9911796707
TMI Blog2019 (7) TMI 1021X X X X Extracts X X X X X X X X Extracts X X X X ..... anking financial company (NBFC), incorporated under the Companies Act, 1956 on August 17, 2000 and duly registered with the Registrar of Companies, Mumbai having CIN U66010MH2000PLC128301 and registered office at Reliance Centre, 6th Floor, South Wing, Off Western Express Highway, Santacruz (East), Mumbai-400 055. 3. It is stated that a company named of Reliance Capital Ltd., a systemically non-deposit taking, non-banking financial company (NBFC-ND-SI) registered with the Reserve Bank of India ("RBI") was the original lender of the financial facility to the corporate debtor. A petition under sections 391- 394 of the Companies Act, 1956 was filed for arrangement between the original lender Reliance Capital Ltd., as transferor company and the present applicant Reliance Commercial Finance Ltd., as transferee company, before the hon'ble Bombay High Court and vide order dated December 9, 2016 the said scheme of arrangement was made absolute. The copy of the said order and the arrangement scheme is annexed with this application. By virtue of the said order dated December 9, 2016 along with scheme which is part of the order specifically Part II clauses 4.1 and 4.6 of the scheme this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , to raise debits in the account of the corporate debtor being a current account bearing Account Number 61119244101 of the State Bank of Bikaner and Jaipur (SBBJ), Bhilwara Indira Market, near Collectorate Bhilwara Branch for an amount of Rs. 1,65,094 per month being the instalment to be paid by the corporate debtor as agreed in the agreement. But the corporate debtor has failed to repay the scheduled EMI's on time in gross violation of the terms and conditions of the agreement. 7. It is further submitted that the corporate debtor after making a few payments of the instalments, stopped making payment of any instalment. Finding no other option, the applicant was compelled and constrained to recall the entire loan amount as was sanctioned under the loan agreement, vide loan recall notice dated July 6, 2017 which is annexed at annexure 11. In spite of receipt of the notice, the corporate debtor has not paid any amount of financial debt nor have they replied to the loan recall notice sent by the financial creditor. 8. As a consequence, this application was filed. As claimed by the applicant the corporate debtor is liable to pay an amount Rs. 27,15,916 as on July 25, 2018 as an ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion is filed in the month of August 2018, therefore the said power of attorney becomes inoperative, invalid for the purpose of filling the present application. Also, that the power of attorney submitted by the applicant does not specifically authorise for ini tiation of corporate insolvency resolution process of the corporate debtor- company. Hence this application is filed without proper authority. 10. The applicant has filed rejoinder controverting averments in the reply. (i) The objections with respect to status of the applicant as a financial creditor was met by the applicant as follows : The applicant submits that pursuant to the order dated December 9, 2016 passed by the hon'ble High Court of Bombay in Company Scheme Petition No. 781 of 2016. The scheme of arrangement between Reliance Capital Ltd., as a transferor company and Reliance Commercial Finance Ltd., as a transferee company was sanctioned and thereby all the rights and liabilities relating to commercial finance business of the Reliance Capital Ltd., stood transferred as per clause incorporated in the scheme in Part-II clauses 4.1 to 4.9. The applicant has further submitted that another appli cation under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or (Reliance Capital Ltd.) stands demerged and transferred in the present applicant-company Reliance Commercial Finance Ltd. In view of the same, though, as claimed by the corporate debtor there is no assignment of right or debt or financial assets from the erstwhile lender to the present applicant in terms of guidelines issued by the RBI, but the present applicant has legally taken position of original lender Reliance Capital Ltd., and thereby adopting/inheriting all rights, liabilities and powers to take any action with respect to the said original lender Reliance Capital Ltd. Thus, the present applicant is the financial creditor in terms of the provisions of section 7 of the I and B Code, 2016. The second argument of the corporate debtor that the power of attorney executed by the present authorities by board resolution dated March 9, 2017 to file this application is invalid in eye of law. It is seen from the records that the board of directors of the present applicant has empowered the directors, chief executive officer and chief financial officers of the company vide board resolution dated March 9, 2017 to appoint executives of the company as attorneys of the company for attend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns laid down under section 14(1)(a) to (d) shall apply with the exclu sion of application of moratorium as laid down in section 14(2) and (3). (b) The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process. Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 16. The IRP to exercise the powers within the confines of the IBC, 2016 and shall perform all duties as behoved upon IRP under the provisions of the IBC, 2016 as well as all attendant rules and regulations without any let and shall also file the status report in relation to the progress of the CIRP of the corporate debtor. 17. A copy of this order shall be duly communicated to the operational creditor, corporate debtor as well as to learned IRP, namely, Mr. Rajeev Sharma (Mobile No : 9314682646, 7977323641) at the earliest not late ..... X X X X Extracts X X X X X X X X Extracts X X X X
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