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TMI Blog2017 (8) TMI 1476X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") before this Authority. 2. This Application is filed by the Director of the Company in Form-6. 3. The Registered Office of the Company is in Gondal, Rajkot District, Gujarat. The Paid-up Share Capital of the Company is Rs. 3,00,00,000, divided into 3,00,00,000 equity shares of Rs. 10/- each. Applicant in Part-III of Form-6 mentioned State Bank of India as 'Financial Creditor' and 4 (four) others as 'Operational Creditors'. It is stated by the Corporate Applicant that the Company has committed default of financial debt in respect of State Bank of India to the tune of Rs. 10,02,49,309.00 and in respect of Operational Creditors to the tu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and for issuance of Recovery Certificate under Section 19 of The Recovery of Debts Due to the Banks & Financial Institutions Act, 1993 ("RDDBFI Act") 6. The Applicant proposed the name of CA Prem Laddha, as 'Interim Resolution Professional". Applicant also filed Written Communication given by the Interim Resolution Professional. 7. Applicant filed proof of despatch of copy of the Application to Financial Creditor and Operational Creditors. This Adjudicating Authority directed the Applicant to serve Notice of date of hearing along with copy of the order on all Creditors and file proof of service. Accordingly, Applicant served notices on the Financial Creditor and Operational Creditors and filed proof of service. SBI appeared through l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uced by the Corporate Debtor shows that the amounts of Sundry Debtors (Unsecured) are paid but not even a single pie has been paid to the Financial Creditor. It is stated that Corporate Debtor opened an account with Corporation Bank without the knowledge of the State Bank of India. Even after the account became Non Performing Asset, Financial Creditor followed up with the Corporate Debtor for resolution and recovery but Corporate Debtor did not pay single pie. Financial Creditor initiated action under the provisions of SARFAESI Act. Financial Creditor also filed OA No. 495/2016 before the DRT-II, Ahmedabad. It is further stated that the present Application has been filed by the Corporate Debtor immediately after the order under Section 14 h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 31st March, 2015 is filed; At Page No. 91, Profit and Loss Account for the year ended 31st March, 2015 is filed; at Pages No. 92 and 93, Notes Forming Part of the Financial Statement are filed; and at Page No. 97, Audited Balance Sheet for the Financial Year 2013-2014, Assessment Year 2014-15 is filed. Therefore, the objections raised by the Financial Creditor, that the required Annual Financial Statements not filed, do not merit acceptance. 10. The next grievance of the Financial Creditor is that the Corporate Debtor routed its sale transactions during the year 2016-2017 through the Corporation bank without knowledge of the SBI and against the Loan Sanction Terms. Even if it is true and correct, it may not be a ground not to commence & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atorium and thereby delay the other recovery proceedings. But, that is only for a prescribed period of 180 days or for a further period of 90 days, if extended by the Adjudicating Authority. Therefore, to say that Corporate Debtor with a view to have the benefit of moratorium or with a view to delay the proceedings under the SARFAESI Act filed this Application do not merit acceptance. 16. The contents of Form-6 and the documents attached to Form-6 clearly indicate that the Applicant was unable to discharge the outstanding amounts due to the Financial Creditor as well as the Operational Creditors. 17. Moreover, the Applicant furnished the required information as per sub-section (3) of Section 10. Therefore, the Application is complete. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (i) However, the order of moratorium shall not apply in respect of supply of essential goods or services to Corporate Debtor. (ii) The order of moratorium is not applicable to the transactions that may be notified by the Central Government in consultation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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