2020 (1) TMI 38

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....for initiation of Corporate Insolvency Resolution Process (CIRP) on the ground that the Corporate Debtor namely, M/s. Shriram Land Development Private Limited (in its capacity as Corporate Guarantor for the Debentures issued by M/s. SL Residential Layout Private Limited "Issuer Company") defaulted in making repayment of Rs. 12,50,45,925 as on 10.07.2019. 2. The learned counsel appearing on behalf of the Applicant submitted that on 20.06.2017 Debenture Trust Deed was executed between SL Residential Layout Private Limited ("Issuer Company"), Obligors (including Corporate Debtor) and MOF Projects Private Limited ("Nominee of the Debenture Holders"). The Issuer Company had issued 2100 unlisted secured redeemable non-convertible debentures of f....

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....Trust Deed. The Applicant further issued Notices of Default of financial debt under Insolvency and Bankruptcy Code, 2016 dated 09.05.2019 to the Corporate Debtor calling upon the Corporate Debtor to pay outstanding dues. The Corporate Debtor in their reply dated 15.05.2019 acknowledged default and sought time till 30.06.2019. The total amount of default is Rs. 12,50,45,925 as on 10.07.2019. The date of Default is 21.12.2018. The Statement of Accounts reflecting the above outstanding debt is annexed at Page Nos. 313-314 with the application. 4. On perusal of material placed before this Bench, it is seen that the Applicant relies upon the following documents to establish acknowledgement of debt and default: Sl.No. Documents relied upon 1.....

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....any (Page No. 340) 5. On looking at the facts available, we are of the view that this Applicant/Financial Creditor has proved existence of debt and default. Moreover, no dispute has been raised by the Corporate Debtor before the receipt of Section 8 Notice. In view thereof, we hereby admit this Application (IBA/863/2019) by appointing Mr. Krishnasamy Vasudevan, as Interim Resolution Professional (IRP) looking at the consent given by the said IRP with directions as follows: I. That Moratorium is hereby declared prohibiting all of the following actions, namely, (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 Court of law,....