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TMI Blog2020 (2) TMI 638X X X X Extracts X X X X X X X X Extracts X X X X ..... horised officer, Shri Dineshkumar Vashrambhai Chavda, Bank of India, Zonal Office, Bhadra, Ahmedabad. 2. The Respondent Corporate Debtor (CD) Company, namely, Pacific Pipe Systems Private Limited was incorporated on 08/03/2008 with CIN: U28110GJ2008PTC053182 (04-53182). 3. The nominal share capital of the Respondent (CD) Company is Rs. 10,00,00,000/- (Rupees Ten Crores Only) divided into 1,00,00,000/- (One Crore Only) equity shares of Rs. 10/- (Ten) each and the paid-up capital of the company is Rs. 5,00,00,000/- (Rupees Five Crores Only) divided into 50,00,000/- (Fifty Lakhs Only) equity shares of Rs. 10/- (Ten) each. The Registered Office of the Corporate Debtor Company is situated at: Building No. 9, Sigma Corporate, Behind Rajpath Club, Off. S.G. Road, Bodakdev, Ahmedabad-380054. 4. The main objects of the company, by which the Respondent (CD) Company is incorporated, are mentioned in the Memorandum of Association which are briefly mentioned as: "To establish, design, engineer, contract, produce, manufacture, treat, process, import, export, purchase, sell, finish, pack, repack, install, and to act as brokers, agents, consultants, merchants, stockists, distributors, supplie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor. 8. Corporate Debtor registered charge of their liability in favour of the Bank of India for Rs. 61.85 Crores with ROC, Ahmedabad on 25.08.2008. CH ID No. 10117086 CH CERT No.20080825-9302086 CH SR No. 20080820-9206686 9. Corporate Debtor again registered charge for Three Lenders with total amount of Rs. 119.83 Crores including the charge for the Applicant Bank of Rs. 61.85 Crores vide: CH ID No. 10142029 CH CERT No. 20090224-583858 CH SR No. 20090220-551670 10. The last charge is Registered with ROC by the Corporate Debtor, Ahmedabad in favour of all Lenders including this financial Creditor on 11/01/2017 for Rs. 109.39 Crores including the Applicant's loan of Rs. 51.41 Crores. CH ID No. 10165131 CH CERT Dated 11.01.2017 CH FM CHG 1 Dated 11.01.2017 11. The Corporate Debtor also filed Annual Return as at 31.03.2017 with ROC confirming their indebtedness as detailed below: Sl.No. Particulars Amount Outstanding 1. Secured Loans Excluding Deposits Rs. 46,69,45,996/- 2. Unsecured Loans Excluding Deposits Rs. 38,96,41,561/- Total Rs. 85,65,87,557/- 12. The Corporate-Debtor has defaulted payment and the date of default is 31/03/2014 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ORIENTAL BANK OF COMMERCE AS MEMBERS OF BOI CONSORTIUM (page Nos. 204 to 213 of paper book). 14.6 Copy of Letter of Authority dated 23.01.2009 given by the Karur Vysya Bank Limited (page Nos. 214 to 215 of paper book) 14.7 Copy of Letter of Authority dated 23.01.2009 given by the Oriental Bank of Commerce, (page Nos. 216 to 217 of paper book) 14.8 Copy of Article of Agreement dated 23/01/2009 between Corporate Debtor with BOI Consortium (page Nos. 218 to 226 of paper book). 14.9 Copy of Working Capital Consortium Agreement dated 23/01/2009 between Corporate Debtor with BOI Consortium, (page Nos. 227 to 258 of paper book) 14.10 Copy of Joint Deed of Hypothecation dated 23.01.2009 by and between Corporate Debtor with BOI Consortium. (Page Nos. 259 to 282 of paper book) 14.11 Copy of Indenture of Mortgage dated 15.06.2009 registered at Sl. No. 2147 dated 10/06/2009 with SRO-Sanand. (page Nos. 283 to 341 of paper book) 14.12 Copy of Revival Letter dated 07/02/2010 (page Nos. 342 to 343 of paper book) 14.13 Copy of first Supplemental Joint Deed of Hypothecation dated 04/05/2012 executed by & between Corporate Debtor with BOI Consortium. (page Nos. 350 to 354 of paper book) 14. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same is an abuse of the process of law. 15.6 Lastly, the present application may be dismissed with costs and the interim relief sought by the petitioner be denied by this Tribunal. 16. The Learned Lawyer of the Applicant Bank (FC) clarified their positions and put forth their arguments relying on the documents submitted by them, which were executed by the Corporate Debtor and the Mortgagors/Guarantors. 17. The Corporate Debtor has also executed Revival Letter dated on 07/12/2010, 04/05/2012 and 09/01/2014. The Financial Creditor has also referred the CIBIL report filed with their application which confirms the debt is in default. 18. The Petitioner Counsel argued that this claim does not attract Section 137 of limitation Act, as claimed by the counsel of Corporate Debtor, as because the clear acknowledgement of debt by the Corporate Debtor is available/submitted from the date of release of the Loan till 11/01/2017 by way executing documents, revival letters on 07/12/2010, 04/05/2012, 09/01/2014 and creating charge in favour of the Applicant Bank with ROC on 25/08/2008, 24/02/2009, 13/05/2014, 11/01/2017 besides filing Balance Sheet of 31/07/2017. Confirming their indebtness to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s filed the petition within the period of limitation, as the date of mortgage of the property is 15.06.2009, SARFAESI proceeding initiated on 17.10.2014, DRT proceedings started in 2014 and the Credits have come into the loan accounts on 04/03/2015. 23.4 Revival letters have been executed on 07/12/2010, 04/05/2012, 09/01/2014. Corporate Debtor has acknowledged the debts of the Applicant by creating charge with ROC, Ahmedabad in favour of Financial Creditor on various dates including 25/08/2008, 24/02/2009, 13/05/2014 & 11/01/2017. Corporate Debtor also filed Balance Sheet with ROC upto 31/03/2017 acknowledging their liability to the Applicant bank. 23.5 Corporate Debtor offered OTS proposed on 27/02/2018 for Rs. 15.50 Crores to Rs. 16.25 Crores referring the earlier correspondence on 27/11/2017, 20/01/2018 and JLF meeting on 26/12/2017. Their offer was not accepted by the Financial Creditor. Further as per records submitted by the Corporate Debtor (Page Nos.1 to 8 of paper book) they had also offered detailed OTS amount of Rs. 22.77 Crores for all three lenders by Managing Director Mr. Ashit Doshi of the Corporate Debtor which was not accepted by the Applicant Bank vide e-mail da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n any Court of Law, Tribunal arbitration panel or other authority. (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein. (c) Any action to foreclose, recover or enforce any security interest created 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). (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. III. The provisions of sub-section (1) shall not apply to (a) such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process. 27. The IRP is hereby advised to adhere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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