2021 (7) TMI 852

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....orld Trade Private Limited, ("the Respondent") alleging default in payment of a Financial Debt. 2. The Respondent is a Private Company and incorporated on 08.03.2008 under the Companies Act, 1956. 3. The Authorized Share Capital of the Respondent/Corporate Debtor Company is Rs. 100,00,000/-, Paid Up Share Capital is Rs. 100,00,000/-. 4. The facts in brief of the Petitioner are as follows:- (a) The total amount outstanding to initiate the Corporate Insolvency Resolution Process (CIRP) against the Respondent is Rs. 92,01,03,572 Crores (Rupees Ninety Two Crores One Lakh Three Thousand Five Hundred and Seventy Two Only) as on 31.10.2018. The date of default is 30.03.2012 and the Account was classified as NPA on 30.06.2012. (b) The Bank o....

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....secured by the Personal Guarantees by Mr. D.G. Salunkhe and one Mr. Uday Bhosale dated 30.03.2011 guaranteeing the repayment of the additional loan of Rs. 10,00,00,000/- Crores for meeting working capital requirements. The estimated value of the aforementioned securities is approximately Rs. 20.19. Crores. (l) A Demand Promissory Note executed in favour of the Lenders dated 30.03.2011 was issued by the Respondent. (m) The Corporate Debtor has acknowledged its Debt on the Acknowledgement Letters dated 15.06.2012 which is signed by Mr. D.G. Salunkhe and one Mr. Uday Bhosale. (n) Bank of India issued a notice under section 13(2) of the Securitisation Act, 2002 to the Corporate Debtor. (o) The Petitioner has also produced the CIBIL Repo....

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....nt that the Respondent availed Loan amount Rs. 92,01,03,572/-. The Bank of India being the Assignor of debt to the Petitioner granted Credit facilities of Rs. 36,00,00,000/- to the Respondent vide an assignment agreement dated 26.03.2014. The date of default occurred on 30.03.2012 and the account was classified as NPA on 30.06.2012. 7. The applicant has clearly demonstrated by placing a copy of the Assignment Agreement dated 26.03.2014 that there was an Agreement between the Petitioner and the Respondent for a total sum of Rs. 36,00,00,000/-. 8. A perusal of the submission filed before this Bench clearly brings out that the loan was disbursed in two tranches of Rs. 26,00,00,000/- as Term Loan and Rs. 10,00,00,000/- as Cash Credit faciliti....

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.... loan goes undisputed. Therefore the present IB petition is found to be filed in conformity with the provisions of the Code and rules, regulations made thereunder. Hence is found complete and CIRP can be triggered in respect of present Respondent. For the aforesaid reasons, the present IB petition deserves for Admission. 14. Further the Petitioner has proposed the name of Mr. Sameer Kakar, Registration No. IBBI/IPA-001/IP-P00218/2017-18/10418, as the Interim Resolution Professional of the Respondent. He has filed his written communication by accepting the proposed Assignment in prescribed format/s as per provision made under the IBC and rules, regulations made thereunder and also declare that there is no pending disciplinary proceedings ag....

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....ion under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Respondent. (b) Notwithstanding the above, during the period of moratorium:- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (c) The moratorium shall have effect from the date of thi....