2022 (6) TMI 385

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....f the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Supertharrm Engineers Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Financial Creditor is a bank and a body corporate constituted under the Maharashtra Co-operative Societies Act,1960. This application is filed by Mr. Subhash Deodhar, Chief Executive Officer of the Financial Creditor vide its Authority Letter dated 13.11.2020 marked as Annexure XII at Page 391 of the Petition, claiming a total default of Rs. 3,87,20,058.79/- (Rupees three crores eighty-seven lakh twenty thousand fifty-eight and seventy-nine paise only). 3. The Date of Default as mentioned in the Petition is 30.12.2017. The date of classification of th....

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....,32,758 10,84,609 45,872 8. Forced Loan (Bank Guarantee Revoked) 29,79,625 3,79,651 -   Amount(A+B+C) 2,55,68,903.79 1,28,16,178 3,34,977 Total Outstanding Amount as on 30.11.2020 Rs. 3,87,20,058.79 (Rupees three crore eighty-seven lakh twenty thousand and fifty-eight and seventynine paise only) c. As far as Security is concerned, Cash Credit facilities were secured by executing various documents such as Mortgage Deed dated 25.03.2013, Supplementary Mortgage Deed dated 05.12.2013, Deed of Further Charge dated 14.02.2015 as well as Notice of Intimation of Mortgage by way of Deposit of Title Deed dated 22.12.2016 are marked as Annexure 'V' at Page No.25 of the petition respectively. ....

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....led to remedy its default and repay its debts and therefore, the Financial Creditor has filed a Company Petition under Section 7 of the I&B Code seeking admission for initiation of the corporate insolvency resolution process of the Corporate Debtor. 5. The case of the Corporate Debtor is as under: a. The Corporate Debtor is a Private Limited Company registered under the Companies act,1956 with its Corporate Identification Number as U28131PN2005PTC021526, with the registered office at 172/2, Village Salumbre, Tal Maval, Talegaon Pune, Maharashtra -410506. b. The Corporate Debtor states that the Financial Creditor was charging an exorbitant interest rate even though the Corporate Debtor tried to clear the dues of the Fina....

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....irectors and post discussion, necessary resolution for initiation of CIRP by a conscious application of mind must be passed. 6. Both the Financial Creditor and Corporate Debtor have submitted their Written Submissions and the same have been duly considered. Findings/Observations: 7. We have heard the submissions made by the counsel on both the sides and perused the records. 8. The letters which were issued by the Corporate Debtor to the Financial Creditor clearly highlight the existence of Debt due and Corporate Debtor's willingness to settle the same. 9. It is clear from the records that the Corporate Debtor has time and again acknowledged the debt which was due and payable to the Financial Creditor. The corporate Debtor has....

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....Applicant against Supertharrm Engineers Private Limited, Corporate Debtor for initiating corporate insolvency resolution process is admitted. We further declare moratorium u/s 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits or continuation of pending suits or proceedings against 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 any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any s....