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2020 (2) TMI 638

..... iled by the Petitioner Bank and the facts mentioned, this Adjudicating Authority is satisfied that, (a) The Corporate Debtor availed the loan/credit facilities from the Financial Creditor Bank;(b) Existence of debt is above Rs. One Lakh; (c) Debt is due; (d) Default has occurred on 31/03/2014; (e) Petition had been filed within the limitation period; (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank Under Section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Hence, the present IB Petition is admitted. The date of admission of this petition is 18/12/2019 - Moratorium to have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process. - C.P. (IB) NO. 305/7/NCLT/AHM/2018 - 18-12-2019 - Harihar Prakash Chaturvedi, Judicial Member And Prasanta Kumar Mohanty, Technical Member Ketan M. Parikh, Adv. for the Applicant. Shashwata Sukla, Adv. and Sharvil P. Majmudar for the Respondent. ORDER Prasanta Kumar Mohanty, The present IB. Petition is filed by the Financial Credito .....

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..... ng steam and/or induction cured using continuous filament winding by helical winding method, and the resultant product having applications in drinking water, fire fighting, seawater, sewer, treated water, chemicals and industrial wastes, oil & gas applications including onshore and offshore." 5. It is submitted that the Respondent Company applied for various loan facilities from consortium Member Banks including Bank of India. Applicant sanctioned TL Loans and Cash Credit facilities for total aggregate Limit of ₹ 61.85 Crores with terms and conditions including collateral securities of properties. 6. The Corporate Debtor availed the Loans executing various documents and some documents executed by the mortgagors/guarantors in favour of the Applicant Bank binding themselves as liable to pay the loan facilities availed by the Corporate Debtor. The total aggregate limit of ₹ 61.85 Crores (FB/NFB) was sanctioned by the Applicant Bank vide sanction letter dated 21/06/2008 with certain terms and conditions including hypothecation of plant and machineries, stocks and book debt, mortgage of immovable properties. Details of the charges created by the Corporate Debtor in .....

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..... res Thirty Five Lakhs Eighty Four Thousand Three Hundred & Sixty Four Rupees and Seventy Seven Paisa Only) as on 14.06.2018 as computed in the page Nos. 5 to 11 of the paper book which is given below: Total aggregate amount due as on 14.06.2018. Sl. No. Outstanding amount Undebited interest + Penal interest + Other debits. Recovery made from Corporate Debtor. Total dues 1. CC Facilities 4,37,53,498.40/- 10,98,20,623.78/- 2,28,21,633.81/- 13,07,52,488.37/- 2. FITL 1,17,64,507.00/- 1,50,57,206.24/- NIL 2,68,21,713.24/- 3. Term Loan 7,37,00,000.00/- 5,14,06,137.77/- 7,26,905.00/- 12,43,79,232.77/- 4. Term Loan 1,30,00,000.00/- 90,71,248.06/- 1,31,899.00/- 2,19,39,349.06/- 5. Term Loan 11,24,00,352.00/- 7,84,31,651.33/- 11,40,422.00/- 18,96,91,581.33/- Total (+) (+) (-) 49,35,84,364.77/- 25,46,18,357.40/- 26,37,86,867.18/- 2,48,20,859.81/- 14. The Petitioner Bank, in support of its contentions has annexed the details of Financial Debt, Records and evidences of default including copies of all the sanction letters, the workings showing the amount claimed to be in default and its calculation in tabular form as on 14/06/2018 along with ROC search report and Valuation reports as detaile .....

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..... Agreement dated 27/12/2013 between the Corporate Debtor and the Financial Creditor. (page Nos. 403 to 440 of paper book) 14.19 Copy of Revival Letter dated 09/01/2014. (page Nos. 441 to 444) 14.20 Copy of ROC Search Report dated 10/04/2018. (page Nos. 456 to 467 of paper book). 14.21 Copy of Valuation Reports (page Nos. 468 to 492 of paper book) 14.22 CIBIL Report (page Nos. 505 to 620 of paper book) 15. In response to the present IB. Petition filed by the Petitioner Bank, the Respondent has filed its objections on 29.08.2018. 15.1 It is submitted that the application is not in the form Prescribed under the Insolvency and Bankruptcy Code, 2016. The Statement of Account is not attached in accordance with the Bankers Book Evidence Act, 1891 and hence, the proceedings filed by the applicant before the Tribunal are not maintainable. 15.2 It is submitted that the present Insolvency proceedings, having been initiated beyond the prescribed period of limitation of 3 years from the date of the loan, or in any event having been instituted beyond a period of 3 years from 31.03.2014, i.e. the alleged date of default, is barred by the law of limitation. It attracts Section 137 of Limitation Ac .....

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..... 20. The matter was taken up and heard both sides before this Bench on 16.07.2018, 24.08.2018, 10.10.2018, 12.11.2018, 03.12.2018, 04.01.2019, 31.01.2019, 14.02.2019, 27.03.2019, 29.05.2019, 17.07.2019, 22.08.2019 and 20.09.2019. The counsels of the Petitioner and the Respondent were present and put forth their submissions before the Bench. 21. It is a settled legal position that the pendency of SARFAESI proceeding or other dispute does not prevent a Financial Creditor to trigger the C.I.R.P. because the nature of remedy being sought for under the provisions of the IB Code is "Remedy in Rem" in respect of the CD. 22. The Petitioner Bank has suggested the name of Insolvency Professional to be appointed, if this petition is allowed and the proposed I.R.P. has also given his affirmation/consent in writing, which is annexed with the present IB. Petition. OBSERVATIONS 23. It is observed that the Petitioner Bank has submitted the documents duly executed by the Corporate Debtors and guarantors along with a Certificate under the Banker's Book of Evidence Act, 1891, in support of their IB Petition for initiation of C.I.R.P. 23.1 The TL loans/CC/Non-fund limit were sanctioned a .....

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..... an/credit facilities from the Financial Creditor Bank; (b) Existence of debt is above Rs. One Lakh; (c) Debt is due; (d) Default has occurred on 31/03/2014; (e) Petition had been filed within the limitation period; (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank Under Section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Hence, the present IB Petition is admitted with the following Directions/observations. The date of admission of this petition is 18/12/2019. 25. This Adjudicating Authority hereby appoints, as proposed, Mr. Chandra Prakash Jain, having Insolvency Professional Registration No. IBBI/IPA-001/IP- P00147/2017-18/10311, Email ID: Jain_op@yahoo.com, Mob. No. 9824036127, Address: D-501, Ganesh Meridian, Opp. Gujarat High Court, Ahmedabad-380060, Gujarat, India as an Interim-Resolution Professional. The Interim Resolution Professional is further directed to make public announcement of moratorium in respect of Corporate Debtor soon after receipt of an authenticated copy of this order and to act .....

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