Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home List
← Previous Next →

2019 (12) TMI 126

..... the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt by way of affidavit - In the instant case, the documents produced by the Financial Creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'financial debt'. There is existence of default and that the application under Section 7(2) of the Code is also complete in all respect - the petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted. Petition admitted - moratorium declared. - C.P. NO. (IB) 60/7/NCLT/AHM/2019 - 19-7-2019 - Ms. Manorama Kumari And Harihar Prakash Chaturvedi, Judicial Member Kuldeep K. Adesara, Adv. and Ketan Parikh, Adv. for the Applicant. Sandeep C. Bhatt, Adv. for the Respondent. ORDER Ms. Manorama Kumari, Mr. Priyaranjan Kumar, Chief Manager, Bank of India, Ahmedabad filed this petition under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... er section 13 (2) read with 13 (13) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on 11.05.2017 to the respondent company demanding an amount of ₹ 31,45,35,338.33 (Rupees thirty-one crores forty-five lacs thirty-five thousand three hundred thirty-eight and paise thirty-three only) with further interest with effect from 11.05.2017 @ 1% (simple) with monthly rests in cash credit account & @ 5.90% (including tenor premium) over base rate, presently 16.45% p.a. (including penal interest @ 1% simple) with monthly rests in term loans till date of payment within a period of 60 days from the date of notice. That, copy of said demand notice is placed with the application marked as Annexure 1-142 at page No. 1076. 7. The applicant has submitted copy of the following documents in support of their claim:- Sl. No. Particulars Page Nos. 1 Application u/s 7 of IB Code 1-24 2 POA dated 26.07.2017 given by Board of Directors of the applicant 25-44 3 Memorandum of association and articles of association of corporate debtor 45-78 4 Form - 2 - consent form of the IRP 79-81 5 . Sanction letters 82-125 6 Working showing amount claim .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... letters of credit where more persons than one guarantee dated 08.05.2014 449-455 25 Second supplemental agreement of loan and hypothecation of plant and machinery, stocks and book debts executed on 08.05.2014 by corporate debtor in favour of financial creditor 456-464 26 Credit facility agreement between Khushbu Vinyl (P.) Ltd. and financial creditor dated 08.05.2014 465-501 27 Deed of guarantee dated 08.05.2014 by guarantors of the corporate debtor financial creditor 502-514 28 General counter guarantee and indemnity covering several guarantees within the sanctioned guarantee limit dated 08.05.2014 515-518 29 General counter guarantee and indemnity by surety/sureties covering several guarantees within the sanctioned guarantee limit dated 08.05.2014 519-522 30 Deed of rectification to the supplemental memorandum of entry registered at serial No. 3099 executed on 09.05.2014 between corporate debtor and its mortgagors in favour of Bank of India 523-555 31 Second supplemental memorandum of entry registered at Serial No. 3100 executed on 09.05.2014 between corporate debtor and its mortqagors in favour of Bank of India 556-650 32 Memorandum of deposit of title deeds registered at Sl. N .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... quest of the respondent, the applicant bank had modified the terms and conditions of payment which is to be repaid within the stipulated period as per the terms and conditions agreed between the parties. That, the applicant bank had issued notice dated 11.05.2017 to the respondent demanding an amount of ₹ 31,45,35,338.33/- and informing about the initiation of insolvency proceedings under IB Code, 2016 but the corporate debtor failed to repay the same. Consequent upon which the petitioner had to file the instant application which is within time. The amount due to the Financial Creditor from the Corporate Debtor is a financial debt. In view of the Judgment of the Hon'ble National Company Law Appellate Tribunal, in case of Innoventive Industries Ltd. v. ICICI Bank Ltd., [2017] 82 taxmann.com 190/142 SCL 11 this Adjudicating Authority has to satisfy whether a default has occurred; whether the Application is complete; and whether any disciplinary proceeding is pending against the proposed Insolvency Resolution Professional. 11. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed defau .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 18. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transaction as may be notified by the Central Government in consultation with any financial sector regulator. 19 . The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 20. This Petition stands disposed of accordingly with no order as to costs. 21. Communicate a copy of this order to the Applicant, Financial Cr .....

X X X X X X X

Full Text of the Document

X X X X X X X

 

 

← Previous Next →

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map ||