TaxTMI 
TaxTMI 
2018 (10) TMI 1680
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....Debtor) under section 7 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code 2016) r/w rule 4 of Insolvency & Bankruptcy (Application to "Adjudicating Authority") Rules, 2016 (for brevity, IB Rules 2016). 1. The Corporate Debtor is a public limited Company, formerly known as Ws.Hi-Beam Electronics Private Limited, incorporated under the Companies Act, 1956 on 27.06.1973 having its registered office at New No.24, Old No. 14, I h4ain Road, Adayar, Chennai- 600020. 2. The total amount of debt granted to the CD are as follows; Nature of Facilities Amount (Rs.) Date of Sanction/ Renewal of Facilities Rupee Term Loan 24,00,000.00 18.04.1989 Foreign Currency Loan 1,26,00,000.00 10.04.1989 Total 1,50,00,000.00 82902....
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....able and immovable properties of the Corporate Debtor are as follows: Particulars of the asset Hypothecation of movable assets, both present and future. Mortgage of immovable property situated at Lattice Bridge Road - Nallamuthu Ramamurthi Nagar, Thimvanmiyur, Madras, in the State of Tamil Nadu. Mortgage of immovable property situated at Door No. 14, First Main Road, Gandhi Nagar , Adayar, Madras, Tamil Nadu. Mortgage of immovable property situated at Developed plots Estate at Perungudi- Phase I, Madras in the State of Tamil Nadu. Mortgage of immovable property situated at Plot No. 13, Lal Bahadur Shastri Marg, Vikroli (west), Bombay in the Maharashtra. The Corporate Debtor has filed before the Registrar of Companies the necess....
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....ending adjudication. Annexure 29 9. The afore-said debts due of the Corporate Debtor were assigned by ICICI Bank Limited to the Standard Chartered Bank vide a Registered Assignment Deed dated 15.11.2011. Annexure 7. Subsequently, the afore-said debts due were assigned by Standard Chartered Bank to the Financial Creditor herein vide a Registered Assignment Deed dated 31.07.2012. The Financial Creditor is a Private Limited Securitization and Reconstruction Company in terms of Section 3 of the SARFAESI Act. Annexure 8. 10. The Financial Creditor issued a demand notice under Section 13 (2) of SAR-FAESI Act to the Corporate Debtor upon for repayment of the them outstanding sum of Rs. 45,43,88,069.02/- as on 31.01.2014. The Corporate Debtor d....
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....and notice dated 03.01.2014 calling upon the Corporate Debtor for repayment of the them outstanding sum of Rs. 45,43,88,069.02 as on 31.01.2014. The DRT vide its order dated 23.09.2015 has held that the claim of the FC under the provisions of the SARFAESI Act was not barred by limitation and categorically held that the Corporate Debtor is liable to pay the afore- said outstanding dues and upheld the measures for recovery initiated by the Corporate Debtor. 15.In the Counter the CD has stated that Section 7 of IBC, 2016 particularly Part-IV of Form I provides that such an application shall place on record copies of the entries in Bankers Book in accordance with Bankers Book Evidence Act, 1891 and that the defect being material to the filing....
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....ount which the Corporate Debtor was responsible to pay. The FC has issued a demand notice dated 03.01.2014 for repayment of outstanding amount of and the DRT vide its order dated 23.09.2015 held that the CD is liable to pay the outstanding dues and that it is not barred by limitation. The amount claimed by the FC in this petition amounts to and the claim is not barred by limitation. Therefore, we are of the opinion that the FC has established that the amount in default committed by the Corporate Debtor is fact and it is supported by the documentary evidence placed before the Adjudicating Authority. 1. Therefore, the instant petition is admitted and we order commencement of the Corporate Insolvency Resolution Process which shall ordinarily....
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....ement of Security Interest Act, 2002 (54 of2002) (iv) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 4. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during the moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 5. The IRP shall comply with the provisions of sections 13(2), 15, 17 18 of the Code. The directors, Promoters or any other person associated with the management of Corporate Debtor are directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 and....