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In Re Unigreen Global Private Limited

Initiation of insolvency resolution process - Held that:- A perusal of the objections and upon hearing of the representations made by the Learned 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 o .....

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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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; - d. the recovery of any .....

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e 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 process of law which should be discouraged at the threshold. - As the petitioners have not come with clean hands before this Tribunal in bringing out the necessary facts, we are constrained to di .....

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Government for the objects as can be gleaned from the statement of objects and reasons as given below : An act to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Governme .....

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lation to the insolvent. 3. The scheme of the Act provides for triggering the insolvency resolution process of corporate persons under Chapter II of IBC,2016 by three categories of persons, namely, (a) Financial creditor (b) Operational creditor, and (c) by the corporate debtor itself The procedure in relation to the initiation of corporate insolvency resolution process by the corporate debtor is delineated under Section 10 of IBC, 2016 wherein the corporate debtor is required to furnish informa .....

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he 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 .....

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of the corporate debtor. Since the process is self initiated in so far as the corporate debtor is concerned, all the disclosures must be true and correct and must not be made solely to scour for any concession it may get in the process, including moratorium, with a view to deny the recovery of bona fide and lawful debt owed to its creditors, including financial and operational. 4. The above paragraphs give the broad guidelines, as enunciated to the initiation of the Corporate Insolvency Resolut .....

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nnexure-lll, the details of the financial creditors and the operational creditors have been furnished which discloses the following to be the financial creditors to whom the company owes and the details of the said financial creditor are furnished hereinbelow along with the total debt raised and the amount in default as admitted by the corporate debtor itself. List of Financial Creditors : Name of the Financial Creditors Address of the Financial Creditors Total debt raised and amount in default .....

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,32,16,457.00 Vijaya Bank N-17, Ground Floor, Barakhamba Road, New Delhi 11,49,70,876.08+ 10.06.2015 0.00+ 2,04,81,758.00+ 4,23,76,051.00+ 31,66,658.00+ 88,35,022.00= Total :18,98,30,365.08 7. It is evident from the above details that the corporate debtor owes sum in excess of ₹ 100 crores to the above said four financial creditors itself. 8. A perusal of Annexure-4 as filed along with the petition by the corporate debtor discloses the immoveable property securities held by these four fina .....

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or brevity referred as 'Dayanand Block' property). d. Shop No.467-468, Ground and First floor, Katra Ishwar Bhavan, Khari Baoli, Delhi-110006, measuring 17 sq. mtrs on the ground floor and 13 sq. mtrs on the 1st floor (for brevity referred as 'Khari Baoli' property). 9. In view of the heavy amounts involved and also taking into consideration various factors an opportunity was given to the financial creditors to whom the corporate debtor owes more than ₹ 100 crores. Accordin .....

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as from Oriental Bank of Commerce in relation to the petition. 10. A perusal of the objections and upon hearing of the representations made by the Learned 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 the .....

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t 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 suit, it is submitted by the Learned Counsel appearing for the Punjab National Bank that in collusion with the plaintiff in the above suit, the plaintiff i .....

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order dated 21.1.2017 wherein the Learned CMM, Tis Hazari Court, was pleased to pass an order dated 21.1.2017 in favour PNB in the case of Punjab National Bank v. Unigreen Global Private Limited appointing a Court receiver to take the possession of the property and in pursuance to the said order, the financial creditor, namely, Punjab National Bank has also taken over the possession of the said property and in the circumstances, initiation of the CIRP is only an abuse of process of law, and hen .....

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as a civil suit again for permanent and mandatory injunction bearing No.9398/2016, titled as Sh. Jagat Nath Mahto v. Vedika Overseas Tradex (P.) Ltd. is pending consideration before the Learned ASCJ, Karkardooma Court, Delhi and that the next date of hearing is fixed for 12.5.2017 and incidentally, it is pointed by the Financial Creditor that the plaintiff in the above said suit allegedly also happens to be someone close to the directors/promoters of the petitioner company, namely, a driver wor .....

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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 h .....

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te debtor managed by its Director have not come with clean hands in the legal proceedings in which the property is entangled deliberately by the actions or at the instigation of the said Directors of the corporate debtor in order to have the properties removed from the clutches of law. The further submission of Punjab National bank , being the Lead Banker, in relation to the consortium of Banks and all of whom have made available finances detailed in the paragraphs above is that the directors of .....

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letter dated 31.3.2015. All the actions of the financial creditors, namely, Punjab National bank, according to its submission, has been made only in line with the RBI guidelines and the Corporate debtor has come to this sorry state of affairs only due to the deliberate actions of the Directors of the corporate debtor and the way in which the Directors have managed the company. This situation has not arisen out of the business cycle as contended by the Corporate debtor. It is also averred by the .....

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m the clutches of law and that the instant action before this Tribunal is yet another attempt in the same direction. 15. Learned Counsel for the corporate debtor was confronted with the above facts and also the statements on oath by way of an affidavit, made by both Mr. Anurag Garg and Ms. Ritu Garg, before this Tribunal in relation to their personal properties numbering in four as detailed in the earlier paragraphs and offering them unconditionally for liquidating the purpose of revival of the .....

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ngs 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 deb .....

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ment 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. 17. 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 c .....

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