9911796707
TMI Blog2019 (8) TMI 495X X X X Extracts X X X X X X X X Extracts X X X X ..... and Transfer of Undertakings) Act, 1970 (Act V of 1970) and having its registered office at Dena Bank Centre, C-10, G-Block, Bandra Kurla Complex, Mumbai-400 051 and a branch office amongst the other places, at Gandhi Road, Ahmedabad-380 001. 3. The Respondent-Corporate Debtor company to the present petition is M/s.Bhagya Diamond Jewellery Pvt. Ltd. [CIN: U36912GJ2009PTC055858], which was incorporated on 07.01.2009 and having its Registered Office at 301, Third Floor, Hallmark Chambers, M.G. Haveli Road, Manekchowk, Ahmedabad-380 001. The Authorized Capital of the Corporate Debtor Company is Rs. 67.00 Lakhs (Rupees Sixty Seven Lakhs only) and the Issued, Subscribed and Paid-up Capital is Rs. 27.00 lakhs (Rupees Twenty Seven Lakhs only). 4. It is stated that the at the request of the respondent-financial creditor, the applicant had sanctioned/granted credit facilities to the Corporate Debtor during the year 2014-2015. But the respondent-Corporate Debtor had not repaid the same as per the terms and conditions. 5. The Financial Creditor has given all the details of its financial debt disbursed to the Corporate Debtor company as per the I & B Code. In Part-IV of the application in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble. 2.All that piece and parcel of the property of City Survey No. 215 admeasuring 140.46.98 Sq. Mtrs. City Survey No.331 admeasuring about 6.68.90 Sq. Mtrs. Survey No. 219 admeasuring about 5.85.29 Sq. Mtrs. situated in Ghanchi ni Pole, Manekchowk, Ahmedabad on the land bearing Survey Nos. 215, 331 and 219 tenement No.0107-13-0616-0002-S and Municipal Tenement No.0107-13-0001-U situate lying and being at Village Jamalpur Ward-2, Taluka City, District Ahmedabad in the registration District Ahmedabad and Sub-Registrar, District Gheekanta, Ahmedabad-1 is owned by M/s. Bhagya Infrastructure Pvt. Ltd. (Guarantor). Rs. 750.00 Lakhs (As per valuation report dated 02-08-2014 given by valuer Shri Rakesh Narula). Property of Shri Anantbhai Ashokbhai Shah (Director and Guarantor of Respondent): 1. All that piece and parcel of the property of Flat No.203, Block-C second floor admeasuring about 81.00 Sq. Yards situated in the scheme known as "Siddhanchal Apartment" which is developed by Siddhanchal (Anand) Co-Op. Housing Society Limited at Sabarmati, Ahmedabad on the land bearing Survey No. 237/2, Paiki, 237/2/1, TPS No.21, Final Plot No. 145 situate ly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) situate lying and being at Village Paldi, Taluka Ahmedabad (West), District Ahmedabad in the registration District Ahmedabad and Sub-Registration District Paldi (Ahmedabad-4) is owned by Mr.Anantbhai Ashokbhai Shah. AND Order under Section 14 of the SARFAESI Act on 26.05.2017 for property of Flat No.203, Block-C second floor admeasuring about 81.00 Sq. Yards situated in the scheme known as "Siddhanchal Apartment" which is developed by Siddhanchal (Anand) Co-Op. Housing Society Limited at Sabarmati, Ahmedabad on the land bearing Survey No. 237/2, Paiki, 237/2/1, TPS No.21, Final Plot No. 145 situate lying and being at Village Motera, Taluka Ahmedabad (West), District Ahmedabad in the registration District Ahmedabad and Sub-Registration District, Naroda (Ahmedabad-6) is owned by Mr. Anmantbhai Ashokbhai Shah seeking permission of the Hon'ble Court to take possession of the secured assets. Copy of the said Order passed by the Metropolitan Magistrate dated 31.03.2017 and dated 26.05.2017 have been annexed to the application as Annexure-E (Colly.) 3. Record of Default with the information, if any. (attach a copy of such record). The applicant bank issued Notice under Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 09.08.2018, none appeared on behalf of the respondent-corporate debtor company nor any objection was filed. Moreover, as per directions of this Court, the Registrar of Companies has furnished its report dated 12.07.2018 reporting that the status of the company is shown as an active company. Therefore, it can be seen that there is nothing adverse material available on record to disapprove the claim/petition filed by the petitioner-financial creditor. 10. We have gone through the above stated averments of the present petition. A perusal of the present application filed by the Applicant-Financial Creditor shows that the same appears to be complete and in conformity with the provisions of Section 7 of the I & B Code and Rules Applicable. Section 7 of the Code reads as under: 7. Initiation of Corporate Insolvency Resolution Process by Financial Creditor. (1) A financial creditor either by itself or jointly with other financial creditors may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. Explanation.-For the purposes of this sub-section, a default includes a d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor company. The relevant provisions of Section 3(11) and 3(12) of the Code reads as under; 3(11) "debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt; 3(12) "default" means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor, as the case may be. 12. The 'Financial Creditor' has proposed the name of Shri Manoj Gangwal, having address at 719, The Summit Business Bay, Sir M.V.Road, Chakala, Andheri (East), Mumbai-400 093, Registration No.IBBI/IPA-001/IP-00l/IP-P00359/2017-18/10617, in the present Insolvency Application, which satisfied with the requirement of Section 7(3)(b) of the I & B Code. However, the Financial Creditor has also annexed a Written Communication received from the proposed Interim Resolution Professional for giving consent in prescribed Form 2, wherein he has mentioned his Registration No. IBBI/IPA-001/IP-P00359/2017-18/10617 and there is no disciplinary proceeding pending against the proposed IRP. 13. Thus, it is established there is default of debts which comes t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ouncement of Corporate Insolvency Resolution Process be made immediately as specified under Section 13 of the Code and by calling for submissions of claim under Section 15 of the Code. (vii) The Interim Resolution Professional shall perform all his functions strictly which are contemplated, inter alia, by Sections 17,18,20, 21 of the Code. It is further made clear that all the personnel connected with Corporate Debtor, its promoter or any other person associated with Management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the corporate debtor, its promoter or any other person required to assist or co-operate with IRP, does not assist or co-operate, IRP would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. (viii) The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor company' and manage the operations of the Corporate Debtor company as a going concern as a part of its obligation imposed by Section 20 of I & B Code, 2016. (ix) The F ..... X X X X Extracts X X X X X X X X Extracts X X X X
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