2020 (2) TMI 1588

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....cess (in short "CIRP") of the Corporate Debtor on the ground that the Corporate Debtor committed default in paying Financial debt of Rs. 43,01,53,989/- (Rupees Forty-Three Crore One Lakh Fifty-Three Thousand Nine Hundred and Eighty-Nine Only). 2. The following facts are not in dispute: - 2.1 The Financial Creditor is the assignee of the debt from original creditor of the Corporate Debtor i.e. The South Indian Bank Limited. The Bank granted and disbursed in favour of the Corporate Debtor term loan and cash credit facility to the extent of Rs. 25 Crore vide sanction letter dated 25.09.2015 (Annexure L, page No. 146). The loan account was declared NPA on 31.12.2016. On 17.03.2017, the Bank executed deed of assignment in favour of the Financi....

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.... Corporate Debtor. It is also not in dispute that the Corporate Debtor did not clear the outstanding debt and thereby committed default in paying the financial debt. Hence, on the basis of above admitted facts, the Corporate Debtor has to be admitted in CIRP. However, the Corporate Debtor took defence that debt has been illegally assigned in favour of the Financial Creditor. 7. At the outset, we put on record that such defence is not available to the Corporate Debtor in this proceeding under the Insolvency and Bankruptcy Code. In the Ruling of Hon'ble Apex Court in case of Innoventive Industries Limited Vs. ICICI Bank- (2018) 1 SCC 407, it has been held - "On the other hand, as we have seen, in the case of a corporate debtor who commit....

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....facts are proved from the evidence on record. The application is filed within period of limitation. 10. The Financial Creditor suggested name of one Mr. K.G. Somani having registration No. IBBI/IPA-001/IP-P00300/2017-18/10544 for appointment of Interim Resolution professional (in short "IRP"). It appears from record that no disciplinary proceeding is pending against the IRP. This application is well within time. It is defect free. Hence, we admit the Corporate Debtor in CIRP with following orders: - ORDER i) The application filed by the Financial Creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Limtex Agri Udyog Limited is hereby a....

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....as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any Financial sector regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii) Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approv....