2019 (8) TMI 1786

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....as Rules) in the capacity of "Financial Creditor" on 27.05.2019 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code) against 'Vaayu Infrastructure LLP' (hereinafter as 'Corporate Debtor'). The registered address of the Corporate Debtor is stated to be 1102(2), 11th Floor, Fortune Terrace, New Link Road, Andheri (W), Mumbai. 2. In the requisite Form, under the head "Particulars of Financial Debt" the total amount of Debt granted is stated to be Rs.210,00,00,000/-, and the amount claimed to be in default is Rs.2,68,88,44,690/- as on 01.04.2019. The Petitioner states that the Corporate Debtor has defaulted in making payment on 08.02.2018 Brief History of the case: 3. IL&FS Financial Servi....

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....tion of various movable properties, the Corporate Guarantee given by the Corporate Debtor vide letters of Guarantee dated 27.06.2014 and 24.09.2014 for the two facilities respectively, the Corporate Guarantee given by the Vish Wind Infrastructure LLP vide letters of Guarantee dated 27.06.2014 and 24.09.2014 for the two facilities respectively, Personal Guarantees of Mr. Ajay Mehra and Mr. Yogesh Mehra. The security documents have been produced on record and duly perused by this Bench. 8. The Financial Creditor herein issued a recall Notice dated 29.01.2018 to the WWWFPL for an outstanding amount of Rs.254,72,62,584/- as on 28.01.2018, but nothing fructified. The Financial Creditor thereafter issued a letter dated 07.02.2018 to the Corpor....

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....al Creditor and on perusing the documents produced on record, it is understood that the Corporate Debtor has defaulted in repayment of debt. The Financial Creditor has made out its case with ample evidences for his claim. The Corporate Debtor has chosen not to challenge this petition by not filing an affidavit in reply. It seems like there is no defence left with the Corporate Debtor with regard to this petition. Therefore, owing to the inability of the Corporate Debtor to pay its dues, this is a fit case to be moved u/s 7 of the I&B Code. 13. On going through the facts and submissions of the petitioner and upon considering the same, it is concluded that the Financial Creditor has established that the loan was duly sanctioned and duly di....

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....lo Mills Compound, NM Joshi Marg, Mahalaxmi, Mumbai is hereby appointed as Interim Resolution Professional to conduct the Insolvency Resolution Process. 19. Having admitted the Petition/Application, the provisions of Moratorium as prescribed under Section 14 of the Code shall be operative henceforth with effect from the date of order, and shall be applicable by prohibiting institution of any Suit before a Court of Law, transferring/encumbering any of the assets of the Debtor etc. However, the supply of essential goods or services to the "Corporate Debtor" 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 u....