TMI Blog2017 (6) TMI 739X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 the possession of the corporate debtor. The admission goes without saying will have a serious impact in relation to the objectors, namely, the financial creditors as whatever action which has culminated into taking physical possession of the secured assets will be automatically 'stayed' for a period of atleast six months or even more depending upon the circumstances of the process and seems to be the motivation for the petitioner to approach this Tribunal under IBC, 2016 rather than put into to effect the avowed objects for which IBC, 2016 has been enacted as given in the preface of this order. We cannot be a party to such mala fide actions on the part of the corporate debtor and this is a clear case of abuse of proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor is required to disclose as amongst others, the details of the corporate debtor including the date of incorporation as well as the details of financial creditor and operational creditors to whom the corporate debtor owes money including their address for correspondence. It is also pertinent to note that in relation to the debts owed by the corporate debtor, corporate debtor is required to furnish the total amount of debt and the amount in default and also in particular as to when the financial or operational debt was incurred and the details of the security held, if any, by the creditors and its estimated value. The corporate debtor, in addition, is also required to furnish the documents evidencing the existence of financial/operational debt and the amount in default. All the above informations are required to be furnished before the Adjudicating Authority i.e. NCLT in order to provide sufficient background material to the Adjudicating Authority to initiate corporate insolvency resolution process by the corporate debtor itself. Since the corporate debtor itself is initiating the process of insolvency, it is incumbent on the corporate debtor to disclose all the above facts in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10.06.2015 1,67,73,666.00+ 1,70,00,000.39+ 4,79,99,725.92= Total:17,68,76,921.01 Corporation Bank M 3-4, Shopping Centre, GK-I, New Delhi-110048 2,39,84,999.00+ 11.06.2015 51,76,753.00+ 47,96,9852.00+ 1,63,29,704.00= Total : 5,32,16,457.00 Vijaya Bank N-17, Ground Floor, Barakhamba Road, New Delhi 11,49,70,876.08+ 10.06.2015 0.00+ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Counsel for Punjab National Bank demonstrated before us that the petitioners have not come with disclosure of full facts before this Tribunal as they have not furnished full particulars in relation to the assets mortgaged or the securities furnished to above financial creditors and the legal web in which it has been entangled by the owners themselves of the above said properties who are none other than the directors of the petitioner and a case in point is that in relation to the Khari Baoli property. 11. In relation to the above property, it is the contention of the financial creditor, namely, Punjab National Bank that civil suits deliberately engineered and instigated with a view to remove the properties mortgaged from the accountability of the creditors the petitioner have kept pending the Civil Courts, the details of one such suit titled as Mayank Maheshwari v. Anurag Garg, csdj/0000/947/2017 pending before the Learned Addl. District and Sessions Judge, Tis Hazari District Courts, Delhi. This suit has been filed seeking for a declaration and mandatory and permanent injunction against one of the Director of the Company, namely, Mr. Anurag Garg. Subsequent to the above sui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said Defence Enclave property on tenancy and that he has also been paying rent in relation to the same and in the circumstances, his possession should not be disturbed except under due process of law. Learned Counsel for the Bank also points out that the above said suit came to be filed in collusion with the Directors of the applicant company on 10.5.2016 after the issue of notice under Section 13(2) of the SARFAESI Act, 2002 by the bank to the corporate debtor and its Directors and guarantors. 13. A similar strategy in relation to the above Defence Enclave property too as was done as described in the earlier portion of the property at Khari Baoli in which the Bankers / Financial creditors had obtained the physical possession also seems to have been adopted, in the sense that the plaintiff in the above suit has also approached the D.R.T. in SA No.48 of 2017 under Section 17 of the SARFAESI Act, 2002 and it is submitted that the same is also pending consideration and posted for hearing on 1.5.2017. The Bank being the financial creditor also narrates a similar set of facts in relation to property, as detailed in 3(c) of the objection statement, namely, House No.D-3A, Dayanand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o their personal properties numbering in four as detailed in the earlier paragraphs and offering them unconditionally for liquidating the purpose of revival of the Corporate debtor despite the properties being embroiled in litigation. However, apart from pointing out certain instances of legal proceedings being disclosed in relation to Financial Creditors were not able to demonstrate that the petitioners have come clean in relation to the pertinent allegations made by the financial creditors, namely, Punjab National bank as well as Oriental Bank of Commerce, who vehemently objects to the admission of the petition for CIRP. 16. We have considered the pleadings of the petitioner as well as the averments made by the financial creditors, to whom the notices were issued by this Tribunal and we find great merit in the objections as filed by the financial creditors. It is also pertinent to note that once the petition as titled by the Corporate Debtor is admitted, then following consequences by way of moratorium under Section 14 automatically arises, namely, a. institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any ..... 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