2022 (1) TMI 712
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....einafter referred to as Corporate Debtor") alleging that the Corporate Debtor committed default in making payment to the Financial Creditor in view of the term loan and working capital facilities availed by them upon the Corporate Debtor, by invoking under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Financial Creditor is a Private Limited Company engaged in the business of rendering the services relating to trade, manufacture, deal, import and export and ancillary to the manufacturing of the sponge iron. The Corporate Debtor is a Private Limited Company registered and incorporated under the Provisions of Companies Act, en....
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....dd which was imposed for failure to pay the excise duty. The Corporate Debtor has made a representation to the Central Excise Department to sell the goods and set off the amount against the existing dues. But unfortunately the goods stood damaged on account of heavy rainfall on 03.10.2019. 7. As the goods were insured, the Corporate Debtor made an application to the insurance company. The policy covers the risk up to the value of Rs. 10 Crores. Valuation report was furnished by the Corporate Debtor. The valuation report on damages calculated as a total quantity of 5,936 MT of Sponge Iron. There was a pandemic in the form of Covid-19 in the meantime, due to which the activity of the Company came to a halt. 8. I heard both the counsel. The ....