TaxTMI 
TaxTMI 
2022 (12) TMI 775
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....ault in payment of a Financial Debt. The Submissions of the Financial Creditor are as follows: - 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of outstanding financial Debt of Rs. 1,67,27,51,707.86/- (Rupees One Hundred Sixty-Seven Crores Twenty-Seven Lakhs Fifty-One Thousand Seven Hundred Seven and paise Eighty-Six Only) as on 31.10.2019. The date of default is on 01.10.2012 and the date of Non- Performing Asset was on 30.12.2012. 3. The Corporate Debtor had approached the Financial Creditor in the year 2011 for Financial Assistance. The Financial Creditor vide its Sanction Letter dated 18.11.2011 sanctioned Credit Facilities in the form of Fund Based ....
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....the Corporate Debtor breached the terms and conditions of the sanction, the account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 30.12.2012. 6. Further, as there was failure on part of the Corporate Debtor to pay instalment on time, the Financial Creditor issued Demand Notice dated 30.01.2014 u/s 13(2) of the SARFEASI Act, 2002 for recovery of the outstanding loan amount. 7. Hence, the petitioner submits that the petition is complete in all respects, the default has been corroborated by enough substantial evidences, therefore, the petition ought to be admitted and the Corporate Debtor's Corporate Insolvency Resolution process be initiated. 8. The Corporate Debtor filed its Reply dated 07.12.2020 in their defenc....
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....ppearing for the Financial Creditor and Counsel appearing for the Corporate Debtor. 12. It is observed that main issue that falls for consideration is whether the Petition under Section 7 is maintainable on the ground of Limitation. It is seen from the records that the cause of action arose on 04.07.2014 wherein the Financial Creditor issued a demand recall notice and called upon the Corporate Debtor to repay the dues and the Petition is filed in the year 2019. To corroborate the same, the Financial Creditor has placed on record Financial Statements for the period 01.04.2014 to 31.03.2015, 01.04.2018 to 31.03.2019 Annual Report for period 2019 to 2020 and Annual Report for period 2020 to 2021 wherein the Corporate Debtor has acknowledged t....
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....dicating Authority is satisfied that- (a) a default has occurred and the application under subsection (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or (b) default has not occurred or the application under subsection (2) is incomplete or any disciplinary proceeding is pending against the proposed resolution professional, it may, by order, reject such application: Provided that the Adjudicating Authority shall, before rejecting the application under clause (b) of sub-section (5), give a notice to the applicant to rectify the defect in his application within seven days of receipt of such notice from the Adjudicating Authority. ....
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..../IP-P00311/2017- 18/10575 as the Interim Resolution Professional having registered office at C/o Headway Resolution and Insolvency Services Pvt. Ltd., 1006, Raheja Centre, Free Press Marg, Nariman Point, Mumbai - 400021 to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016. c. The Financial Creditor shall deposit an amount of Rs. 5 Lakhs towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits 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 c....