TaxTMI 
TaxTMI 
2019 (12) TMI 1362
X X X X Extracts X X X X
X X X X Extracts X X X X
....Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "AAA Rules") by the Applicant in the capacity of Financial Creditor viz. United Bank of India against the Respondent M/s. Nazar International Private Limited, (hereinafter referred to as "Corporate Debtor"). 2. Part I of the application, sets out the details of the Financial Creditor from which, it is evident that the Financial Creditor is a Bank with identification number AAACU5624P and having registered office at Arul Manai Building, No. 27, White Road, Chennai 600 014. 3. As per Part II of the application, the Corporate Debtor is a Private Limited Company with Corporate Identification Number U52324TN2001PTC046708 and having registered office at No. 7A, E....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of 2019 in OA.472 of 2014 on the file of DRT-II dated 24.01.2019 (Annexure 1-2) The other documents inter alia include the following: (a) Final Order in OA No. 472 of 2016 dt. 18.09.2018 (b) DRC No. 24 of 2019 in OA No. 472 of 2016 dt. 24.01.2019 (c) Credit Sanction Advice dt. 11.07.2005 (d) Credit Sanction Advice dt. 31.08.2005 (e) Credit Sanction Advice dt. 03.03.2007 (f) Credit Sanction Advice dt. 04.08.2008 (g) Credit Sanction Advice dt. 09.03.2010 (h) Credit Sanction Advice dt. 16.03.2012 (i) Promissory Note dated 16.03.2012 (j) Letter of Continuity dated 16.03.2012 (k) Letter of Continuity dated 16.03.2012 (l) Hypothecation A....
X X X X Extracts X X X X
X X X X Extracts X X X X
....has alleged that the present application is barred by limitation as the claim pertains to loan sanctioned in the year 2005 and the mortgage extended in favour of the Petitioner as security was given in the year 2005 and therefore, the present application is filed after the period of limitation only to harass this Respondent/Corporate Debtor. It was further submitted that the Petitioner had already initiated proceedings against the Respondent/Corporate Debtor under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (hereinafter the "SARFAESI Act") and the Recovery of Debts and Bankruptcy Act, 1993. iv) Quoting the Supreme Court decision it has been submitted that IBC is not int....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r to consider their proposal. While on this, existence of the debt is proved as mentioned in the order passed by the Debts Recovery Tribunal and other documents produced before this Adjudicating Authority, otherwise there is a mere allegation of dispute. The Respondent/Corporate Debtor could not produce any proof before this Tribunal so as to disprove its debt and default. 8. As to the point of Limitation raised by the Corporate Debtor, it has been alleged that the present application is barred by limitation as the claim pertains to loan sanctioned in the year 2005 and the mortgage extended in favour of the Petitioner as security was given in the year 2005 and therefore, the present application is filed after the period of limitation onl....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ition before this Authority on 15.04.2019. In view of the same, the present petition falls well within the period of limitation. 9. Thus taking into consideration the facts and circumstances of the case as well as the position of Law, we are of the view that the Application as filed by the Applicant - Financial Creditor is required to be admitted under Section 7 (5) of the I&B Code, 2016. 10. The Financial Creditor has proposed the name of Mr. Ramachandran Subramanian having Registration Number [IBBI/IPA-001/IP-P01440/2018-19/12136] as Interim Resolution Professional (IRP) and a written communication in the format prescribed under Form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 201....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor." 12. However during the pendency of moratorium period in terms of Section 14(2) and 14(3) as extracted hereunder; (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub - section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator." 13. The duration of period of moratorium shall be as provided in Section 14(4) of the Code which is reproduced below for ready refe....