2020 (10) TMI 1280

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.... for initiation of Corporate Insolvency Resolution Process of the Corporate debtor i.e. "Emm Vee Infrastructures (India) Pvt. Ltd." on grounds of its inability to liquidate its financial debt. 2. As per averments made in the petition the Corporate Debtor vide its letter dated 17.08.2012 approached the applicant bank/Financial Creditor for grant of term loan facility of Rs. 25 Crores (Rupees Twenty Five Crores Only), which was duly considered and sanctioned by the applicant bank/financial Creditor vide its credit sanction intimation dated 17.10.2012 through which term loan facility of 25 Crores was sanctioned to the Corporate Debtor for developing residential apartments/projects namely "Dwarika Heights" against overall margin of 55.30% pe....

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....were also accepted and acknowledged by the Corporate Debtor. 5. It is also stated that after availing the credit facilities, the Corporate Debtor as well as Sri Vijay Pal Yadav and Smt. Sunita Yadav have failed to keep their accounts regular and hence the same were classified and declared as NPA on 03.09.2016 as per RBI guidelines. Accordingly, outstanding of both accounts were finally recalled by the Applicant by serving registered Demand Notice issued under Section 13(2) of the SARFAESI Act, 2002 upon the Corporate Debtor as well as Sri Vijay Pal Yadav and Smt. Sunita Yadav on 06.10.2016 requiring them to liquidate outstanding of their loan accounts amounting to Rs. 34,53,43,337 plus future rate of interest within 60 days from the date....

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....d to act as IRP and no disciplinary proceedings are pending against the proposed resolution professional. 9. In the present matter, this Adjudicating Authority finds the debt and default is admitted by the corporate debtor in Para 22 in their reply stating "... the respondent will repay the dues of the financial creditor after the completion of the projects in light of the order passed by RERA Authority". Thus it is well established that there is the existence of debt and default on behalf of the corporate debtor. 10. In regard to the petition being time barred, this Adjudicating Authority is of the view that the corporate debtor has acknowledged the debt on 28.04.2016, the letter acknowledgement is annexed as Annexure 22 of the petit....

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....s of subsections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing off 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 Securiti....

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....torium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified.] (3) The provisions of sub-section (1) shall not apply to-- (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjud....