TaxTMI 
TaxTMI 
2021 (6) TMI 123
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.... to as "IBC, 2016") by one M/s. Sundaram BNP Paribas Home Finance Limited (hereinafter referred to as "Financial Creditor") against M/s. Wayne Burt Aerospace Private Limited (hereinafter referred to as "Corporate Debtor") seeking for initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor. 2. From Part-I of the Application, it is evident that the Financial Creditor is a Limited Company incorporated on 02.07.1999 and having CIN: U65922TN1999PLC042759. From Part-II of the Application, it is evident that the Corporate Debtor is a Private Limited Company which was incorporated on 24.12.2009 and having CIN: U11100TN2009PTC074041 with the Nominal Share Capital of Rs. 20,00,00,000/- and Paid-up Share Capital of Rs....
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.... sum of Rs. 4,00,00,000/- (Rupees Four Crores Only) to the Corporate Debtor and as per the Loan Agreement, the Corporate Debtor is obliged to pay a sum of Rs. 6,45,340/- (Rupees Six Lakhs Forty Five Thousand Three hundred and Forty Only) per month for a period of 120 months and the rate of interest was fixed at 15% p.a. 6. In pursuance of the same, the Financial Creditor has executed a Deed of Guarantee wherein one Mr. TGS Mahesh stood as a Guarantor to the loan disbursed by the Financial Creditor. Further, the Corporate Debtor has also executed a Memorandum of Deposit of Title Deeds in favour of the Corporate Debtor which document has been registered in the Sub - Registrar office, Kodaikanal, as Document No. 1097 of 2016. The Learned Co....
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....tiating with the Financial Creditor for settlement of loan, however the same never fructified. It was submitted that the Corporate Debtor has been regular in paying the EMIs' till the end of March 2018. Thereafter, due to certain setback to its business and some recession in the cash flow, the Corporate Debtor could not service its EMI dues to the Financial Creditor as a result of which the Financial Creditor declared the accounts of the Corporate Debtor as NPA and also slapped with a Demand Notice under Section 13(2) of SARFAESI Act, 2002 on 01.08.2018 recalling to pay an amount of Rs. 3,87,12,901/-. 9. The Learned Counsel for the Corporate Debtor further submitted that they are in talks with the Financial Creditor for accepting the....
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....also unable to repay its dues to the Financial Creditor. It has also been consistently held by the Hon'ble Supreme Court both in Innoventive Industries Ltd. Vs. ICICI Bank and another (2018) 1 SCC 407 as well as Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software Pvt. Ltd. (2018) 1 SCC 353 after going through the Scheme of I & B Code, 2016 in depth in relation to an Application under Section 7 filed by a Financial Creditor as compared to the one filed under Section 9 by an Operational Creditor, in relation to a Section 7 Application where there is an existence of a 'financial debt' and its default is in excess of Rs. 1,00,000/- (now increased to Rs. 1 Crore), this Tribunal is bound to admit the Application and as a consequence tri....
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....-002/IP-N00377/2017-2018/11120 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, 2016 has been filed by the proposed IRP who is appointed as the IRP to take forward the process of Corporate Insolvency Resolution of the Corporate Debtor. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the Code and file his report within 20 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIR Process ....
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....r the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period; 18. However, during the pendency of the moratorium period in terms of Section 14(2)(2A) 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. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and pr....