9911796707
TMI Blog2019 (11) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... , reply, rejoinder, etc. before this Tribunal and to do all acts and things in connection with the proceedings against M/s. Sarnamoy Plastic Sack Manufacturing Private Limited, a Company incorporated under the Companies Act, 1956 and having its Registered Office at Kolkata (hereinafter referred to as the Corporate Debtor). 2. It is submitted in the application that the Corporate Debtor was incorporated on 23rd January, 2013 with authorized share capital of Rs. 1,00,00,000/- (Rupees One Crore Only) and paid-up share capital of Rs. 99,60,370/- (Rupees Ninety Nine Lakh Sixty Thousand Three Hundred Seventy Only), and is engaged in the business of manufacturing and production of plastic woven stocks, polyethylene lined gunny bags, linoleums, article like plastic containers, trays, bags, shopping bags etc. for domestic purposes and for Industrial purposes. 3. It is submitted that the Corporate Debtor had made a request to the Financial Creditor to sanction a project loan of Rs. 5,10,00,000/-(Rupees Five Crore Ten Lakh Only) and Working Capital of Rs. 7,10,23,000/- (Rupees Seven Crore Ten Lakh Twenty Three Thousand Only) for setting up and running a plastic sack manufacturing unit on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nter guarantee of the Company. Several Security Documents/Banking Agreements etc. were executed by the Authorized Director of the Corporate Debtor on 21st October, 2013 which included the following:- a) Demand Promissory Note dated 21.10.2013 for Rs. 8,90,00,000/- b) Letter of Continuity dated 21.10.2013 c) Letter of Lien d) Agreement for Term Loan dated 21.10.2013 for Rs. 8,90,00,000/- e) Agreement for Hypothecation of Goods dated 21.10.2013 for Rs. 8,90,00,000/- f) Agreement for Hypothecation of Debts and Movable Assets (Primary Security) dated 21.10.2013 for Rs. 8,980,00,000/- g) Agreement for Hypothecation of Plants and Machinery dated 21.10.2013 for Rs. 8,90,00,000/- h) Letter of Hypothecation/General (Bill Purchased) dated 21.10.2013 for Rs. 8,90,00,000/- i) Form of Negative Lien j) Letter dated 21.10.2013 declaring on the execution of documents mentioned at said letter under Serials No. (1) to (10) in favour of the Financial Creditor. The Directors of Corporate Debtor further fastened themselves in their personal capacity with the liability by way of personal Letter of Guarantee dated 21.10.2013 which is continuing in nature. 9. It was noticed by the F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest of 15% per annum from 1.1.2019 till repayment. It is submitted that the default in repayment of the loan has taken place w.e.f. 30th September, 2017 when the accounts of the Corporate Debtor were classified as NPA. 14. On 11th February, 2019, this application under section 7 of the IBC Code, 2016 was listed, and the Corporate Debtor was issued notice. It was brought to the notice of this Tribunal that the Corporate Debtor has been served notice and the affidavit of service dated 12th April, 2019 was also filed; but when the matter came up for hearing on 18th June, 2019, none was present on behalf of the Corporate Debtor and the Corporate Debtor was called, and was ordered to be proceeded exparte. The matter was therefore heard exparte. 15. The Financial Creditor has been able to prove its case on the basis of the documents annexed with the application including entries in the Bankers books in accordance with the Bankers Books of Evidence Act, 1891, status classification by CIBIL Report dated 28th December, 2018, acopy of statement of accounts till 30th December, 2018 with the Financial Creditor's Certificate, and all other documents attached to the application like audited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. iii) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following:- 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 (54 of 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. iv) The supply of essential goods or services ..... 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