TaxTMI 
TaxTMI 
2022 (6) TMI 870
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....ion. The petition has been filed on 30.11.2020. 3. The case of the Financial Creditor is as under: a. The Corporate Debtor through Loan Agreement dated 05/08/2019 has availed Financial Assistance from the Financial Creditor for an amount of Rs. 84,23,75,000/- (Rupees eightyfour crore twenty-three lakh seventy-five thousand Only). The aforesaid loan Agreement was to be repaid in 43 instalments within a period of 49 months of which 6 months will be moratorium period which is at Page No. 59-60 of the Petition. The Corporate Debtor further provided a Demand Promissory note dated 15th August 2019 in favour of Financial Creditor. b. The Financial Creditor has registered the charges before the Registrar of Companies for the Securities provided by the Corporate Debtor with respect to financial assistance provided by Financial Creditor which is annexed as Exhibit 'E' at Page No.62 of the petition. c. The Financial Creditor and Corporate Debtor executed between Registered Mortgage Deed dated 18/09/2019 which is annexed as Exhibit 'F' at Page No. 63-271 of Petition. d. In order to avail the Financial Assistance a Personal Guarantee was given by Mr. Dharm....
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....ors and Cables Limited, 2019 12 SCC 697 at paragraph 15, which is as follows: "In a recent judgement of this Court in Mobilox Innovations Private Limited v. Kirusa Software Private Limited,2018 1 SCC 353, this court has categorically laid down that IBC is not intended to be substitute to a debt recovery forum." d. The Corporate Debtor submits that, by virtue of Sec 10-A of Insolvency and Bankruptcy Code this petition is liable to be dismissed at the outset for being in violation of Section 10-A of the IBC,2016. e. In view of the above made submission, the Corporate Debtor has relied upon the Judgment of Hon'ble Supreme Court of India in the matter of Ramesh Kymal v. Siemens Gamesa Renewable Power Private Limited, Civil Appeal No.4050 of 2020, passed its judgement dated 09.02.2021 wherein it held at the paragraph No.23 as follows: "Adopting the construction which has been suggested by the appellant would defeat the object and intent underlying the insertion of Section 10A. The onset of the Covid-19 pandemic is a cataclysmic event which has serious repercussions on the financial health of corporate enterprises. The Ordinance and the Amending Act en....
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....btor furthers states that present petition was barred under section 11(a) and Section 25(2)(b) of the Code. The Corporate Debtor has relied upon the Judgment of Hon'ble Kolkata Bench in CP No.294/2021 in Reserve Bank of India v. SREI Equipment Finance Limited it has been held that Hon'ble Tribunal has permitted the initiation of CIRP against the same Financial Creditor. j. The Corporate Debtor furthers states the Financial Creditor agreed to advance a loan amount of Rs.2,25,00,000/- to one Sujyoti Developers Private Limited (SDPL) which is the sister concern of Nirmal Lifestyle Limited and the Corporate Debtor. The Financial Creditor issued a sanction letter dated 15.06.2020 in favour of SDPL sanctioning the same loan amount. 5. Both the Financial Creditor and Corporate Debtor have submitted their Written Submissions and the same have been duly considered. Findings/Observations: 6. We have heard the submissions made by the counsel on both the sides and perused the records. 7. We have prudently gone through the pleadings available on record and observed that: a. It is clear from the records that the Corporate Debtor in its reply has at para 6 has acknow....
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.... 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 security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 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. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the provisions of sub-section (1) of Section 14 of I&B Code shall not apply to a. such t....