TMI Blog2017 (6) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... tor seems to be defending its cause in the proceedings pending before DRT I, Delhi as manifest vide order dated 01.03.2017 passed in O.A.218 of 2016. Also despite considerable opportunity being afforded to the Financial Creditor to rectify the defects in relation to service of proper notice of the application as required under IBC, 2016 read with AAA Rules, 2016 on the Corporate Debtor not done, we are constrained to dismiss this Company Petition. - Company Petition No. 55/2017 - - - Dated:- 12-5-2017 - Shri M.M. KUMAR, AND Shri R. VARADHARAJAN, JJ. For The Petitioner : Brijesh Kumar Tamber, Advocate ORDER 1. This CP is filed for mooting the Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency Bankruptcy Code (IBC), 2016 in relation to the respondent company named as 'Corporate Debtor'. The Petition has been filed by a Financial Creditor namely Indian Bank through its authorized person being the Assistant General Manager, ARMB-Delhi, World Trade Centre, Babar Road, New Delhi vide Power of Attorney dated 30.6.2006 annexed as Annexure-A to the above Petition. 2. The following facts can be ascertained on a perusal of the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... documents in favour of the financial creditor, including an agreement for bridge loan dated 17.6.2011, in relation to ₹ 200 crores sanctioned by the Financial Creditor towards the bridge loan repayable within a period of 6 months from the date of first disbursement of loan. Various other documents have also been executed, all of which have been annexed along with the Petition, according to the submission of the Financial Creditor. The sum of ₹ 200 crores as sanctioned and approved by the Financial Creditor had been disbursed to the Corporate Debtor which it is claimed by the Financial Creditor is evidenced by letter dated 20.10.2011 wherein it has also been acknowledged by the Corporate Debtor at paragraph 1, Annexure A-22 of the Petition, as follows: At the outset we would like to thank you for sanctioning the short-term loan assistance of ₹ 200 crs to 1750 MW Demwe Lower HEP. We have utilized the entire short term loan of ₹ 200 crs sanctioned by Indian Bank towards project implementation expense. As you are aware, we have executed the Common Loan Agreement with consortium lenders for the loan component of ₹ 9659 crs on 9th September 2011. 3. H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling upon it to remit the overdue amount of ₹ 207,51,07,223.34 with the then up-to-date interest immediately. However, even though no payment was forthcoming, Corporate Debtor had acknowledged on 28.02.2014, the debt owed in a sum of ₹ 211,96,68,427.34 to the Financial Creditor as due and payable, vide acknowledgement of debt-cum-security annexed at Annexure A-38 to the Petition. Despite the acknowledgement by the Corporate Debtor it is claimed by the Financial Creditor, no payment was forthcoming, and hence the Financial Creditor, it is submitted, had issued a notice on 11.7.2014 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) invoking the securities. Ultimately, the Financial Creditor, due to persistent defaults committed on the part of the Corporate Debtor, was forced to recall the entire loan and demand monies due to it vide a loan recall-cum-demand notice dated 22.3.2016 which notice of recall, it is submitted, is annexed as Annexure A-42 to the Petition. Other notices it is claimed have also been issued without much avail. It is averred by the Financial Creditor th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rvice of notices of the Petition on the Corporate Debtor and in the circumstances the matter was posted on 19.04.2017. On 19.04.2017, tracking report in relation to notice dispatched to the Corporate Debtor was filed by the Financial Creditor and upon a perusal of the same it is evident that the consignment bearing identical consignment number, both in the postal receipt as well as in the tracking report, seem to have been delivered to the Lodi Road H.O, however delivery on the Corporate Debtor is not conclusive. Despite notice of the Petition/application as represented by Financial Creditor on the Corporate Debtor, none appeared for it, as is evident from the attendance sheet of the respective hearing dates and in the circumstances we were constrained to proceed in its absence. With a view to ascertain if any payments towards the short-term loan had been made by the Corporate Debtor, the Financial Creditor was directed to furnish the statement of accounts in full concerning the Corporate Debtor particularly in view of the absence of the Corporate Debtor and the concise accounts reflecting only interest calculation as and from 22.03.2016 as produced by the Financial Creditor avowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r NBCC Tower, 15 Bhikaji Cama Place, New Delhi 110 066. It is also seen that the counsel for the Financial Creditor on 22.03.2016 while issuing a notice on behalf of the Financial Creditor to the Corporate Debtor had dispatched the same to its registered office address at 1st Floor NBCC Tower, 15 Bhikaji Cama Place, New Delhi 110 066 and to another address at Connaught Place, New Delhi as evident from Annexure A-42. 11. While so in relation to the above petition/application as well as in the prescribed format filed in Form I of the Adjudicating Authority Rules 2016, the registered office of the Corporate Debtor is stated to be J-38, 2nd Floor, B.K. Dutt Colony, Near Paryavaran Bhawan, Jor Bagh, New Delhi - 110 003 and prima facie it is seen from the postal receipt dated 11.03.2017 issued by the postal authorities as well as the related tracking report extracted and produced by the Financial Creditor discloses the delivery at Lodi Road H.O of postal authorities. The postal receipt produced by the Counsel for the Financial Creditor dated 22.04.2017 is also addressed to Jor Bagh, Lodi Road, New Delhi 110 003 address allegedly of the Corporate Debtor which address curiously is not s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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