TMI Blog2019 (11) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... y Bankruptcy Code, 2016 read with Rule 4 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by United Bank of India, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office in Kolkata (hereinafter referred to as the Financial Creditor), through Shri Skand Kumar Pandey, Assistant General Manager of Salt Lake Branch who was authorized by General Manager (Recovery, legal, Credit Monitoring, RTI, DRT SAMV) of United Bank of India vide letter of authorization dated 10th January, 2019 to sign and file necessary applications, 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 ₹ 1,00,00,000/- (Rupees One Crore Only) and paid-up share capital o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 3,80,00,000/- (Rupees Three Crore Eighty Lakh Only) repayable in 22 equal quarterly instalments with interest @ 13.25% per annum commencing from December, 2014 and ending in March, 2020. 7. The Corporate Debtor secured the Term Loan by way of exclusive hypothecation charge on Company s all the movable and immovable assets both fixed and current, relating to the project present and future and exclusive equitable mortgage charge on entire factory building of the unit measuring 5850 sq. mtrs along with Plant and Machinery, furniture, fixtures etc. 8. Similarly, CC/PC cum FBD was secured by hypothecation of entire current assets of the Company comprising of raw materials, WIP, Finished Goods, consumable stores and spares etc. along with counter 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 ₹ 8,90,00,000/- b) Letter of Continuity dated 21.10.2013 c) Letter of Lien d) Agreement for Term Lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Mortgage on 29th December, 2016. 11. It is submitted that the Corporate Debtor did not maintain the loan account in terms of Sanction Letter and in spite of repeated requests, it failed to honour those terms and to deposit substantial amount in the credit accounts to regularize the same pursuant to which the Financial Creditor, following the RBI Circulars and Guidelines classified the loans of the Corporate Debtor as Non-Performing Assets with effect from 30th September, 2017. 12. The matter was taken up under SARFAESI Act, 2002 by issuing statutory Demand Notice dated 08.11.2018 under section 13(2) of SARFAESI Act, 2002 to the Corporate Debtor and Directors/Guarantors and demanded repayment of total outstanding amount of ₹ 4,92,28,551.51 (Rupees Four Crore Ninety Two Lakh Twenty Eight Thousand Five Hundred Fifty One and Paise Fifty Only) along with interest within a period of 60 days. 13. It is submitted that the Financial Creditor has a total outstanding claim of ₹ 5,73,49,287.00 (Rupees Five Crore Seventy Three Lakh Forty Nine Thousand Two Hundred Eighty Seven Only) along with interest of 15% per annum from 1.1.2019 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have any pecuniary or personal relationship with any of the stakeholders entitled to distribution under Section 53 or 178 of the Code. 17. We have heard Learned Counsel the Financial Creditor at length and have been taken through all the documents filed by the Financial Creditor mentioned above which sufficiently secured the loan of the Financial Creditor. Since the Corporate Debtor had availed the loan facilities from the Financial Creditor and had executed the Loan Agreement and all the Security documents in favour of the Financial Creditor and committed a default in repayment and ultimately was declared a Non-Performing Assets, we are fully satisfied and have no option but to admit the application and initiate Corporate Insolvency Resolution Process under section 7 of the Insolvency Bankruptcy Code read with Rule 4 against the Corporate Debtor. We, therefore pass the following order:- ORDER i) The application filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Sarnamoy Plastic Sack Manufacturing Privat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Professional registered with the Indian Institute of Insolvency Professionals of ICAI, having Registration No. IBBI/IPA- 001/IP-P00325/2017-2018/10595, E-mail ID: sanjeevjhunjhunwala@gmail.com Mobile No. 9831248361 , is hereby appointed as Interim Resolution Professional by this Tribunal for ascertaining the particulars of creditors and convening a meeting of Committee of Creditors for evolving a resolution plan. ix) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. x) The Registry is hereby directed under section 7(4) of the Insolvency and Bankruptcy Code; 2016 to communicate the order free of charge to the Financial Creditor, the Corporate Debtor and to the I.R.P. by Speed Post as well as through E-mail. xi) List the matter on 26th August, 2019 for filing of the progress report. xii) Certified copy of the order may be issued to all the concerned parties, if applied for, upon compliance with all requi ..... 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