TaxTMI 
TaxTMI 
2019 (11) TMI 1658
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....ion 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Jailaxmi Sugar Products (Nitali) Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) claiming total default of Rs.108,34,33,364.19 (Rupees One Hundred Eight Crore Thirty Four Lakh Thirty Three Thousand Three Hundred Sixty Four and Paise Nineteen Only) as on 13.08.2019. 2. This Application is filed by Mr Virendra Kumar Singh, Chief Manager of the Financial Creditor, duly authorised by letter of authorisation dated 13.08.2019, which is annexed to the Application. 3. The Applicant Bank has provided financial assistance to the Corporate Debtor for setting up sugar mills unit at Nitali District Osmanabad, under the Sanction Letters d....
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....nd the same was allowed vide Order dated 01.11.2016. Copy of the Order dated 01.11.2016 in OA No.185/2014 is annexed to the Application. 9. It is noted that by virtue of the order dated 04.01.2018 passed by the Hon'ble Bombay High Court in CP. No.614/2015, the Winding Up Petition filed by M/s Mitsu Engineering against the Corporate Debtor is admitted and the Official Liquidator is appointed to take possession of the Corporate Debtor. Therefore all the notices that are required to be served on Corporate Debtor were duly served by the Applicant on the Official Liquidator who, for all practical purposes represents the Corporate Debtor. 10. It is a settled law that even though a winding up order has been passed against a Corporate Debtor,....
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....firmation Letter dated 17.06.2017, it is clear that the Corporate Debtor has admitted to its liability to repay the debt amount received from the Applicant. 17. On perusal of the bank statement of the Corporate Debtor along with certificate under section 2A of the Bankers Books Evidence Act, 1891 it is seen that the Corporate Debtor has not made any payments to the Applicant. The date of default being the date of classification of the Corporate Debtor's account as NPA i.e 31.03.2013. 18. The Corporate Debtor initiated proceedings before Debt Recovery Tribunal, Pune in OA No.185/2014 and vide order dated 01.11.2016 it was held that the Corporate Debtor is liable to repay the debt amounts to the Applicant. The Applicant has issued lette....
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.... mentioned below: I. That this Bench as a result of this prohibits: 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 Security Interest Act, 2002; ....