TaxTMI 
TaxTMI 
2022 (4) TMI 781
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....and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of "Financial Creditor" by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code) against 'Vijay Trading Company Private Limited' (hereinafter as 'Corporate Debtor'). 2. In the requisite Form, under the head "Particulars of Financial Debt" the total amount of Debt granted is stated to be Rs. 66.16 crores. The date of default is stated to be 30.04.2013. The date of NPA is as follows; 3. The Corporate Debtor has approached the Petitioner and requested to grant Financial Facilities. Subsequently, the Petitioner had entered into an Agreement of Loan - cum- Hypothecation dated 2....
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....y in filing the present application. The debt default occurred on 31.12.2012 and according the period of limitation end on 30.12.2015. 7. The counsel for the Petitioner chose to rely on the judgment of the Hon'ble Supreme Court in B.K. Educational Services Pvt. Ltd. Vs. Parag Gupta & Associates, wherein it was held that the limitation period for the application will be governed by Article 137 of the Limitation Act and no other Article of Limitation act can be applied. 8. The counsel also relied upon the judgement of the Hon'ble Supreme Court in Babulal Vardhari Gurjar Vs. Veer Gurjar Alluminium Industries Pvt. Ltd., which held that the Section 7 application shall be filed within three years from the date of default. I.A. 22....
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....ion. 11. This Bench notes that the Vindyavasini Group of Companies on 16.05.2019 had initiated a compromise proposal of Rs. 250 crores for settlement of loan accounts of several group companies which includes the loan of the present Corporate Debtor. The proposal of settlement with regard to the Corporate Debtor is reproduced below: 12. In view of settlement proposal of the Corporate Debtor, by its group companies dated 16.05.2019, the limitation stands extended in view of the acknowledgement in writing under Section 18 of the Limitation Act. Section 18 of the Limitation Act, 1963 is reproduced below; "8. Effect of acknowledgment in writing.-- (1) Where, before the expiration of the prescribed period for a suit of ap....
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.... is a clear acknowledgement of debt, which extends the limitation period from 16.05.2019 and therefore the contention that the Petition is barred by limitation is untenable. In view of the aforesaid, the petition is admitted. 14. Considering the above facts, we come to conclusion that the nature of Debt is a "Financial Debt" as defined under section 5(8) of the Code. It has also been established that there is a "Default" as defined under section 3(12) of the Code on the part of the Debtor. The two essential qualifications, i.e., existence of 'debt' and 'default', for admission of a petition under section 7 of the I&B Code, have been met in this case. Besides, the Company Petition is well within the period of limitation. ....
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....il the approval of the Resolution Plan prescribed under Section 31 of the Code. 19. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 20. That the Interim Resolution Professional shall perform the duties as assigned under Section 15 and Section 18 of the Code and inform the progress of the Resolution Process and the compliance of the directions of this Order within 30 days to this Bench. A liberty is granted to intimate even at an early date, if need be. 21. In view of the above, the Bench "Allows" the Company Petit....
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....CHINERY: âš« LAND & BUILDING- 1) Hypothecation charge on entire stock of raw materials, stocks-in- process, finished goods, receivables stores & spares and all other current assets, present and future of the Firm 2) EM of industrial NA land admag 26804.11 sq mts bearing plot No 12,3,4,5, under survey No 23/1/A situated at on Mumbai Ahmedabad Road at Village Talasari, District Wada 1) For the Payment of 250 Crores (Rupees Two Hundred Fifty Crores Only) Rajput Retail Limited (Shreem Corporation Limited), Vindhyavasini Corporation Pvt Ltd. Vindhyavasini Ispat Industries Pvt Ltd, Vindhyavasini Steel Corporation Pvt Lad, Vindhyavasini Steel Products Pvt Ltd, Vijay Trading Company, Vindhyavasini Toll Infrast....