TaxTMI 
TaxTMI 
2019 (10) TMI 373
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....he Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(l)(a)(b)(c) of the Code. 2. That the applicant/financial creditor is a body corporate constituted under the provisions of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 having its head office situated at Star House, C-5, G-Block, Bandra-Kurla Complex (East) Mumbai and having Identification No. AAACB472C(PAN). 3. M/s. Rai Homes Universal Private Limited is a company incorporated under the Companies Act, 1956 on 27th February, 2012, having Identification No. U45200MP2012PTC027822, having its registered office at Plot No. 244, First Floor, Nea....
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....to-time. That, the said loan amount of Rs. 500.00 lakhs is repayable in 36 monthly instalments each of Rs. 14.00 laks commencing from 12 months after 1st date of disbursement with an option to repay the pre-payment charges. That, the said term loan was also required to be repaid along with interest @ 4.40% above base rate plus tenure premium @ 0.50% presently 15.15% per annum with monthly rests and or at such other rate of interest as may be notified to them by the bank from time-to-time. That, the company and its directors were called upon from time-to-time for repayment of the overdue instalments as well as accrued interest thereon, however, the respondent company failed and neglected to repay the dues and find some excuses regarding the ....
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....est. 7. The applicant/financial creditor has further submitted that pursuant to the account classified/transferred as NPA on 30.06.2016, the applicant bank served upon the respondent company notice under section 13 (2) of the SARFAESI Act on 11.11.2016 and called upon the respondent company to repay a sum of Rs. 3,37,61,236/- with further interest within 60 days from the date of notice, however, the respondent company failed and neglected to repay the dues. That, the petitioner bank has performed its part of contract by advancing/making disbursements and also co-operated the respondent company and also sufficient opportunities has been given to repay the dues and to regularise the account, however, the respondent corporate debtor has faile....
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....arges registered of the companies as on 17.03.2018 215-221 22 A23 Company master data 222 48 A50 Permission letter proposing to appoint Mr. Premraj Ramratan Laddha to act as IRP 391 49 A51 Form No. 2 consent letter of the proposed IRP 392 50 A52 IP registration certificate issued by IBBI 393 51 A53 Profile of IRP 394-396 52 A54 Notice dated 30.05.2018 397-398 53 A55 Statement of accounts from 22.10.2012 to 04.07.2018 of the respondent company 399-464 9. The respondent filed affidavit in reply inter alia stating that the petitioner bank had sanctioned and disbursed a loan of Rs. 500.00 lakhs and with the financial assistance received from the bank the company had completed construction of 234 residential flats. ....
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....time of availing the term loan facility, the respondent had assured the applicant that the amount of loan will be repaid by way of 36 Equal Monthly Instalments (EMIs) each of Rs. 14.00 lakhs commencing from 12 months after 1st date of disbursement with an option to repay the pre-payment charge. That, records available shows that the respondent has not cared to repay the instalments in time and as on 30.06.2016 the respondent has defaulted a total sum of Rs. 3,62,25,799/- (Rupees three crores sixty-two lakhs twenty-five thousand seven hundred ninety-nine only) which includes principal outstanding of Rs. 2,85,05,289/- plus interest accrued thereon for the period from 30.06.2016 to 28.02.2018 amounting to Rs. 77,20,510/-. The amount due to the....
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....o act as IRP the Adjudicating Authority has reservation in appointing him as IRP considering his past conduct in the open court in another matter. Therefore, the applicant/financial creditor is directed to suggest name of some other professional, within one week, by way of an affidavit. The order of moratorium shall have effect from the date of receipt of the affidavit. 16. On perusal of record and as also discussed above, it is held that there is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. 17. In view of the above, the petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted. 18. The petitio....