TMI Blog2019 (7) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... ss attached to the entries in the books of accounts. The petitioner bank has thus, shown that the corporate debtor was in default in making payment of the outstanding balance at the time, the petition was filed. The petitioner bank has been able to prove the requirement of clause (a) of Subsection (3) of Section 7 of the Code - 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. Petition admitted - moratorium declared in terms of sub-section (1) of Section 14 of the code. - CP (IB) No.391/Chd/Pb/2018 - - - Dated:- 12-4-2019 - MR. M.K. SHRAWAT, MEMBER (JUDICIAL) AND MR. PRADEEP R. SETHI, MEMBER (TECHNICAL) For The Petitioner : Mr. Harsh Garg, Advocate And Mr. Pulkit Goyal, Advocate For The Respondent : Mr. Shivam Malhotra, Advocate JUDGMENT Per: Pradeep R. Sethi, Member (Technical) Punjab National Bank (PNB) incorporated on 31.03.1970 under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, Act 5 of 1970 with head office i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;179.83 crores as per the sanction letter dated 22.02.2017 Annexure I/20 (page No.1424). Copies of the previous sanction letters are stated to be enclosed is Annexure I-19. 4. It is stated that the Board of Directors of the corporate debtor vide resolution passed on 01.03.2017 unanimously resolved and admitted Sh. Kapil Kumar Jain to execute the necessary security documents to avail of the said facilities by using the company seal and that the copy of the resolution is at Annexure I-21. It is stated that the following loaning and security documents were executed in favour of PNB on 02.03.2017:- agreement of hypothecation of assets to secure term loan Annexure I-22; Term Loan Agreement Annexure I-23; agreement of packing credit limit (Hypothecation) Annexure I-28; agreements of hypothecation Annexure I -24 to Annexure I-27; agreement of guarantee deeds by different guarantors Annexure I -30, all dated 02.03.2017. 5. In order to secure the loan, the corporate debtor created equitable mortgage of various properties by deposit of the title deeds and details of those properties mortgaged by PNB are detailed in the documents and copies of the mortgage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is stated that the total sanctioned credit of ₹179.83 crore as per sanction letter dated 20.02.2017 is admitted to be correct. It is also accepted that PNB had classified the account of the corporate debtor as non-performing asset on 31.03.2018 and notice under Section 13(2) was issued. It is however, submitted that the outstanding amount of ₹167,04,29,627,58/- as on 08.10.2018 has been mentioned by the petitioners which includes interest as well whereas, the said interest being charged by the Bank was not shown in the bank account statements. It is further stated that the respondent has already made a payment of ₹4.99 crores to the petitioner during the period from April, 2018 till November, 2018 which the petitioner has not accounted for and the same has also not been reflected in the Loan Account. It has also been mentioned with regard to the securities held that two properties has been mentioned by the Financial Creditor whereas these securities were only for term loan and not for other facilities. 12. During the course of hearing on 10.01.2019, the learned counsel for the corporate debtor sought short adjournment to argue the matter on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . There is no denial of the balance confirmation letters in the reply. The balance outstanding amount as on 08.10.2018 has also been stated 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. 19. It has been stated that in the reply that the outstanding amount of ₹167,04,29,627.58/- as on 08.10.2018 includes interest as well but whereas the interest which is being charged from the corporate debtor was not shown in the Bank account statements. We find that in Para IV of Form No.1, it has been inter alia stated that PNB has not capitalized the penal interest in the account. The amount not been shown in the bank account statements is not material, since the penal interest is to be charged as per terms of the loan agreement. This matter can however be examined by the Interim Resolution Professional or Resolution Professional after the CIRP initiated. Similarly, claim of payment of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted and moratorium declared in terms of sub-section (1) of Section 14 of the code as under:- ( a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; ( b) transferring, encumbering, alienating 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. 25. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor ; vi) It is hereby directed that the Corporate Debtor , its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor ; vii) The Interim Resolution Professional shall after collation of all the claims received against the corporate debtor and the determination of the financial position of the corporate debtor constitute a committee of creditors and shall file a report, certifying constitution of the committee to this Tribunal on or before the expiry of ..... 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