2020 (10) TMI 381

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....orate Debtor committed default to the extent of Rs. 22,13,87,073/-, as provided under Section 7 of 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 had granted seven facilities to the Corporate Debtor and the details are as below: Sr. No. Facility Date of Sanction Amount 1. Term Loan 28.03.2008 249.00 Lacs 2. Term Loan 28.03.2008 116.32 Lacs 3. Term Loan 03.03.2010 66.10 Lacs 4. Term Loan 29.10.2010 330.00 Lacs 5. Cash Credit 09.12.2010 55.00 Lacs 6. Overdraft 09.12.2010 100.00 Lacs 7 Term Loan 23.08.2....

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....) of SARFAESI Act, 2002. 6. The Petitioner has enclosed the confirmation of balance issued by the Corporate Debtor on 09.02.2017 for all the above said facilities. 7. The Petitioner enclosed the certificate under Bankers Books Evidence Act, 1891. 8. The Corporate Debtor in their reply submitted as below: a. They require 45 days' time to settle the matter. b. The income of the Corporate Debtor is not matching with the increase in the interest rate and due to this mismatch, they are not in a position to service the loan fully and the account was classified as NPA. c. The overall slowdown the real estate market and the additional stress on account of initiation of prompt correct action by the Petitioner ....

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....d records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the Corporate Debtor in Part II, particulars of the proposed interim resolution professional in Part III, particulars of the financial debt in Part IV and documents, records and evidence of default in Part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the Corporate Debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is import....

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....ry proceedings pending against the proposed resolution professional, therefore the Application under sub-section (2) of Section 7 is taken as complete, accordingly this Bench hereby admits this Petition prohibiting all of the following of item-I, namely: I. (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, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the C....