2022 (3) TMI 1265

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.... under section 7 of the IBC, 2016 read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor 2. The transaction leading to filing of application under consideration is as follows: a. The Corporate Debtor approached the Bank of India for availing long term loan facility and on the above request of the Corporate Debtor, the Bank disbursed the loan to the Respondent through its bank account of Rs. 1000 Lakhs, which was later enhanced at the request of CD to Rs. 1475 Lakhs. The Corporate Debtor and Bank executed Demand Promissory Note dated 03.06.2008, Agreement of Hypothecation of Plant & Machinery, ....

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.... terms of the Settlement Proposal and Sanction Letter and had defaulted. Thereafter, the Applicant herein had issued a letter for revocation on 20.03.2021. c. It is further submitted that the corporate debtor has failed to repay the amount of Rs. 32,99,06,580/- (Rs. 16,97,71,991 Principal Amount + Rs. 16,93,67,329 Interest + Rs. 17,67,260 other cost) outstanding as on 25.05.2021 and accordingly proceeding under Section 7 of IBC is sought to be initiated. 3. The Counsel has appeared on behalf of the Corporate Debtor and submitted that there is no need to file reply to the present petition as the default is already admitted by the Corporate Debtor in its balance sheet. 4. This Adjudicating Authority has perused the petition and....

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....the corporate debtor 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 Corporate Debtor's 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 (54 of 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. 7. The supply of essent....