2021 (3) TMI 1452

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....ruptcy Code, 2016, r.w. Rule 4 of the Insolvency & Bankruptcy Code, 2016, to start Corporate Insolvency Resolution Process (hereinafter referred to as the 'CIRP') against the Real Strips Limited the Corporate Debtor, on the ground that, it has committed a default in paying the financial debt of Rs. 25,99,22,676/-. 2. The facts, in brief, are that the inter Corporate loan facility agreement had been entered by and between the Financial Creditor and Corporate Debtor on 16.12.2018. A sum of Rs. 77,00,00,000/- (Rupees Seventy Seven Crores only) was disbursed. The agreement also provided for the payment of interest at the rate of 12% p.a. The repayment of loan had to be made within a period of 5 years quarterly starting from 1° July....

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....wing in terms of Section 14(1) of the Code. (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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor wh....