2019 (3) TMI 1929

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....ss of S. K. Wheels Private Limited, (hereinafter called the 'Corporate Debtor') on the ground, that the Corporate Debtor committed default on 12.10.2018 in repayment of facilities granted to the Corporate Debtor to the extent of Rs. 8,43,00,350/- towards principal and Rs. 89,50,515/- towards interest, as provided under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petition reveals that the following facilities were granted to the Corporate Debtor by the Petitioner and the outstanding as on 12.10.2018 is as below: SR. NO. FACILITY PRINCIPAL INTEREST AND OTHER CHARGES TOTAL DEFAULT ....

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.... (m)Copy of the Deed of Hypothecation dated 29.03.2016. (n) Copy of the Memorandum of Entry dated 13.06.2016. 4. The Petition reveals that on 11.05.2018 the Corporate Debtor had defaulted in making repayment to the Petitioner in terms of the Facility Agreements executed by it. In this regard, a meeting was held, wherein the delinquencies under the Facility Agreements were categorically discussed at length, and upon such discussion the Corporate Debtor had admitted to such delinquencies and handed over 4 cheques to the Petitioner amounting to Rs. 1,38,46,268/-. On 08.06.2018, out of the said 4 cheques, the cheque bearing no's. 152934 and 152935 dated 29.05.2018 were dishonoured and returned with the remark "Funds Insuffi....

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.... 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (II) That the supply of essential goo....