TaxTMI 
TaxTMI 
2021 (11) TMI 1028
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....incorporated under the provisions of Companies Act, 1956 having its Registered Office at The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028'. The Respondent/Corporate Debtor is a company incorporated under the Companies Act, 1956 having its registered office at '6, Alipur Road, Civil Lines, New Delhi-110054'. The Master Data from the website of the Ministry of Corporate Affairs in relation to the Corporate Debtor has been already placed on record. 3. Brief facts of the Application filed by Financial Creditor in short are as follows: i. That in the year 2009, the Corporate Debtor availed financial facilities for an amount of Rs. 60 crore from the Bank of Baroda, vide Term Loan Agreement dated 28.07.2009 (Term Loan-I) for the purpose of the funding part of the cost of land and construction/development of Hotel "De Aqua" at Hotel Plot No. 1, Shastri Park, District Centre, Delhi. Again, in 2011, the Corporate Debtor availed another financial facility from Bank of Baroda for an amount of Rs. 13 crore vide term loan agreement dated 08.01.2011 (Term Loan-II) for the purpose of funding part of the increased cost of the Hotel Project and....
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....at, the Corporate Debtor failed to pay the dues within time issued by DRT. It has been contended by the Financial Creditor that the period of limitation will extend to three years from the date of the Judgement viz. 29.04.2016 upto 28.04.2019. xi. It is further contended that the Corporate Debtor feeling aggrieved by the judgement of the DRT and subsequent order of DRAT filed Writ Petition before the Delhi High Court which was dismissed by Hon'ble High Court by its judgement dated 11.07.2018. In the judgement, it is stated that the petitioner had paid Rs. 15 crore when the matter was pending before DRT and no payment made thereafter. The judgement of High Court is found on record (Annexure-A/29). It is further stated in the judgement that "obligation to pay Rs. 81.60 crore with applicable interest (less 15 crore) is undisputed. In this factual background, counsel for the Respondent (ARCIL) states that amount of Rs. 130 crore is due and payable by the Petitioner(Corporate Debtor) to the Respondent. Learned Senior Advocate for the petitioner(Corporate Debtor) states and accepts that about Rs. 100 crore is payable." Therefore, it is submitted that the period of limi....
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....Long Term Borrowings') OTS (One Time Settlement) proposal sent by the Corporate Debtor, letters written by the Corporate Debtor addressed to the Financial Creditor, document for the Minutes of the Meeting held by the Corporate Debtor (wherein Corporate Debtor has accepted and acknowledged the liability). d. It is specifically averred by the Corporate Debtor that, in the balance sheets they have never admitted the liability of the debt, letters sent by the Corporate Debtor were "Without prejudice to the rights and contentions of the Corporate Debtor", OTS sent by the Corporate Debtor does not constitute a valid Acknowledgement as OTS has never been accepted by the Applicant, and the Settlement Proposal does not come under the purview of any acknowledgement of liability or debt. ii. The Corporate Debtor also submitted various judgements to rebut the contention of the Financial Creditor. 5. In the light of the aforesaid discussions, when we consider the case in hand, then we find that the application is complete and the term loan facility has been availed by the Corporate Debtor and the same has not been repaid by the Corporate Debtor, therefore th....
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....ation Act, 1963. 10. Accordingly, this petition is ADMITTED. A moratorium in terms of Section 14 of the IBC, 2016 shall come into effect forthwith prohibiting:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor 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 corporate debtor in respect of its property including any action under the Securitisation 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 possession of the corporate debtor. Further: (e) the supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium....