2022 (5) TMI 1046

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....inancial Creditor'), duly authorised vide Authorization Letter dated 08 February, 2019 Annexure - A, page 23 of the Petition for initiation of Corporate Insolvency Resolution Process ('CIRP') against Progress Cultivation Limited ('Corporate Debtor'). 3. The present Petition was filed on 12 February, 2019 before this Adjudicating Authority on the ground that a sum of Rs. 5,00,00,000/- (Rupees Five Crore only), was advanced by the Financial Creditor to the Corporate Debtor, as a Credit Facility ('Credit facility' or 'Loan'), and the Corporate Debtor has defaulted in repayment. 4. The total amount to be claimed in default by the Financial Creditor is Rs. 6,38,96,634.33/- (Rupees Six Crore Thirty Eight Lakh....

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....e Statements of Accounts of the Financial Creditor reflects deposit of interest by the Corporate Debtor but the same were not enough to meet the monthly outstanding amount. Hence, the Corporate Debtor failed to maintain its financial account in terms of the banking guideline and the account of the Corporate Debtor was classified as Non Performing Asset ('NPA') on 31 December, 2014. 6.4. The Financial Creditor has also filed an application under Section 19(1) of the Recovery of Debts due to Banks & Financial Institutions Act, 1993 against the Corporate Debtor, before the Ld. Debt Recovery Tribunal - III, Kolkata. The said Application is still pending for adjudication before the Debt Recovery Tribunal. 6.5. Further, the Financial Cr....

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.... the default subsists. Further, the date of default is stated to be 19 July, 2014 but the Corporate Debtor paid a sum of Rs. 24,700/- (Rupees Twenty Four Thousand Seven Hundred only) on 31 January, 2017, which is within the period of limitation. It is also pertinent to mention that there have been a series of cash deposits in the loan account on earlier occasions also and as such, this is not construed as an isolated event. The payment by the Corporate Debtor before expiration of the prescribed period of limitation would attract the 'Acknowledgement' under the limitation Act, 1963 and would result into a fresh period of limitation. [Laxmi Pat Surana vs Union Bank of India & Anr] Civil Appeal No. 2734 of 2020 decided on 26 March, 202....

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..../11710, email: [email protected], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code subject to submission of a valid Authorisation of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016. The fee payable to IRP or the RP, as the case may be, shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code. (f) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or the RP, as ....