TaxTMI 
TaxTMI 
2022 (10) TMI 205
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....orate 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 Default as mentioned in the Petition is 23.07.2019. The Petition is filed o....
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....cks 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 and eighty-six paise only). The Corporate Debtor had replied to the notice vide its reply dated 11.11.2019 admitting their liability and assured that payment will....
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....ancial 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 payment to the Financial Creditor and the debt is due and payable to the Financial Creditor by the Corporate Debtor. 12. On perusal of the documents submitted by the Applicant....
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....ceedings 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 o....