2022 (10) TMI 205

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.... Ritu Automobiles Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Application is filed by Mr. Nadeem Ladji, Deputy Vice President of Financial Creditor vide its Board Resolution dated 18.01.2020, claiming total default amount as under: Account Number Facility Principal Outstanding Interest Total Outstanding 02400450020017 & 0240094002011 Inventory Funding 15,64,58,834.2 2,06,70,305.86 7,71,29,140.06 82504037 Term Loan 1 3,51,41,125.37 87,24,621 4,38,65,746.37 82916371 Term Loan 2 6,89,49,072.02 4,58,09,347.01 11,47,58,419.03   Total 26,05,49,031.59 7,52,04,273.87 33,57,53,305.46 3. The date of Defaul....

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.... and Deed of Mortgage dated 08.03.2018 and Letter of Hypothecation of Stocks and Book Debts dated 21.07.2015 and Supplemental Letter of Hypothecation of Stocks and Books Debts dated 12.04.2016, 31.05.2016 and 27.02.2017 with the Corporate Debtor. d) The Corporate Debtor had issued various Demand Promissory Notes dated 12.10.2012, 21.07.2015, 16.04.2016, 31.05.2016, 23.02.2017, 30.10.2017 and also Letter of Continuity of Demand Promissory Note dated 12.10.2012, 21.07.2015, 16.04.2016, 31.05.2016, 23.02.2017. 5. The Financial Creditor has issued Loan Recall Notice dated 05.11.2019 to the Corporate Debtor claiming a total sum of Rs.28,82,74,214.86 (Rupees twenty-eight crore eighty-two lakh seventy-four thousand two hundred fourteen....

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....d vide various Sanction Letters, Financial Facilities from time to time to the Corporate Debtor. For this purpose, various Loan Agreements were entered into between the Financial Creditor and the Corporate Debtor. 10. It is observed by the Bench that despite sufficient service upon the Corporate Debtor, the Corporate Debtor has not appeared in the matter. Further, the Corporate Debtor has admitted its liability in its reply dated 11.11.2019 to the Loan Recall Notice issued by the Financial Creditor. The said reply is attached as Exhibit "JJ" at p.253 of the Petition. considering this date of 11.11.2019, the limitation criteria is fulfilled. 11. From the above observation, this Bench is of view that the Corporate Debtor failed to make ....

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....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 security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enfor....