2018 (12) TMI 1813

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....tor defaulted in repaying the loan availed by it from the Financial Creditor and that the amount claimed to be in default including interest as on 31-1-2018 is Rs. 13,65,97,120.31 (Rupees Thirteen Crores Sixty Five Lakhs Ninety Seven Thousand One Hundred Twenty and Thirty One Paise only) in terms of the aggregate loan availed under Sanction Letter dated 12-11-2011. 2. Brief facts for consideration of the application are as follows:- • The Financial Creditor, vide Sanction Letter dated 12-11-2011 has granted an aggregate loan for a sum of Rs. 8,71,96,000/- (Rupees Eight Crores Seventy One Lakhs Ninety Six Thousand only) to the Corporate Debtor for the purpose of smooth running of its business, pursuant to the request made by ....

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....n accounts of the Corporate Debtor along with Banker's Certificate marked and annexed as "Annexure-F". (b) Copy of the latest CIBIL extract along with reconciliation statements marked and annexed as "Annexure-D". (c) Copy of the Search Report on Charges registered at the Registrar of Companies, Kolkata, marked and annexed as "Annexure-T". (d) Copy of the Loan Application dated 1-8-2011 marked and annexed as "Annexure-J". (e) Copy of the Sanction Letter dated 12-11-2011 marked and annexed as "Annexure-K". (f) Copy of the letter of acknowledgement of debts by the Corporate Debtor, marked and annexed as "Annexure-X". (g) Copy of the demand notice dated 10-12-2014 under section 13(2) of ....

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....e Corporate Debtor alleging that the Corporate Debtor, who availed an aggregate loan amount to the tune of Rs. 8,71,96,000/- (Rupees Eight Crores Seventy One Lakhs Ninety Six Thousand only), had committed default in repayment of the instalments due and payable by the Corporate Debtor to the Financial Creditor as per the repayment terms in the Sanction Letter. According to the ld. Counsel for the Financial Creditor, the requirement to be meted out to file an application of this nature has been complied with by the applicant and since the Corporate Debtor did not repay the debt, the application is liable to be allowed. He also submits that to prove the default, the CIBIL report has been produced and annexed with the application along with Led....

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....ting Corporate Insolvency Resolution Process against the Corporate Debtor, M/s White & Brown Alloy Castings Pvt. Ltd. is hereby admitted. (ii) I hereby declare a moratorium and public announcement in accordance with sections 13 and 15 of the IBC, 2016. (iii) The moratorium is declared for the purposes referred to in section 14 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under section 15. The public announcement referred to in clause (b) of sub-section (1) of section 15 of the Insolvency & Bankruptcy Code, 2016 shall be made immediately. (iv) Morat....

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....nsolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (ix) Necessary public announcement as per section 15 of the IBC, 2016 may be made. (x) Mr. Anil Anchalia of 16B, Robert Street, 2nd Floor, Kolkata- 700012, email- [email protected], contact no. 8100310299, an Insolvency Professional registered with the Indian Institute of Insolvency Professionals of ICAI having Registration No. IBBI/IPA-001/IP-P00049/2017-18/10123 is appointed as Interim Resolution Profe....