2021 (4) TMI 298

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....the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s. Kotak Mahindra Bank Limited (hereinafter referred  as  "Financial  Creditor")  for  initiation  of  Corporate Insolvency  Resolution  Process  against  M/s.  Ultra  Tile  Private Limited (hereinafter  referred as "Corporate  Debtor")  on the ground  that  it  has   defaulted  in   repaying  an  amount  of Rs. 8,19,21,359.06 (Rupees Eight Crores Nineteen Lakh Twenty One Thousand Three Hundred and Fifty Nine and Six Paisa only) as on 23.09.2019 along with interest due on working capital term loan. 2.  The lea....

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....or defaulted repayment of Rs. 8,19,21,359.06 in violation of the agreed terms and account  became  Non-Performing  Asset (NPA)  on 23.09.2019 as per Section 13 (2) of the SARFAESI Act, 2002. vi)  During  pendency IBA  proceedings,  the  Corporate Debtor paid a sum of Rs. 5,14,98,810/- to the Applicant. As on 31.03.2020, the balance payable by Corporate Debtor  was  Rs. 3,17,25,439/-  and  further  interest payable by Corporate Debtor. 3.  The  learned  counsel  for the  Corporate  Debtor has  filed counter on 16.10.2020 has stated that they have availed financial facility to the tune of Rs. 11,10,00,000/-. On obtaining prior ....

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....e 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 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 corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Securit....