TaxTMI 
TaxTMI 
2022 (3) TMI 864
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.... 81,78,54,736.50 as on 31.01.2019. 2. The Financial Creditor has submitted that loan of Rs. 27,05,00,000/- was sanctioned on account of cash credit hypothecation and Rs. 55,25,00,000/- on account of packing credit on 26.09.2016 to the borrower Wearit Global Ltd. (hereinafter referred to as "WGL") and the Corporate Debtor gave a corporate guarantee of aforesaid loan amount along with other guarantors to secure the aforesaid loan amount. 3. It is submitted by the Financial Creditor that the said loan amount was to be paid within one year from the date of disbursal of the loan amount. However, the Corporate Debtor has failed to pay the said amount as on the agreed date. Thereafter, the Bank issued a loan recall notice on 06.08.2018 to the Co....
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....sed the material on record. It is noted that a loan amount of Rs. 27,05,00,000/- on account of cash credit hypothecation and Rs. 55,25,00,000/- was sanctioned on 26.09.2016 to the WGL and the M/s. Hind Sintex Limited had given a guarantee for securing the aforesaid loan amount, thereby the Hind Sintex Limited is a Corporate Debtor in terms of section 2(8) of the IB Code read with section 2 (8) and section 5 (8)(i) of the Code. The Corporate Debtor failed to pay the outstanding amount as per the terms and conditions of the sanction letter dated 26.09.2016. Thereafter, the Financial Creditor issued a recall notice, as well as legal notice for the repayment of the outstanding amount but the Corporate Debtor failed to pay the outstanding loan a....
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....me to effect from the date of this order till the completion of Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, as the case may be. IV. The Adjudicating Authority hereby prohibits the institution of suits or continuation of pending suit or proceedings against the Corporate Debtor including the execution of any judgment, decree or order in any Court of law and further prohibits Tribunals, Arbitration Panels or other Authority(s), transferring, encumbering, alienating or disposing of any of Corporate Debtor assets or any legal right or beneficial interest therein; any action to foreclose, reco....