2019 (1) TMI 1768

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....i Publicity and Creativity P. Ltd. (hereinafter called the "corporate debtor") on the ground, that the corporate debtor committed default on August 31, 2014 in repayment of facilities granted to the corporate debtor to the extent of Rs. 28,15,26,092 under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereafter called the "Code") read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The petitioner has enclosed sanction letter dated February 26, 2015 which shows that the following facilities were granted to the corporate debtor by the petitioner :  Sl. No. Nature of facility Amount (Rs.) 1. Cash credit 11,00,00,000 2. Term loan 2,94,00,000 3. Bank guarantee 75,00,0....

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.... of 2016 is pending for adjudication before the Debts Recovery Tribunal, Mumbai and in view of this the application cannot be admitted. However, the pendency of proceedings before the Debts Recovery Tribunal is not a bar for initiation of CIRP and hence this objection is not sustainable. The corporate debtor further contended that the Reserve Bank of India has come up with a new scheme for restructuring the loan account of Medium Small and Micro Enterprises (MSME) up to Rs. 25 crores hence, they are willing to restructure the account and sought time. The corporate debtor has neither disputed the liability nor the default. 8. Counsel for the corporate debtor during the course of arguments submitted that one-time settlement proposal (OTS) wa....