TMI Blog2017 (7) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... h regard to the moratorium which the Adjudicating Authority has to declare. Petition admitted. - CP (IB) No.42/Chd/Hry/2017 - - - Dated:- 24-7-2017 - Hon'ble Mr. Justice R.P. Nagrath, Member (Judicial) For the Petitioner: Ms. Misha, Advocate , Mr.Sumit Jain, Advocate , Ms. Ritu Bhalla, Advocate. For the Respondent: Ms.Munisha Gandhi, Sr. Advocate, Mr. Puneet Singh Bindra, Advocate, Mr. Raghav Mathur, Advocate. ORDER This petition is filed by Corporation Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (for brevity 'Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short hereinafter to be referred to as the Code') read with rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules) for initiating the insolvency resolution process against the Respondent, a company registered under the Companies Act, 1956 with its Registered Office at Sohna, Gurgaon, in the state of Haryana having defaulted in making payment of the 'financial debt'. The matter, therefore, falls within the territ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dinkar Tiruvannadapuram Venkatasubramanian in Form No-2 which is found to be in order. This communication is also accompanied with the Certificate of Registration dated 27.01.2017 issued by the IBBI in the name of Mr.Subramanian. 5. The name of the Interim Resolution Professional Mr.Dinkar Tiruvannadapuram Venkatasubramanian was proposed at Part-Ill of the Form No-I and he is registered with the Insolvency and Bankruptcy Board Of India with Registration No.lBBlflPA-001/lP-P00003/2016-17/10011. 6. When the matter was listed on 10.07.2017 notice of this petition was directed to be issued to the respondent for 20.07.2017 at its Registered Office and the petitioner was directed to file affidavit of service of the notice. In compliance thereto, Mr.Raveesha Nayak B.C., the authorised representative of the petitioner -financial creditor filed affidavit dated 17.07.2017 stating about the aforesaid compliance. Along with this affidavit, the postal receipt dated 15.7.2017 of the despatch of the notice by Speed Post was also annexed. 7. It would be pertinent to refer to the affidavit dated 19.07.2017 sworn-in by Mr.Sumit Jain, Advocate for the petitioner wherein it is further stated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode) on behalf of the Company. Resolved further that Mr.John Ernest Flintham, President (Operations) of the company, Mr.Sanjiv Bhasin, President (Corporate) of the company and Mr. Rajeev Raj Kumar, Company Secretary of the company be and is hereby also authorised to nominate, appoint and engage advocates, solicitors, counsel or other professionals and retainers; and to do all such acts, things, deeds as may be necessary or proper to carry out the purposes mentioned hereinbefore. 10. Mr. Puneet Singh Bindra, Advocate submitted that the Board Meeting was held on 22.07.2017 in order to give specific authority in respect of instant case filed under the Insolvency and Bankruptcy Code and on the basis of the said decision, the affidavit of Mr.Rajeev Raj Kumar was filed by the company. The resolution of the Board does not say in so many words that the three persons mentioned therein are jointly and/or severally authorised to represent the company but the intent of the resolution seems to be so as rightly submitted by the learned counsel for the parties. In any case, the Adjudicating Authority is to see that application filed before it by the Financial Creditor is complete in all r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rule 4(1) of the Rules', the application is found complete in all respects and no defect has been pointed out by the respondent. The respondent - Corporate Debtor was incorporated on 03.10.1985 in the name and style of A.M. Metal Cast Limited. Its name was later changed to Amtek Auto Limited and a fresh Certificate of Incorporation was issued dated 12.10.1987. Its Registered Office is at Sohna, Gurgaon in the state of Haryana. 13. The amount of debt granted by the petitioner -Financial Creditor to the respondent - Corporate Debtor is ₹ 841,70,00,000/-. The sanction letters approving the grant of loan facilities are annexed at Annexure A-3 and at Annexure-4. The loan was granted on the basis of Working Capital Consortium Agreement dated 17.05.2014. There is a supplemental Working Capital Consortium Agreement dated 06.09.2016, Memorandum Of Agreement for Term Loans dated 28.12.2015 and Memorandum of Agreement for Term Loans dated 21.01.2016. The copies of these agreements are at Annexure-7 (Colly). 14. It is further stated that facilities availed by the respondent from the Financial Creditor are overdue and the default has been committed by the respondent for which de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any other electro- magnetic data storage device, a printout of such entry or a copy of such printout together with such statements certified in accordance with the provisions of Banker's Books Evidence Act, 1891. 20. The petitioner has also relied upon the record available with the Central Repository of Information on Large Credits as at Annexure-8. There is in fact no dispute to resist the plea that the respondent-corporate debtor has committed default and rather the respondent has not opposed admission of application and appointment of Interim Resolution Professional. 21 The learned Senior Counsel for respondent has vehemently contended that since 'Corporate Debtor' and lenders have made considerable progress to identify investors and certain investors have already expressed their interest in acquiring certain stakes of the 'Corporate Debtor', the Tribunal may consider that a recommendation be made to the Interim Resolution Professional in the nature of an advisory that he may proceed with the resolution process taking into consideration the advance stage of re- structuring of the 'Corporate Debtor'. I am of the clear view that the legislature it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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