TMI Blog2017 (4) TMI 675X X X X Extracts X X X X X X X X Extracts X X X X ..... t Company/Corporate Debtor Directions to Appoint Mr. Jalesh Kumar Grover resident of House No.202, GH No,40, Sector 20, Panchkula-134113 (Haryana), Mobile No.09501081808, emait; jk.grover27@gmail.com Registration No. IBBI/IPA-G01/IP-00136/2Q16-17/1259, a Registered insolvency Professionat (IRP) as the Interim Resolution Professional as contemplated under Section 16 of 'the Code1 and his term of appointment shall be for a period of thirty days from the date of this order or as may be determined by the Committee of Creditors whichever is earlier; In terms of Section 17 of 'the Code', from the date of his appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the 'Corporate Debtor' shah report to the interim Resolution Professional.It is hereby directed that the 'Corporate Debtor', its properties, personnel and persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the 'Corporate Debtor1 as a going concern and extend ail cooperation in accessing books and records ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the Applicant Company has the following financial creditors:- Sl. No. Name of the Bank / Unsecured Creditors Address Total debt Amount in default SECURED CREDITORS 1. Punjab National Bank Large Corporate Branch, Sector 17-B. Chandigarh 160017 Debt raised as per sanction letter dt.0304.2014. CC Limits: ₹ 4.00 crs. TL ₹ 4 40 crs. ILC/FLC ₹ 08.00 crs. Total ₹ 16.40 crs. Amount o/s as per books: ₹ 16.71 crs. ₹ 16.71 crs. 2. Kotak Mahindra Prime Ltd. SCO 153-154, Top Floor. Sector-9, Madhya Marg, Chandigarh 160017 Debt raised as per sanction letter dt.01.09.2015. Car Loan: ₹ 00.14 crs. Total ₹ 00.14 crs. Amout to as per books : ₹ 00-06 crs. Nil 3. Tata Capital Financial Services Ltd. SCO 147-148, Sector 9C, Madhya Marc, Chandigarh 100017 Debt raised as per sanction letter dt. 19.08.2015. Car Loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PER BOOKS :Rs. 19.96 crs. ₹ 18.29 crs. It is stated that the total amount of default in respect of Financial and Operational Creditors is ₹ 18.29 crores. 5. The applicant has also proposed the name of Interim Resolution Professional (IRP) as Mr, Jalesh Kumar Grover resident of House No.202, GH-4G, Sector 20, Panchkula-134113 (Haryana), Mobile No.09501081808, email:jk.groverZ7@gmaH.com having Registration No.lBBI/IPA-001/IP-00136/2016-17/1259. Mr, Jalesh Kumar Grover has also filed written communication in Form 2 of the Rules' to act as Insolvency Resolution Professional, if an order admitting the application, is passed. He has also declared that he is eligible to be appointed as Resolution Professional in respect of 'Corporate Debtor' in accordance with the provisions of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Mr. Jalesh Kumar Grover has also declared that no disciplinary proceedings are pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. It is also declared that Mr. Jalesh Kumar Grover is not presently ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charge on immoveable property comprising of residential House on Plot measuring 2 biswas situated in Sub Tehsil Zirakpur, Tehsil Derabassi, District Mohali in the ownership of Parkash Saklani S/o Lai Singh was created by deposit of safe deed dated 29.11,2004 and its estimated value is ₹ 0.66 crores as per the valuation report dated 20,10.2014 obtained by the bank. The valuation report is at Annexure I-D. 8. Equitable mortgage of property consisting of residential plot measuring 7 marla situated in Village Karora, Sub Tehsil Majri, Tehsil Kharar, D'istt. Mohali in the name of Kanchan Saklani was also created by deposit of sale deed dated 23.02.2007 and the estimated value of this asset is ₹ 0.50 crores as per the valuation report dated 20.10.2014 Annexure l-E. The estimated value of the fixed assets of the company are stated to be ₹ 11.37 crores. Copy of the sanction letter dated 03.04.2014 issued by Punjab National Bank is at Annexure l-A. 9. Apart from the above, personal guarantee was also furnished by Sunil Guglani in respect of Joan. The net worth of personal guarantee is ₹ 20.53 crores and immoveable property valued at ₹ 1150 crores as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by a 'Corporate Debtor' for initiating the process of insolvency: (i) Existence of a 'Corporate Debtor' (ii) Such a 'Corporate Debtor' must have committed a default. (iii) On the satisfaction of (i) and (ii) above, a Corporate Applicant may file an application for initiating Corporate Insolvency Resolution Process. (iv) Such an application as contemplated in (iii) above shall be filed in such forms, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (v) Along with the application as in (iv) above, information relating to books of accounts and other documents relating to such period as may be specified. (vi) The Applicant to name the Resolution Professional proposed to be appointed as Interim Resolution Professional Section 10 of 'the Code' confers a discretion on this Tribunal to either admit or reject the application and in case of rejection, to give an opportunity to the applicant before such rejection, to rectify the defects within seven days from the date of receipt of such notice from the Adjudicating Authority. The term 'Corporate Debtor' has been def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 31.03.2015 -3993640 Long Term Borrowings and other liabilities Amount in Rs. As on 28.02.2017 122496804 As on 31.03.2016 115476888 AS on 31.03.2015 11643371 Currant Liabilities Amount in Rs. As on 28.02.2017 87631081 As on 31.03.2016 117814099 As on 31.03.2015 63408465 17. The figures extracted above indicate the losses and fall in revenue. It seems that the applicant has fallen into debt trap and is competent to set in motion the insolvency resolution process as contemplated under the Code'. On the basis of the aforesaid statements the total debt raised by the 'Corporate Applicant' with regard to the financial and operational creditors is ₹ 18.48 crores and it is further represented that the total amount of default is ₹ 18.29 crores. 18. In view of the aforesaid discussion, the instant petition deserves to be admitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of ethics and moral. (iv) The Interim Resolution Professional shall endeavour to constitute the Committee of Creditors at the earliest but not later than three weeks from the date of this Order. (v) It is hereby directed that the 'Corporate Debtor', its properties, personnel and persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the 'Corporate Debtor1 as a going concern and extend ail cooperation in accessing books and records as well as assets of the 'Corporate Debtor'. 19. We further declare a moratorium in relation to the following matters as contemplated under Section 14 of 'the Code' as under:- (a) The institution of suits or continuation of pending suits or proceedings against the 'Corporate Debtor' including execution of any judgement, 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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