TMI Blog2017 (6) TMI 1191X X X X Extracts X X X X X X X X Extracts X X X X ..... f the process of law to which this Bench certainly cannot be a party to. It is not sufficient just to meet the requirements under sec. 10 of the Code which would automatically entitle the Corporate Debtor to initiate such proceedings. The Adjudicating Authority has to consider the merits of each case and see beyond what meets the eye, and only after due application of mind, consider the case on its merits. This Bench does not deem it just, fit and proper to admit the petition as initiation of the proceedings by the Corporate Debtor shall cause irreparable loss and injury to the Consortium of Banks, and an uncalled for protection to the borrowers and various guarantors. - - - C.P. NO.1104/1&BP/NCLT/MAH/2017 - Dated:- 20-6-2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor to reduce / liquidate its liabilities. 3. The Petition is also annexed with various invoices of Operational Creditors who seek repayment of their outstanding dues. As per the statement, the liability towards the Operational Creditors is over ₹ 85 crores. This is in addition to the aforesaid liability of ₹ 428.38 crores towards the Financial Creditors. 4. Ld. Counsel for the Petitioner has pointed out that the Corporate Debtor does not suffer from any disability under section 11 of the Code for invoking the Resolution Process and has proposed the name of Mr. Ram Ratan Kanoongo, Registration No.: IBB1/1PA-001/1P-P00070/2016-2017/10156, as the Interim Resolution Professional. His consent and Certifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10. Smt. Rajul Ajay Gandhi 11. Smt. DinikaAnshul Gandhi 12. Shri Ajay Fakirchand Gandhi - CEO The Securities offered are: A. Immovable Properties 1. Office premises 407 A, 407B, 411, 412, 412A, 407 Panchratna Opera House, Mumbai. Created on 31st May 2012. Value as per creditors is 12.6 crores. 2. 501, KhatauCondimonium, 15A, Jamnadas Mehta Road, Malabar Hill, Mumba. Created on 3rd November, 2013. Value as per creditors is 38.78 crores. 3. Flat No. 403/404 ShantinathDarshan, Opp. BSS College, Malad West, Mumbai. Created on 18th March 2013. Value as per creditors 1.17 crores. 4. Office No. FC 4041 at Bharat Diamond Bourse, BandraKurla Complex. Created on 13th August 2014. Value as per creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Canara Bank - 0.41 Crores IDBI Bank Ltd. - 0.91 Crores Bank of Baroda - 2.38 Crores Indian Overseas Bank - 6.15 Crores 7. Other than the Financial Creditors, the list of Operational Creditors is given as Annexure VI(c), to the Petition. 8. Given the aforesaid facts, it appears that the Corporate Debtor is eager to sound its own death knell, presumably to scuttle the proceedings before SARFAESI as the consequential moratorium imposed u/s 14 of the Code on admission of this Petition would automatically stay/stall the proceedings vide which the personal properties offered as securities are not enforced or taken possession of. The admission of the Petition shall have a serious impact on the Financial Creditors w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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