TaxTMI 
TaxTMI 
2019 (7) TMI 1757
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....une 13, 2011 (iii) Term loan I-Rs. 15 crores (iv) Term loan II-Rs. 2.45 crores (v) Term loan III-Rs. 3.30 crores (vi) Term loan IV-Rs. 1 crore (vii) Letter of guarantee-Rs. 5 crores (viii) Term loan-Rs. 10.62 crores (ix) Term loan II-Rs. 2.45 crores (x) Term Loan III-Rs. 3.30 cores (xi) Term Loan IV-Rs. 1 crore (xii) Short-term loan V-Rs. 0.25 (xiii) Letter of guarantee-Rs. 5 crores (xiv) Term loan V-Rs. 12 crores 3. In consideration to the loan sanctioned by the financial creditor, the corporate debtor executed various documents which are as follows : (1) Copy of the credit sanction advice dated March 22, 2011 issued by the financial creditor to the corporate debtor, annexed in form-I of the application as "annexure 3". (2) Copy of the single/joint demand promissory notes for sum of Rs. 15 crores executed by the corporate debtor to the financial creditor dated June 13, 2011, annexed in form-I of the application as "annexure 4". (3) Copy of the single/joint demand promissory notes for sum of Rs. 5 crores executed by the corporate debtor to the fi....
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.... guarantor Mrs. G. Sudhashree to the financial creditor dated September 28, 2013 annexed in form-I of the application as "annexure 17". (16) Copy of the letter of hypothecation by the corporate debtor to the financial creditor dated September 28, 2013 annexed in form-I of the application as "annexure 18". (17) Copy of the confirmation letter (applicable for limited company mortgagor) evidencing creation of supplemental mortgage by the corporate debtor to the financial creditor dated September 28, 2013 annexed in form- I of the application as "annexure 19". (18) Copy of the revival letter by the corporate debtor to the financial creditor dated June 4, 2014 annexed in form-I of the application as "annexure 20". (19) Copy of the legal notice along with acknowledgment due cards by the corporate debtor to the financial creditor dated March 15, 2017 annexed in form-I of the application as "annexure 21". (20) Copy of the reply letter by the financial creditor to the corporate debtor dated March 27, 2017 annexed in form-I of the application as "annexure 22". (21) Copy of the sanction of one-time settlement proposal by the corporate debt....
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....dings under SARFAESI over the same claim, but till date neither the corporate debtor made payment nor have the proceedings come to a logical end, therefore the bank has filed this petition for initiation of CIRP against the corporate debtor. 6. As against this claim, the counsel appearing on behalf of the corporate debtor says that it is a time barred debt ; therefore, it should not be admitted because the date of NPA has been shown as June 30, 2015 in the SARFAESI notice under section 30(2) of the SARFAESI Act and in the written submissions as April 1, 2015 which are contrary to each other. 7. Rebutting the debtor counsel argument, the creditor bank counsel has mentioned that it is not the case of the corporate debtor that it has not defaulted in making repayment to the bank. It is also not the case of it that debt and default are not in existence. Indeed, the bank has also initiated proceedings against the debtor under the SARFAESI Act as well as under the RDB Act. In this backdrop, I do not believe this inconsistency regarding occurrence of default, especially in a case like this, will not have any bearing either on limitation or existence of debt and default. 8. As to ....
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....be sufficient though it omits to specify the exact nature of the property or right, or avers that the time for payment, delivery, performance or enjoyment has not yet come or is accompanied by a refusal to pay, deliver, perform or permit to enjoy, or is coupled with a claim to set-off, or is addressed to person other than a person entitled to the property or right". 13. In the light of above explanation, I have not found any merit in the defence raised by the corporate debtor counsel stating that an offer for one-time settlement dated July 3, 2017 does not amount to acknowledgment. 14. Accordingly, for the reasons stated above, this company petition is hereby admitted to initiate CIRP against the corporate debtor with the following directions by appointing Mr. Radhakrisnan Dharmarajan as interim resolution professional basing on the consent given by him : (I) That moratorium is hereby declared prohibiting all of the following actions, namely, (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 au....