. 6. This application being under Section 7 IBC, the Financial Creditor established only two facts that there exist the 'financial debt' due and payable by the Corporate Debtor and the Corporate Debtor committed 'default' in paying the debt. 7. Keeping in mind the above settled legal position, I have gone through documents produced by the Financial Creditor in support of this claim. At Annexure P-5, the Financial Creditor produced copy of the Loan Agreement at page 54. Letter of renewal of loan is also produced. At Annexure P-7 Deed of Settlement dated 7.11.2017 is produced whe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....accordance with Sections 13 and 15 of the IBC, 2016. (iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. (iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any cou....