TaxTMI 
TaxTMI 
2019 (10) TMI 1306
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....in repaying a sum of Rs. 35,00,74,293/-. Hence this petition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016, R/ w Rule 4 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 2. The brief averments made in the petition are as follows: a) It is averred that the Corporate Debtor, M/S. Samyu Glass Private Limited had availed credit facilities from the Financial Creditor. b) The Corporate Debtor availed credit facilities since 2010 and the credit facilities have been sanc....
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....bility of Rs. 2.14 Crores and Deficit in DP in OCC account of Rs. 7.65 Crores), Enhancement of FLC/ILC limit from 1.50 Crores to Rs. 2.35 Crores, Reduction of Bank Guarantee limit from Rs. 3.50 Crores to Rs. 3.35 Crores to meet working capital requirements and rescheduling Term Loan of Rs. 12.50 Crores . Outstanding as on 31-12-2016 Facility Limit in Rs Outstanding as on 31-12-2016 (Rs.) OCC 13,60,00,000 15,32,68,125 FLC/ILC 2,35,00,000 3,69,431 LC Devolments 80,02,949 B.G 3,35,00,000 2,84,60,500 Invoked BG 50,02,220 TC I 12,50,00,000 9,41,48,796 WCTL 11,10,00,000 8,96,52,203 ....
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....steps under the provisions of SARFAESI Act and the same were challenged by one of the mortgagor Mr. Madi Reddy Chandrabhushan Reddy and filed S.A.No. 1208/2017 before the Hon 'ble Debts Recovery Tribunal Il which is pending. 4. Counsel for corporate debtor reported that corporate debtor has no objection for starting CIRP against corporate debtor by admitting the petition. 4. We have heard the Counsel for Financial Creditor and also the Counsel for Corporate Debtor. 5. The present petition is filed under Section 7 of the Code by the Financial Creditor stating that the corporate debtor had defaulted in payment of Rs. 35,00,74,293/- Crores. 6. The Learned Counsel for Financial Creditor contended that Financial Creditor granted ....
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.... admits this Petition under Section 7 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions: a) The Bench hereby prohibits 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, Tribunal, arbitration panel or other authority; Transferring encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction....