TaxTMI 
TaxTMI 
2022 (3) TMI 864
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....IRP") for the outstanding amount of Rs. 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....
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....arned Counsel for the Financial Creditor and perused 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 Corp....
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....cial Creditor. III. The Moratorium under Section 14 of the Code shall come 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....
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....y other person associated with the management of the Corporate Debtor are under legal obligation as per Section 19 of the Code to extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter, or any other person required to assist or cooperate with the IRP, do not assist or co-operate, the IRP is at liberty to make the appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. IX. The IRP shall be under a duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of an obligation imposed b....