TMI Blog2019 (10) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER Per : Ms. Manorama Kumari, Member.( Judicial) 1. Mr. Sudhakar Deshattiwar, Chief Manager, Bank of India filed this petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the Rules ) seeking reliefs under Section 7(5)(a) and Section 13(l)(a)(b)(c) of the Code. 2. That the applicant/financial creditor is a body corporate constituted under the provisions of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 having its head office situated at Star House, C-5, G-Block, Bandra-Kurla Complex (East) Mumbai and having Identification No. AAACB472C(PAN). 3. M/s. Rai Homes Universal Private Limited is a company incorporated under the Companies Act, 1956 on 27th February, 2012, having Identification No. U45200MP2012PTC027822, having its registered office at Plot No. 244, First Floor, Near Hotel Arch Manor, M P Nagar Zone - 1, Bhopal 462 001, Madhya Pradesh. That, authorised share capital of the respondent company is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments. 6. That, pursuant to call upon the respondent borrower company for time and again, the respondent company acknowledged its liability along with its guarantors, mortgagors and also signed, executed and delivered a letter of acknowledgement of debts on 04.11.2016 and also confirmed the outstanding amount of ₹ 3,37,61,236.11 (Rupees three crores thirty-seven lakhs sixty-one thousand two hundred thirty-six and paise eleven only) due as on 03.11.2016 and also confirmed the execution of the security documents on 08.11.2013, however, the respondent company, its directors/guarantors failed and neglected to set right the accounts. That, though numbers of opportunities were given to the respondent company, its directors/guarantors/mortgagors to repay the overdue amount as well as interest accrued thereon, the respondent failed and neglected to do so. That, under such circumstances, account of the respondent company was classified as NPA on 30.06.2016 as an amount of ₹ 2,85,05,289.00 fell due. That, number of flats appears to have been sold by the respondent company, however, the respondent company failed to deposit the sale proceeds with the bank and have co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 A9 Stamped undertaking cum declaration 98-100 9 A10 Legal mortgage 101-154 10 All Certificate of ROC regarding registration of charge 155 11 A12 LAD (Form No. L 444 C) 156-159 12 A13 letters addressed to respondent company, directors/guarantors collectively 160-162 13 A14 Notice addressed to respondent company, directors/guarantors 163-165 14 A15 Reply sent by respondent 166-172 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 53 A55 Statement of accounts from 22.10.2012 to 04.07.2018 of the respondent company 399-464 9. The respondent filed affidavit in reply inter alia stating that the petitioner bank had sanctioned and disbursed a loan of ₹ 500.00 lakhs and with the financial assistance received from the bank the company had completed construction of 234 residential flats. That, possession of these flats were given a nd payment of approximately ₹ 3.50 crores were made to the petitioner bank out of the proceeds of these flats. That, after completion of 234 flats, the respondent again applied for second loan of ₹ 500.00 lakhs and on assurance provided by the petitioner bank and in anticipation of approval and sanction of the second loan, the respondent continued to carry on construction of another 144 flats. That, as the petitioner bank disapproved the second loan for want of additional security and, as the respondent does not own any other property other than the ones already offered to the petitioner bank, the respondent could not avail any finance from any other f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e seen from the Written Communication of the proposed Insolvency Resolution Process, no disciplinary proceedings are pending against him. 14. In the instant case, the documents produced by the Financial Creditor clearly establish the debt and there is a default on the part of the Corporate Debtor in payment of the financial debt . 15. There is no dispute in the case that the petitioner is the financial creditor. The application is also furnished in the prescribed form - 1 of the Rules and the prescribed fee has also been paid. Along with the application, the applicant proposed the name of the Resolution Professional namely CA Amresh Shukla. Though the applicant/financial creditor has recommended the name of CA Amresh Shukla to act as IRP the Adjudicating Authority has reservation in appointing him as IRP considering his past conduct in the open court in another matter. Therefore, the applicant/financial creditor is directed to suggest name of some other professional, within one week, by way of an affidavit. The order of moratorium shall have effect from the date of receipt of the affidavit. 16. On perusal of record and as also discuss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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