TMI Blog2017 (9) TMI 857X X X X Extracts X X X X X X X X Extracts X X X X ..... tors by making payments in due course of time. In view of the above discussion, the Application filed by the Applicant, M/s. Reliance Commercial Finance Ltd., i.e., CP (IB) No. 66 of 2017 deserves to be admitted, and it is accordingly admitted under Section 7(5) of the Code. Considering the fact that the financial debt due to the Financial Creditor, M/s. Reliance Commercial Finance Limited is higher than the debts together due to other Applicant Financial Creditors, this Adjudicating Authority is of the considered view that the Interim Resolution Professional proposed by M/s. Reliance Commercial Finance Limited should be appointed as 'Interim Resolution Professional'. Therefore, this Adjudicating Authority appoints Shri Pramod Bajranglal Kedia, C/o. Kedia & Kedia Associates, Chartered Accountants, 205, Kaling, Near Mount Carmel School, Behind Bata Show Room, Ashram Road, Ahmedabad- 380009, having Registration No. IBBI/IPA-001/IP-P00091/2017- 2018/10191, as 'Interim Resolution Professional', because his Written Communication is available. This Adjudicating Authority hereby declares moratorium under section 13(1)(a) of the Code prohibiting as laid down in section 14 of the Code. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble High Court of Bombay. As per the said Demerger Scheme all the debts of M/s. Reliance Capital Ltd., were transferred to the Applicant herein, i.e., M/s. Reliance Commercial Finance Ltd., and that is how the present Applicant has become Financial Creditor of M/s. Anil Nutrients Ltd, and M/s. Anil Limited, i.e., Respondent herein is the Corporate Guarantor for the loan borrowed by M/s. Anil Nutrients Ltd, from M/s. Reliance Capital Limited. 4.4 M/s. Anil Nutrients Ltd and M/s. Anil Limited did not care to make repayment of the loan amount as per the agreed terms and conditions inspite of repeated requests and reminders made by M/s. Reliance Capital Ltd., and as well as by the present Applicant. M/s. Anil Nutrients Ltd and M/s. Anil Limited have failed and neglected to pay the outstanding amount. Applicant got issued a legal notice dated 28.9.2016 to M/s. Anil Nutrients Ltd and called upon the Respondent M/s. Anil Limited to repay the loan amount in its capacity as 'Corporate Guarantor'. 4.5 M/s. Reliance Capital Limited maintained the account of M/s. Anil Nutrients Ltd. As per the said account, M/s. Anil Nutrients Ltd, is due to pay ₹ 8,87,94,014/- as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch one financial unit was merged with M/s. Reliance Commercial Finance Ltd, vide Guarantee Agreement dated 31st December, 2014. 6. In an application under Section 7 of the Code, this Adjudicating Authority is required to ascertain existence of default from the records of information utility or on the basis of other evidence furnished by the Financial Creditor, as laid down in the decision of the Hon'ble National Company Law Appellate Company Appeal (AT) (Insolvency) No. 1 2 of 2017 in the matter of M/s Innoventive Industries Ltd. Vs. ICICI Bank Anr , in the following paragraphs; 82. As discussed in the previous paragraphs, for initiation of corporate resolution process by financial creditor under sub-section (4) of Section 7 of the Code, 2016, the 'adjudicating authority' on receipt of application under sub-section (2) is required to ascertain existence of default from the records of Information Utility or on the basis of other evidence furnished by the financial creditor under sub-section (3). Under Section 5 of Section 7, the 'adjudicating authority' is required to satisfy - (a) Whether a default has occurred; (b) Whether an application is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HM/2017: 11. Applicant in CP (IB) No. 69 of 2017 is M/s. Kunal Finance and Credit Private Limited. Respondent Corporate Debtor is M/s. Anil Limited. 12. Respondent Company authorised Shri Jay Prakash Yadav, as an Authorised Representative to file this Application by way of a Board Resolution. 13. Applicant herein had earlier filed Company Petition (IB) No.26/7/NCLT/AHM/2017 against the Corporate Debtor under Section 7 of the IB Code. The said Application came to be withdrawn by the Applicant on the ground that there was a settlement between the Financial Creditor and the Corporate Debtor, as can be seen from the Affidavit at Page No. 13 which is filed in CP (IB) No.26 of 2017. It appears that the Respondent Company issued cheques to the Applicant Company towards full and final settlement of all dues. Applicant filed copy of Written Memo issued by Axis Bank to show that the cheques issued by the Corporate Debtor were dishonoured on the ground Exceeds Arrangements . Applicant also filed copy of Bank Statement of Account of the Applicant for the period from 26.5.2017 to 06.7.2017 in order to show that Corporate Debtor has not paid the debt as agreed upon by him as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y way of security towards repayment of deposit accepted from Applicant Company. Applicant/Financial Creditor also filed Promissory Note dated 10.5.2016 executed by the Corporate Debtor in favour of the Applicant. 17. Applicant filed proof of despatch and proof of service of the Application on the Corporate Debtor. This Adjudicating Authority directed the Applicant to issue notice of date of hearing to the Corporate Debtor. Applicant also issued notice of date of hearing and filed proof of service. Respondent appeared through learned Advocate and requested time to file objections, but Respondent did not choose to file objections even after time is granted. 18. Heard the arguments of the learned counsel appearing for the Applicant and the learned counsel appearing for the Respondent. The documents filed by the Applicant clearly establish that the financial debt is due from the Corporate Debtor to the Applicant/Financial Creditor. The documents filed by the Applicant also show that the Corporate Debtor committed default in repayment of the financial debt due to the Financial Creditor. The Application is complete in all respects and no defect has been pointed out. In fact, Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt/Financial Creditor in CP (IB) No. 66 of 2017 proposed the name of 'Pramod Bajranglal Kedia as 'Interim Resolution Professional'. The financial debt due to the Applicant in CP (IB) No. 66 of 2017 is ₹ 8,87,94,014/-, which is far higher than the total financial debt due to all the three other Applicants /Financial Creditors. 22. Therefore, in the given facts and circumstances of the case, and considering the fact that the financial debt due to the Financial Creditor, M/s. Reliance Commercial Finance Limited is higher than the debts together due to other Applicant Financial Creditors, this Adjudicating Authority is of the considered view that the Interim Resolution Professional proposed by M/s. Reliance Commercial Finance Limited should be appointed as 'Interim Resolution Professional'. Therefore, this Adjudicating Authority appoints Shri Pramod Bajranglal Kedia, C/o. Kedia Kedia Associates, Chartered Accountants, 205, Kaling, Near Mount Carmel School, Behind Bata Show Room, Ashram Road, Ahmedabad- 380009, having Registration No. IBBI/IPA-001/IP-P00091/2017- 2018/10191, as 'Interim Resolution Professional', because his Written Communication is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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