TMI Blog2017 (10) TMI 757X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Process’ and call for submission of claims under Section 13(l)(b) read with Section 15 of the Code and Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This Adjudicating Authority hereby order moratorium under Section 13(l)(a) of the IB Code prohibiting the following as referred to in Section 14 - C.P. NO. (I.B.)84/7/NCLT/AHM/2017 - - - Dated:- 5-9-2017 - MR. BIKKI RAVEENDRA BABU, J. For The Applicant : Baiju Bhagat, Ld. Adv. For The Respondent : Ritesh Patadia, Ld. Adv. ORDER 1. Edelweiss Asset Reconstruction Co. Ltd., acting as Trustee of EARC Trust SC 143, filed this Application under Section 7 of the Insolvency and Bankruptcy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 5.72 Crs. (Renewal; original limit was ₹ 7.50 Crs.) 3. Term Loan I - ₹ 0.52 Crs. (Renewal; original limit was of ₹ 3.00 Crs) 4. Term Loan II - ₹ 0.66 Crs. (Renewal; original limit was of ₹ 2.85 Crs.) 5. Term Loan III - ₹ 1.03 Crs. (Renewal; original limit was of ₹ 3.25 Crs.) 6. Term Loan IV - ₹ 7.08 Crs. (Renewal; original limit was of ₹ 7.20 Crs.) 7. Term Loan (Fresh) for purchase of plant and machineries costing 6.80 Crs. ₹ 5.10 Crs. 8. Letter of Credit - ₹ 4.00 Crs. (renewal); Sub Limit: Letter of Guarantee - (4.00 Crs.) enhanced from 0.50 lakhs. 4. Respondent also created mortgage in favour of IOB. Respondent also created a charge of hypothecat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Interim Resolution Professional and filed his Written Communication in Form No. 2. 9. Applicant served copy of the Application on the Respondent Company and filed proof of despatch. The matter was listed before the Adjudicating Authority for the first time on 17thAugust, 2017. This Adjudicating Authority directed the Applicant to service notice of date of hearing on the Respondent. Accordingly, Applicant served notice of date of hearing on the Respondent. Respondent appeared through learned Counsel. Learned Counsel for the Respondent requested time to file Objections and ultimately filed Objections on 30th August, 2017. The following are the objections raised by the Respondent in its Objections; (a) The Applicant has not disclosed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in limitation, even assuming that the provisions of the Limitation Act are applicable to the proceedings before this Adjudicating Authority. 12. The second objection raised is regarding initiation of proceedings under SARFAESI Act by the IOB. The initiation of proceedings under SARFAESI Act by the IOB is no bar for initiation of insolvency proceedings under IB Code in view of the overriding effect given to the provisions of IOB in Section 238 of the IB Code. 13. The third objection raised by the Respondent is that there must be ascertainment of debt before admitting the Application. In view of the Judgment of the Hon ble National Company Law Appellate Tribunal rendered in the matter of Innoventive Industries Ltd. v. ICICI Bank, Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt within the meaning of Clause (a) of sub-section (8) of Section 5 of the Code. The debt is due from the Respondent Company which is registered under the Companies Act. Therefore, the Respondent is a Corporate Debtor . 15. The other objection raised by the learned Counsel for the Respondent is that there is no privity of contract between the Applicant and the Respondent and Respondent is not a party to the Assignment Agreement. 15.1 A perusal of the Assignment Agreement dated 22nd July, 2015, which is available at Page No. 53 of the Application, clearly goes to show that the Indian Overseas Bank assigned its debt to the Applicant Company which is an Asset Reconstruction Company and the same is within the knowledge of the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, do not merit acceptance. 17. The Applicant proposed the name of Interim Resolution Professional and filed his Written Communication in Form No. 2. 18. In view of the above discussion, the Application deserves to be admitted and it is accordingly admitted under Section 7(5)(a) of the IB Code. This Adjudicating Authority is hereby appoint Shri Anil Kohli, as Interim Insolvency Resolution Professional having address at 1011, Kirti Shikhar, District Centre Janak Puri, New Delhi-110058 and having Registration No. IBBI/IPA-001/IP-POO 112/2017-18/10219 under Section 13 (1)(c) of the Code. 19. The Interim Insolvency Resolution Professional is hereby directed to cause a public announcement of the initiation of Corporate Insolvency Res ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
