TaxTMI 
TaxTMI 
2019 (10) TMI 623
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....er (Technical) This application under Sections 55-58 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and Insolvency & Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017, has been filed by SREI Infrastructure Finance Limited, the Financial Creditor, hereinafter referred to as the "Applicant" against M/s. Right Towers Private Limited, hereinafter referred to as "The Corporate Debtor". 1. It is inter alia submitted in the application that the Financial Creditor/Applicant is a Company having been incorporated on 29th March, 1985 with Identification No. L29219WB1985PLC055352 and has its....
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....III. 4. It is submitted in the Sanction Letter vide No. SREI/PF/2015-2016/SRE582/01 dated 15th December, 2015, was sent by the Applicant to the Corporate Debtor informing that on the application filed by the Corporate Debtor and various discussions, the Applicant had sanctioned a Term Loan of Rs. 110 Crores on Summary Terms of Sanction mentioned therein and the Corporate Debtor was requested to return a copy of the said letter duly signed by the Authorized Signatory along with Corporate authorisation for accepting this letter and the Summary Terms of Sanction and it was further mentioned therein that the Sanction will stand revoked in absence of non-receipt of the acknowledgement within 30 days from the date of issue of the said letter a....
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....n advance to the Financial Creditor. However, not chosen to file any reply affidavit. 8. While so one Mr. Naveen Bansal filed an intervening application, I.A. (IB) No. 445/KB/2017 in CP (IB) No. 505/KB/2017 for intervention seeking appropriate orders in the CP. In the said application the Intervener has pointed out that the proceedings are collusive in nature and a fraud being perpetrated involving public money by using this Tribunal and the process of Insolvency as an instrument thereof. We are not convinced with the facts stated in the intervening application and do not find them relevant for a just decision of the present application. However, before we pronounce orders in the CP. (IB) No. 505/KB/2017, the Intervener Applicant has fil....
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....dated 13th September, 2017 to this Tribunal that he agrees to accept the appointment as the Interim Resolution Professional if an order admitting the present application is passed and currently he is serving as an Interim Resolution Professional/Resolution Professional/Liquidator in none of the other proceedings and that no disciplinary proceedings pending against him with the Board or Institute of Chartered Accountants of India and that he is eligible to be appointed as a Resolution Professional. 11. In view of the aforesaid facts and circumstances disclosed in the Application and the accompanying documents placed on record by the Applicant, we are of the considered view and have no hesitation to hold that the Applicant has been able to....
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....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 Securitization 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. (iv) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium pe....