2021 (9) TMI 1447

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....orporate Insolvency Resolution Process (CIRP) against M/s Indian Transformers Co. Ltd. (hereinafter called "Corporate Debtor") by invoking the provisions of Section 7 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for resolution of a financial debt of Rs. 39,53,59,449.6/-. THE BRIEF FACTS OF CASE ARE AS FOLLOWS :- 2. The present Company Petition has been filed by Union Bank of India, Financial Creditor. The Corporate Debtor is a Private Limited Company incorporated under the provisions of the Companies Act, 1956. 3. The Financial Creditor states that at the specific request of the Corporate Debtor, various Credit facili....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... regularize the account, but all gone in vain. Financial Creditor vide their notice dated 29.04.2016 to Corporate Debtor initiated proceedings under Section 13(2) of SARFAESI Act intimating that the account of the borrower has been classified as NPA as on 31.03.2016 called upon the Corporate Debtor to repay the outstanding amount due and payable under the said credit facilities amounting to Rs. 33,30,30,407/- along with the interest at contractual rate as per terms and conditions of the loan documents executed by the defendants and discharge all their liabilities. 7. The Corporate Debtor enjoyed and availed the said credit facilities and have wilfully committed a default in the repayment. The Corporate Debtor failed to clear the outstand....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... final hearing. On that date Mr. Haridas Dave, Director of the Corporate Debtor was present and requested this Bench to pass orders after perusing the written submission submitted by them. No oral arguments were addressed by any advocate on behalf of Corporate Debtor. After hearing the submission of the counsel appearing for the Financial Creditor, this bench feels that the only issue that needs to be decided in the above Company Petition is: Whether the above Company Petition is within limitation? 3. In order to decide the above issue, it is important to mention that the loan facilities availed by the Corporate Debtor were originally declared as NPA in 2011 and subsequently loan facilities were restructured, and fresh doc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ench is of the considered opinion that the Financial Creditor has successfully proved the existence of debt and default and the debt is also within limitation. The Financial Creditor has also suggested the name of proposed Interim Resolution Professional in part-3 of the Petition along with his consent letter in Form-2. Thus, the present Company Petition satisfies all the necessary legal requirements for admission. 6. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the same is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -4182(MB)/2018 is hereby allowed and initiation of Corporate Insolvency ....