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TMI Blog2019 (9) TMI 1324X X X X Extracts X X X X X X X X Extracts X X X X ..... at pages 27 to 28. The authorization in favour of Shri Kailash Chander as constituted attorney for the Bank is at page 29 of the petition. Regulation 76 & 77 of the State Bank of India General Regulations, 1955 and The Gazette of India No.44, containing the order dated 31.08.2005 of the Executive Committee of the Central Board, under which he derives power to sign the petition are at page Nos.30 to 35. 2. The copy of certificate of incorporation is at Annexure A-3 and Memorandum and Articles of Association of Corporate Debtor are stated to be filed at Annexure A-4 of the petition. The Corporate Debtor is stated to be incorporated on 23.10.2007 and the registered address is stated to be at B-XXXV/539-A/10, Jalandhar Byepass Road, Karabara, Near Shiv Puri, Ludhiana - 141008, Punjab. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. It is stated in Part-IV of Form No.1 that the Corporate Debtor was sanctioned credit facilities on 20.09.2008 and 30.01.2009 and the respective dates of disbursement are indicated in the statement of accounts thereof. The credit facilities sanctioned are as under:- Facility by State Bank of India Limit (Rs. in Crores) Cash Credit ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the SARFAESI Act, 2002. In this notice, it is informed to the corporate debtor that the operation and conduct of the financial assistance/credit facilities have become irregular and the debt has been classified as Non-Performing Asset (NPA) in accordance with the directives/guidelines of Reserve Bank of India. The outstanding amount as on 08.10.2011 was Rs. 113,37,34,402/-inclusive of interest as per this notice. The amount outstanding included the facilities offered by SBI, SBOP as well as Allahabad Bank. Further, another notice under section 13(4) of the SARFAESI Act, 2002 was issued on 11.09.2017 to the respondent-corporate debtor for undertaking the possession of the two properties as it has failed to repay the default amount. Copies of these notices are found to be attached as Annexures A-12 and A-13 with the petition. 7. In Part-III of Form No.1 Mr. Sanjay Kumar Aggarwal, Regn. No. IBBI/IPA-002/IP-N00126/2017-2018/10295 has been proposed as Interim Resolution Professional (IRP).Form No. 2 submitted by the proposed IRP is stated to be attached as Annexure A-24 of the petition. 8. Vide order dated 24.12.2018, notice of the petition was directed to be issued to respondent-cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere sanctioned to the respondent-corporate debtor on 20.09.2008 and 30.01.2009 and that in respect of the these facilities, acknowledgement of debt was furnished by the Corporate Debtor vide Board Resolutions dated 19.04.2008 and 11.09.2008 (Annexure A-7 and A-9 of the petition). The copies of the statement of account pertaining to the credit facilities duly certified under the Bankers Books Evidence Act 1891 have been filed as Annexures A-14 to A-19 of the petition. The amounts due along with the calculation sheets along with due interest up to and including 30.09.2018 is given as under:- Sl. No. Bank Name & Account No. Date of NPA Balance as on 30.09.2018 Interest from 01.04.2009 to 30.09.2018 Total Dues as on 30.09.2018 1. SBI 33090726452 31.03.2009 Rs. 586563113.30 Rs. 2025101139.19 Rs. 2611664252 2. SBOP 31.03.2009 Rs. 121041221.08 Rs. 322718755.92 Rs. 443759977 Total Rs. 3055424229 15. It has been stated by the Bank that original application OA No. 157 of 2012 filed against the respondent-corporate debtor and other obligants with the DRT-I, Chandigarh wherein the recovery certificate dated 21.07.2016 was issued. The OA is f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of CIRP against Priknit Retails Limited be admitted. The directions regarding moratorium and appointment of IRP are given below. 22. We declare the Moratorium in terms of sub-section (1) of section 14 of the code as under:- (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 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 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. 23. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during morat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ublic announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of section 13(1)(b) of the Code read with section 15 calling for the submission of claims against Corporate Debtor; (vi) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; (vii) The Interim Resolution Professional shall after collation of all the claims received against the corporate debtor and the determination of the financial position of the corporate debtor constitute a committee of creditors and shall file a report, certifying constitution of the committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the committee within seven days o ..... 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