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TMI Blog2019 (5) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... & Secretarial. A copy of the Board Resolution dated 29.01.2018, authorizing Shri Vivek Pathak and subsequent letter of authority dated 20.04.2018, authorizing Shri Jaspreet Singh Chawla to submit the petition on behalf of the financial creditor is annexed as Annexure P-3 of the petition. 2. As per master data available at Annexure P-4 of the petition, the CIN of the corporate debtor is U01400HR2010FLC041224, date of incorporation is 15.09.2010 and the registered address is SCF-166, Second Floor, Sector 9, Faridabad- 121006. Therefore, the territorial jurisdiction lies with this Bench of the Tribunal. 3. It is stated in the petition that the petitioner is a non-banking financial company, inter alia, engaged in the business of financing apart from other portfolios/activities and that an amount of Rs.2.5 Crores was sanctioned to the corporate debtor for which Master Facilities Agreement and Supplementary Agreement dated 11.08.2015 was executed between the financial creditor and the corporate debtor. The financial assistance is stated to be provided for the purpose of working capital requirements by way of discounting sales bills of Britannia Industries Ltd. It is stated that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s stated in the order dated 14.11.2018 that there are no grounds for further adjournments. Arguments were heard and the order was reserved. 6. Thereafter, it came to notice that the letter of authority dated 20.04.2018 (Annexure P-3 of the petition) of Shri Vivek Pathak, Manager Legal of the financial creditor, authorizing Shri Jaspreet Singh Chawla, did not give any authorization for filing the application before this Tribunal. By order dated 05.12.2018, the matter was listed for re-hearing. Diary No.4860 dated 11.12.2018 was filed by the financial creditor, enclosing letter of authority dated 10.12.2018 given by Shri Shyam Lal, Senior Vice President- Finance of the financial creditor, to Shri Jaspreet Singh Chawla for filing application before this Tribunal and appearing on behalf of the financial creditor before the Tribunal. All the applications filed by Mr. Jaspreet Singh Chawla, before this Tribunal were also ratified. The authority letter dated 10.12.2018 (supra) is also accompanied by a copy of Board Resolution dated 19.08.2017, giving authorization for initiating insolvency proceedings under the Code, inter alia, to Mr. Shyam Lal. 7. On 13.02.2019, Mr. Nahush Jain, Adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant Master Facility Agreement and Supplementary Agreement, were executed firstly on 11.08.2015 and thereafter, on 29.01.2016 and are enclosed as Annexures P- 9 to P-12 of the petition. The copy of the bill register dated 23.03.2018, showing disbursement in favour of the corporate debtor, has been filed as Annexure P-7 of the petition. Certificate under Section 65B(4) of the Indian Evidence Act, 1872, dated 20.04.2018, has been filed at Page 90 of the petition. It is, inter alia, certified therein that the statement of account/bill register is a true extract of the electronic records. Annexure P-8 is a tabular working of the amount in default in respect of sale bills of Britannia Industries Ltd. and Parle Biscuits Pvt. Ltd., discounted and disbursed by the financial creditor. The total amount claimed to be in default is Rs.6,89,00,745.37. Loan recall notice dated 19.04.2017, recalling the entire amount advanced to the corporate debtor and calling for payment of amount of Rs.6,04,32,186.62 within 7 days from the date of receipt of the loan recall notice is at Annexure P-13 of the petition. The loan recall notice was sent by speed post to the corporate debtor as well as to the two ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enating or disposing of by the corporate 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 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. 16. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. 17. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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