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2019 (12) TMI 126

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..... 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") 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 incorporated on 19.07.1969, having identification No. PAN No. AAACB0472C and having registered office at Bandra Kurla Complex, Star House, Bandra (E), Mumbai 400 051 3 . M/s. Khushbu Vinyl Private Limited is a company incorporated under the Companies Act, 1956 on 22nd May, 1996, having identification No. U51100GJ1996PTC029716, having its registered office at Block No. 28, Village Ujeti, Baska Ujeti Road, Halol, Dist. Panchmahal, Gujarat State. That, Authorised share capital of the respondent company is ₹ 3,00,00,000/- and paid up share capital is ₹ 2,50,32,000/-. 4. That, the applicant/fina .....

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..... o. 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 claimed to be in default and its calculation in tabular form together with the principal amounts, accrued interest and penal Interest, as applicable as on 13.11.2018 126-132 7 Statement of accounts of the corporate debtor maintained by BOI 133-148 8 Certified copy of extract from the minutes of meeting of the Board of Directors of the corporate debtor held on 03.11.2012 149-156 9 Hypothecation cum loan agreement (plant & Machinery, stocks and book debts) executed on 09.11.2012 by corporate debtor in favour of Bank of India 157-189 10 General counter guarantee & indemnity by a surety/sureties covering several guarantees within the sanctioned guarantee limit dated 09.11.2012 198-201 11 Term loan agreement executed on 09.11.2012 executed between financial creditor and corporate debtor 190-197 12 General counter - guarantee & indemnity by a surety/sureties covering s .....

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..... 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. No. 4561 executed on 17.06.2015 by corporate debtor and its mortgagors in favour of Syndicate Bank and Bank of India 651-733 33 Certified true copy of the resolution passed at the meeting of the Board of Directors of Binita Nesvi Infra Pvt. Ltd. - corporate guarantor held on 17.06.2015 for providing corporate guarantee to the corporate debtor 734-736 34 Certified true copy of the resolution passed at the meeting of the Board of Directors of corporate debtor held on 17.06.2015 737-746 35 Deed of guarantee dated 20.06.2015 by Binita Nesvi Infra P. Ltd. in favour of SB Consortium consisting of Syndicate Bank and Bank of India 747-758 36 Inter se agreement amongst Syndicate Bank and Bank of India as members of Syndicate Bank consortium executed on 20.06.2015 759-775 37 Deed of hypothecation executed on 20.06.2015 by corporate debtor in favour of Syndicate Bank and Bank of In .....

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..... ault 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 default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt by way of affidavit. 12. 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'. 13. 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. Moreover, Director of the respondent company has filed affidavit in reply inter alia admitting the debt. 14. Along with the application, the applicant proposed the name of the Resolution Professional namely Shri Chandra Prakash Jain, D-501, Ganesh Meridian, Opp. Gujarat High Court, Ahmedabad 380 060 (Email ID jaincp@yahoo.com Mobile : 9824036127 .....

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