TMI Blog2019 (6) TMI 368X X X X Extracts X X X X X X X X Extracts X X X X ..... 18. As per clause (b) of Section 7(3) of the Code, the financial creditor is bound to propose the name of the Resolution Professional to be appointed as Interim Resolution Professional - In Part III of the application Form No.1, the petitioner has proposed the name of Mr. Rajender Kumar Jain a registered Resolution Professional proposed to be appointed as Interim Resolution Professional. The written communication in Form 2 furnished by Mr. Rajender Kumar Jain is at Annexure A/5 dated 14.06.2018 furnishing the required particulars. He is not serving as a Resolution Professional in any proceedings under the Code so far. It is further certified that there are no disciplinary proceedings pending against Mr. Jain with the Board or Indian Institute of Insolvency Professional of ICAI. We have perused Form No.2, the written communication furnished by the Resolution Professional which is found to be in order. The certificate of registration issued by the IBBI is at Page 53 of the paper book. The petition is admitted and the moratorium declared. - CP (IB) No. 286/Chd/Pb/2018 - - - Dated:- 13-2-2019 - MR R. P. NAGRATH, MEMBER (JUDICIAL) AND MR. PRADEEP R. SETHI, MEMBER (TEC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. It is stated that the respondent was originally granted loan on 02.08.2010. The amount of ₹16.50 crores was granted as facility for the packing credit and ₹23.50 crores for FOBP/FOUBP/FABC/FOBNLC/FOUBNLC. Apart from that the term loan of ₹4.50 crores was also granted, total amounting to ₹44.50 crores. 4. The loan facilities were enhanced from time to time and the latest documents of loan were executed in the month of March, 2015. This included different categories of the loan described as CC Limit, Packing Credit Limit, FOBP/FOUBP/FABC/FAUBC, existing and fresh Term Loan WCTL-I, WCTL-II, FITL-I, FITL-II and the total amount of the loan under different facilities was now to the tune of ₹136.34 crores. 5. The petitioner-financial creditor has relied upon various documents of loan. These comprise of sanction letter dated 02.08.2010 Annexure A/6 in respect of the grant of total loan of ₹44.50 crores. The latest sanctioned letter dated 30.03.2015 Annexure A/7. 6. The respondent-corporate debtor also passed resolution dated 30.03.2015 accepting the terms and conditions of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Copy of the notices were also endorsed to the guarantors and directors of the company. 11. The petitioner-financial creditor also filed Original Application (OA) before the Debt Recovery Tribunal-II at Chandigarh under the Recovery of Debts and Bankruptcy Act, 1993 for recovery of ₹126,82,11,673.34 (page 675) as on 04.11.2016 with further interest agreed rate. In the application Form 1 the amount claimed to be in default is ₹165,02,00,716/- (Page 11) of the application upto 24.06.2018 and amount in default in respect of each of the account has been mentioned in the tabulated information at page 12 of the application in Form 1. 12. Notice of this petition was issued to the respondent for 14.11.2018 to show cause as to why this petition be not admitted. In the meanwhile, the petitioner was also directed to file the additional affidavit stating the facts leading to declaration of the accounts of the respondents as NPA on 31.03.2016. 13. The officer of the bank, Mr. Vishal Kumar Prasad filed the affidavit vide Diary No.4992 dated 18.12.2018 stating therein that under WCTL and FITL accounts the corporate debtor was suppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan. The guarantee deed executed between Narinder Chugh and Punjab National Bank-financial creditor is at Annexure A-28 dated 30.03.2015. 17. It is also admitted in the reply filed by the respondent that Narinder Chugh was appointed as the President of the corporate debtor on 11.12.2014 to look after the business of the corporate debtor and he was also appointed as the Director on 21.01.2015 and Managing Director on 01.02.2015. It is further stated that Narinder Chugh was asked to contribute a sum of ₹9.54 crores in order to enable the financial institutions to extend their support to the corporate debtor and accordingly, the aforesaid amount was deposited over a period of two months from February 2015 to March 2015. It is further stated that the financial institutions miserably failed to extend financial support as promised to the corporate debtor as a result of which Narinder Chugh resigned from all the posts held by him in February 2015 itself. Copy of the minutes of meeting dated 27.12.2014 alongwith the resolution and resignation letter of Narinder Chugh are at Annexure A1 (colly) of the reply. Reference was also made to minutes of the meeting of the J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... different accounts has also been described in the tabulated information in the synopsis of the case. No discrepancy in the calculation has been pointed out but in any event if there is any such discrepancy it is for the Interim Resolution Professional or Resolution Professional as the case may be to look into the same after the insolvency resolution process is initiated. 23. The evidence of default is also borne out from the CIBIL record relied upon by the petitioner bank as Annexure A/31 dated 21.06.2018. 24. The other positive evidence of the defaults under various accounts are the copies of the statements of account maintained by the bank under Banker s Book Evidence Act, 1891 which are from Annexure A/32 to Annexure A/36. There is the certificate attached with each of the statements in terms of Section 2A of the Banker s Book Evidence Act, 1891. It is certified that the books of account are maintained in the computer system operated properly on the basis of the relevant data and copy of the print outs represent correctly the relevant data. There is a presumption of correctness attached to the entries in the books of accounts. The petitioner b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... session of the corporate debtor. 28. 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. 29. 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 pass an order for liquidation of corporate debtor under Section 33 as the case may be. 30. In view of the above, the following directions are issued in respect of the appointment of the Interim Resolution Professional:- i) Appoint Mr. Rajender Kumar Jain, registered insolvency professional bearing Registration No. IBBI/IPA-001/IP-P00543/2017- 18/10968, Mobile No. 99155-98862, email ID: amicusthe@gmail.com as Interim Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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