2019 (9) TMI 1363

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.... initiation of Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC, 2016). Part-I of the prescribed Application being Form No. 1 discloses the Financial Creditor as represented by the Authorized Representative Mr. Sibananda Bhanja, the said Financial Creditor granted the Power of Attorney on 06.8.2019 at page-23 of the Paper Book. Part-II discloses the details of the Corporate Debtor and it is evident that the Corporate Debtor was incorporated on 23.2.1996 and the Authorized capital is disclosed as Rs.   and the Paid-up capital is  (available at Pg- 5 & 6).  The Registered office address of the Financial Creditor (FC) is disclosed as Plot No.4, Sector-10, Ne....

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....red which has been provided by way of tabulation which is produced hereunder : Facility Restructured amount OD  4,50,00,000.00 Term Loan-1  1,79,66,986.22 Term Loan-2 6,78,89,143.00 WCTL 65,97,200.00 FITL  1,75,06,940.00 Total  05,49,60,269.22 Despite the Corporate Debtor, vide acknowledgement of debt by sending reply to the notice issued under Section 13 (2) of SARFAESI Act, 2002 by the Financial Creditor on 05.11.2016 and sought time for restructuring of the loan and the outstanding dues and the payment made therein. It is also pertinent to notice during the course of submissions made by Ld. Counsel for the petitioner that an Original Application (OA) No. 70 of 2019 has been filed before the Debt Recover....

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....34, wherein it is evident that the Corporate Debtor has been served with the notice of the proceedings and acknowledged by the Corporate Debtor and inspite of these facts, there is no appearance on part of Corporate Debtor deliberately and we are constrained to proceed with the matter in the absence of Corporate Debtor. This Tribunal, at paragraph Supra has already dealt with the facts of the petition as well as the submissions made by Ld. Counsel for the petitioner, in relation to the claim filed before this Tribunal and in view of the fact that the Office of the Corporate Debtor is situated within the territorial jurisdiction of this Tribunal and the sum as claimed by the Financial Creditor as against the  Corporate Debtor exceeds R....