2019 (5) TMI 918

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....te Debtor stating that the Corporate Debtor failed to make payment of Rs. 4650.66 lakhs (including interest). 2. In part IV of Form 1 in the column of the Total Amount of debt granted, the Financial Creditor has stated that the debt was granted, disbursed and restructured from 21.03.2016 and at present aggregate credit limits is of Rs. 2750.00/- lakhs. 3. The Financial Creditor has stated that in order to secure the credit facilities, the Corporate Debtor created a charge on the movable and immovable assets of the corporate debtor. The details are provided in part V of Form 1. 4. The Financial Creditor has further stated that M/s Parsuram Forge Pvt Ltd., Mr. Shridhar Moreshwar Vaidya, Mr. Prashant Shridhar Vaidya, Mrs. Subhada Shridha....

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....acilities provided by the petitioner bank. The respondent company was doing well. However, the entire steel sector has been facing hard times because of which, the respondent company has suffered heavy losses, and the accounts were identified as Non-Performing Assets by the financial creditor. c. One-time settlement proposal of the corporate debtor is also pending before the petitioner bank. 10. The Petitioner, in its affidavit in rejoinder for reply filed by the respondent has submitted that the financial creditor has as a consequence, taken measures under section 13(4) of SARFAESI Act, 2002, against the said corporate debtor which remained unchallenged by the corporate debtor. Further stated that the OTS proposal submitted as late as....

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....are pending against the proposed Interim Resolution Professional. 15. This Petition reveals that there is a debt as defined in Section 3(11) of IBC; there is a default within the meaning of Section 3(12) of IBC; the application of the Financial Creditor is complete; the amount of more than Rs one lac is a due and no disciplinary proceedings are pending against the proposed resolution professional. Therefore, this petition deserves to be admitted. ORDER 16. The petition filed by The Cosmos Co-operative Bank Ltd. U/S 7 of the I&B Code 2016 for initiating corporate insolvency process against the corporate debtor is admitted, prohibiting all of the following of item-I, namely: I (a) the institution of suits or continuation of pending su....