2022 (1) TMI 1132

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....ection 7 of the Insolvency and Bankruptcy Code 2016 ("the Code") for the alleged default on the part of the Respondent in settling an amount of Rs. 1,58,92,71,675/- paid to the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: a. The financial debt has accrued in favour of Financial Creditor on account of the unsecured loans granted from time to time to the Corporate Debtor by the applicant. b. As per the Balance sheets of the Corporate Debtor for the Financial Years from 2008-2009 till 2014-15, the Financial Creditor granted the following loans to the Corporate Debtor:- c. The Corporate Debtor is a subsidiary company of the Financial Credi....

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....he knowledge of the Resolution Professional that the applicant (HBN Dairies) had extended loan facilities from time to time to Viraman Buildcon and Developers Pvt. Ltd. (Corporate Debtor in this matter) which have not been repaid till date. j. As per the balance sheet of HBN Dairies, of Financial Year 2008-2009, the applicant granted a loan to the tune of Rs. 32,17,43,118/- to the Corporate Debtor whereafter the Corporate Debtor (Viraman Buildcon and Developers Pvt. Ltd.) was advanced further loans from time to time. k. As per the balance sheet of the applicant (HBN Dairies) and respondent (Viraman Buildcon and Developers Pvt. Ltd.) it is evident that the applicant (HBN Dairies) has granted an unsecured loan on various occ....

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....he institution of suits or continuation of pending suits or proceedings against the Respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the Respondent any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the Respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor where such property is occupied by or in the posse....