2019 (3) TMI 1947

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....or') on the ground, that the Corporate Debtor committed default on 30.09.2013 in repayment of facilities granted to the Corporate Debtor to the extent of Rs. 13,78,22,995/- towards principal and Rs. 6,57,60,242/- towards interest, 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 Petitioner initially sanctioned facilities to the Corporate Debtor on 30.06.2012. The Petitioner has enclosed sanction/renewal letter dated 23.05.2013 which shows that the following facilities were granted to the Corporate Debtor by the Petitioner and the outstanding as on 30.06.2018 is as bel....

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....ion of inter-se Agreement between the Lending Institutions dated 10.10.2012. (i) Letter of Corporate Guarantee executed by M/s. Rajlakshmi Petrochem Pvt. Ltd. dated 26.02.2013. (j) Supplementary Inter-Se (Pari Passu) Agreement executed between the Lending Institutions dated 29.05.2014. (k) Memorandum of Loan Sanction between the Petitioner and the Corporate Debtor and Guarantor dated 30.06.2012. (l) Letter issued by Janata Sahakari Bank to the Petitioner with reference to sanction of Rs. 20 crores to the corporate Debtor dated 28.09.2012. (m) Memorandum of Loan Sanction between the Petitioner and the Corporate Debtor and Guarantor dated 23.05.2013. (n) Agreement of Restructuring of Loan ....

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....rusal of the documents filed by the Creditor, is of the view that the Corporate Debtor defaulted in repaying the loans availed and also placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore the Application under sub-section (2) of Section 7 is taken as complete, accordingly this Bench hereby admits this Petition prohibiting all of the following of item-I, namely: (I) (a) the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other ....