2019 (10) TMI 1345

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....the Corporate Debtor committed default to the extent of Rs. 66,58,63,415.41/- 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 Petition reveals that Punjab National Bank had granted a term loan of Rs. 50,00,00,000/- repayable with interest at the rate of 12.50% per annum vide Sanction Letter dated 06.06.2017 to the Corporate Debtor. The Petitioner enclosed the following documents in support of the Term Loan granted to the Corporate Debtor: (a) Copy of the Sanction Letter dated 06.06.2017; (b) Loan Agreement dated 09.06.2017; (c) Deed of Hypothecation dated 09.06.2017; ....

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....roof of service. Both sides were present on 30.08.2019. Previously, on 14.08.2019, on the request of the Counsel for Corporate Debtor, time was given to file reply on or before 20.08.2019. Later, this petition was listed on 21.08.2019 wherein both sides were absent. Then it was listed on 30.08.2019, however the Corporate Debtor failed to file reply and again sought time. This being a Section 7 Petition, no further time was given and the Corporate Debtor was permitted to file their written submissions. 6. The counsel for the Corporate Debtor filed written submissions wherein it was contended as below; a. The Corporate Debtor voluntarily handed over possession of certain mortgaged properties to the petitioner b. Even though the Corporate....

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....ial creditor in Form 1 accompanied by documents and 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 evide....

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.... being no disciplinary 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 Co....