2022 (4) TMI 996

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....efault in repayment of the credit facilities and hence the account of the Corporate Debtor was classified as Non-Performing Asset on 30.04.2019. The amount due under loan account No. 009510100000510 as on 31.08.2021 from the Corporate Debtor is Rs. 1,08,58,311.16/- which includes the principal due of Rs. 76,05,465.16 and Rs. 32,52,846.00 towards interest. The facts in brief are as under- 2. The Corporate Debtor viz., M/s. S.D. Pharmacy P. Ltd., having CIN: U24231KL1989PTC005420 is carrying on the business of manufacturing and distribution of Ayurvedic Medicines and other Ayurvedic products. The Financial Creditor granted a cash credit facility of Rs. 80,00,000/- (Rupees Eighty Lakh) to the Corporate Debtor, towards working capital req....

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....porate Debtor and Guarantors directing them to repay the then outstanding amount of Rs. 79,95,939.16; with future interest within 60 days from the date of the notice. The Corporate Debtor has replied to the said notice vide letter dated 02.07.2019 stating that company is willing to clear the dues if sufficient time is granted and that the company is entitled to OTS benefits. The Financial Creditor has replied this letter vide their letter dated 31.07.2019 stating that the bank has already advised to submit a plan for the renewal of the account and to submit relevant documents immediately for the renewal of the account. Since neither response nor payment was made by the Corporate Debtor, the Applicant issued notice under Section 13(4) of the....

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....or the Corporate Debtor. However, the Registry reported that no vakalat was received by Adv. Peer Mohammed Khan. This Tribunal has given another opportunity to file the reply of the Corporate Debtor before the next date fixed and adjourned to 08.03.2022. On 8th March 2022 none appeared for the Corporate Debtor. The learned counsel for the Financial Creditor stated that the proof of publication has already been filed by him. However, the Corporate Debtor did not appear, and hence the Corporate Debtor was set ex-parte vide order dated 08th March 2022. 6. In the absence of Corporate Debtor, we have relied on Section 5 (7) and (8) of Insolvency and Bankruptcy Code, 2016 to satisfy the definition of Financial Creditor and Financial Debt. Furt....

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....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 (54 of 2002); d. The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. III. Notwithstanding the above, during the period of moratorium, the following are also to be strictly followed:- a. That th....