2019 (9) TMI 1660

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.... Resolution Process of the Respondent/Corporate Debtor on grounds of its inability to liquidate its financial debt. 2. As per averments made in the petition, the financial creditor and the corporate debtor have had a longstanding relationship of financial transactions and as in the year 2015 defaults occurred. On 30.09.2015 the account of the Corporate Debtor was declared NPA in accordance with the RBI guidelines. The financial creditor recalled the loan amount and invoked guarantees vide their written communication dated 09.10.2015. 3. The Financial Creditor on 19.11.2015 issued notice under section 13(2) of the SARFAESI Act, 2002 to the borrower, guarantors and mortgagors. An O.A. No. 576 of 2016 was filed in DRT-1, Delhi for recovery a....

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.... restrained from restraining coercive measures against the Secured assets. The Hon'ble Tribunal observed that "the respondent bank failed to comply with the statutory provision of Section 13(3A) of the SARFEASI Act, 2002, Hence the Securitization application deserves to be allowed. All actions initiated by the Respondent bank wider the provision of SARFAESI Act, 2002 are set aside. The respondent bank is directed to handover the possession of secured assets to the applicant within one month from the date of pronouncement of Judgement. However, in order to recover the dues the Respondent Financial Institution may proceed afresh under the provision of SARFEASI Act, 2002." 5. Oral arguments were also heard on 17.07.2019 by this Hon'ble Tribun....

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....aim amounts, however it is seen that the amount in default in excess of Rs 1,00,000/- being the minimum threshold limit fixed under IBC, 2016. Considering the circumstances this Tribunal is inclined to admit this petition and initiate CIRP of the Respondent. Accordingly, this petition is Admitted. 8. A moratorium in terms of Section 14 of the Code is imposed forthwith in terms of the following: "(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 is assets or any legal right ....