2019 (3) TMI 1938

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ode") by the Financial Creditor seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor on the ground that the Corporate Debtor defaulted in repaying an amount aggregating to Rs. 8,51,35,527/- (including taxes) as on 13.09.2018. 2. On perusal of this Company Petition, it appears that this application was filed by two applicants, i.e., 1st Applicant ("Financial Creditor") and 2nd Applicant (Co-Applicant/Debenture Trustee) stating that Co-Applicant on 16.08.2018 was appointed as Debenture Trustee under Trust Deed Appointment Agreement entered into between the Corporate Debtor and the Co-Applicant. As per the agreement, the Corporate Debtor was to issue 1450 listed, rated, redeemable non- convertible deben....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aim made by the Financial Creditor, the counsel appeared on behalf of the Corporate Debtor has not raised any objection for initiation of Corporate Insolvency Resolution Process because the Corporate Debtor is not in a position to pay the amount as stated in the Debenture Trust Deed executed by the Corporate Debtor, this Bench, having gone through the documents and being satisfied of the material disclosing existence of debt and default, hereby admits this Company Application with the following directions by appointing IRP namely, Mr. G. Ramachandran as RP looking at the consent letter given by him. I. That Moratorium is hereby declared prohibiting all of the following actions, namely, a) the institution of suits or contin....