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2019 (11) TMI 444

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..... (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 of ₹ 99,60,370/- (Rupees Ninety Nine Lakh Sixty Thousand Three Hundred Seventy O .....

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..... ing 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 Loan dated 21.10.2013 for ₹ 8,90,00,000/- e) Agreement for Hypothecation of Goods dated 21.10.2013 for ₹ 8,90,00,000/- f) Agreement for Hypothecation of Debts and Movable Assets (Primary Security) dated 21.10.2013 for ₹ 8, .....

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..... as 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 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, non .....

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..... 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 Private Limited is hereby admitted. ii) Moratorium is 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 auth .....

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