2022 (6) TMI 1220

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....liance Commercial Financial Limited ("the Financial Creditors or FC"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Usher Eco Power Limited ("the Corporate Debtor or CD"). 2. The present Petition was filed on 05.11.2019 before this Adjudicating Authority on the ground that Corporate Debtor has defaulted in repayment of Rupee Term Loan facility sanctioned by the Petitioner amounting to Rs. 7,50,00,000/- (Rupees Seven Crore and Fifty Lakh only) to the Corporate Debtor. 3. The total amount claimed to be in default by the Petitioner is Rs.10,41,74,783/- (Rupees Ten Crore Forty-One Lakh Seventy- Four Thousand and Seven Hundred and Eighty-Three Only). The date of default stated to be is 01.04.2017. 4. The Co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s 77-85 respectively). On 23.10.2013 the Corporate Debtor entered into a Deed of Hypothecation with Reliance Capital Limited and thereby created second pari- passu charge on movable fixed assets of the Corporate Debtor. (Annexure B at pages 18-68 of the Petition). 8. The Petitioner submits that Mr. Manoj Pathak and Mr. Vinod Kumar have given undertakings both dated 23.10.2013 to Reliance Capital Limited. (Annexure L at Pages 170-180 and Annexure M at Pages 181-190 respectively). 9. The Letter of Intent was issued by Reliance Capital Limited on 30.09.2013 detailing the terms and conditions and repayment schedule of the amount disbursed. The said Letter of Intent was accepted by the Corporate Debtor and the same is evidenced by the stam....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the facts of the case in the lights of the Order passed by Hon'ble Supreme Court in Swiss Ribbons Pvt. Ltd. & Ors. Vs. Union of India & Ors. [Writ Petition (Civil) No. 99 of 2018] upholding the Constitutional validity of IBC, the position is very clear that as soon as a 'debt' and 'default' is proved, the adjudicating authority is bound to admit the Petition. 16. The Financial Creditor has proposed the name of Mr. Manoj Kulshrestha, Registration No. IBBI/IPA-003/IP-N0005/2016- 2017/10024, as the Interim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his C....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rest therein; (iii) 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 (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium:- (i) 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; (ii) That the provisions of sub-section (1) of sec....