TaxTMI 
TaxTMI 
2018 (8) TMI 2056
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....ule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of "Financial Creditor" on 13.12.2017 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code). 2. Further under the head "Particulars of Corporate Debtorth the description of the debtor is stated as "M/s. Doshion Water Solutions Private Limited' (hereinafter as Debtor) having Registered office at, Office No. 3, 2thFloor, A - Wing. Godrej Coliseum, Eastern Express Highway, Behind Everard Nagar, Sion (W), Mumbai, Maharashtra 400022. 3. In the requisite Form, under the head "Particulars of Financial Debt" the total amount of Debt in default is stated as 2 133,69....
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....o the Debtor in above mentioned manner. 5.2. It is further submitted that during the period of 01.06.2015 to 30.09.2017 the Debtor has made default in making the re-payment towards the availed amount. 5.3. It is further stated that the Account of the Debtor has become NPA on 31.08.2015 as per the guidelines of the RBI. 5.4. It is further stated that the Financial Creditor has issued a first Demand Notice to the Debtor on 06.04.2016 for repayment of Debts. It is also stated that the Debtor vide its letter dated 16.05.2016 had replied to the said notice stating therein that the Debtor may be invited by the Financial Creditor to negotiate the terms of settlement. Copies of the notice and reply are annexed with the Pe....
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....were granted by the DRT. 5.10. It is further stated that. since the Debtor has defaulted in repaying the availed loan amount the Financial Creditor has preferred this Petition / Application before this Bench. 5.11. t is further stated that though the JLF meeting records for terms and conditions for restructuring of debt nothing had been acted upon by the Financial Creditor or any other Bank hence, it is not a case that the Debt has been restructured and therefore as on date there is Debt lying with the Debtor in terms of S. 5 (8) of the Code and hence this Petition / Application deserves to be Admitted and the CIRP may be commenced upon the Debtor. 6. Submissions by the Corporate Debtor : 6.1. The Learned Couns....
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.... the Debtor is in default in making the payments. 6.7. The Learned Advocate for the Debtor, in light of above submissions, reiterated that since the modalities of the Debt restructuring had arrived between the consortium and the Debtor Company the Debt does not survives and this Petition / Application deserves to be Rejected. 7. Findings : 7.1. I have gone through the facts and circumstances of the case and also through the submissions made by both the Learned Advocates. 7.2. Before discussing further it is noteworthy to place certain facts on record. During the hearing it is noticed that, in recent past the Hon'ble Bombay High Court had passed an order for winding-up against the Debtor Company U/s. 433 (e) and....
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....mount of Debt has never been restructured and therefore there is an existence of debt and the Debtor Company is liable to make the payment to the Financial Creditor. 7.7. It is further noticed that, there is no dispute about the existence of default and the default is also evident from the order of DRT, Ahmedabad. Further the reply to the Demand notice of the Financial Creditor also evident that the Debtor has not repaid the loan amount and there is a default in repayment. 7.8. Hence, keeping the facts and submissions in mind this Bench has come to conclusion that, the nature of Debt is a "Financial Debt" as defined under section 5 (8) of the Code. Further, admittedly there is a "Default" as defined under section 3 (12) of....
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...." shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 7.13. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 7.14. That the Interim Resolution Professional shall perform the duties as assigned under Section 18 and Section 15 of the Code and inform the Progress of the Resolution Plan and the compliance of the directions of this Order within 30 days to....