TMI Blog2020 (3) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... rejection or dismissal. The application under section 7 (2) of the IB Code is complete in all respects and there is debt due to the Financial Creditor and there is default on the part of the corporate debtor . Hence, there is no alternative but to admit the application in absence of any infirmity - Application admitted - moratorium declared. - C.P. (IB) NO. 396/7/NCLT/AHM/2018 - - - Dated:- 1-1-2020 - Ms. Manorama Kumari, Judicial Member And Chockalingam Thirunavukkarasu, Technical Member Raju Kothari, Adv. and Anip Gandhi for the Petitioner. Sandeep C. Bhatt, Adv. for the Respondent. ORDER Ms. Manorama Kumari, Mr. Tapan Kumar Paul, Chief Manager, being authorised signatory of Bank of Baroda, 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(1)(a)(b)(c) of the Code. 2. That the applicant/financial creditor Bank of Baroda is a body corporate constituted under the provisions of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing documents in support of their claim: - Sl. No. Particulars Page Nos. 1 Form 1 1-14 2 Power of attorney, dated 04.06.1992 and authority letter, dated 01.08.2018 13-15 3 Sanction details, dated 17.12.2014, of cash credit facility of ₹ 4.50.00,000/- 19-24 4 Sanction letter, dated 18-12-2015, for renewal cum enhancement of cash credit limit 25-30 5 Resolution passed at the meeting of the Board of Directors of respondent company, dated 19.12.2014 31-32 6 Demand promissory note of ₹ 4,50,00,000/-, dated 23.12.2014 34-46 7 Hypothecation agreement, dated 23.12.2014 34-46 8 Letter of guarantee, dated 23.12.2014 47-55 9 General undertaking 56-60 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m No. 1 filed by the applicant bank is not correctly filled up, hence, only on this ground alone the application is required to be rejected; (ii) Signatory of the petition is not the authorised person to file the present petition; (iii) The account of the respondent company was never become NPA and the classification of NPA done by the applicant bank is already under challenge before DRT-II, Ahmedabad; (iv) The applicant bank has not disclosed about the interim order, dated 07.06.2016, passed by DRT-II, which itself proves that the applicant bank have not come with clean hands; Findings 10. Heard the counsels for both the sides, perused the documents annexed to the application and the reply filed by the corporate debtor. 11. On perusal of the records it is found that from time to time the corporate debtor has made payments towards the outstanding. That, the last payment is made by the corporate debtor on 31st October, 2017, towards interest which is reflected in the statement at page No. 454 to the application. That, the documents filed along with the application is sufficient to prove that there exists financial debt. 12. On perusal of the records it is found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of a financial debt owed to any financial creditor of the corporate debtor. It need not be a debt owed to the applicant financial creditor. Under section 7 (2), an application is to be made under Sub-Section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in part I, particulars of the corporate debtor in part II, particulars of the proposed interim resolution professional in part III, particulars of the financial debt in part IV and documents, records and evidence of default in part V. Under Rule 4 (3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or sped post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor committed default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt. 19. 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'. 20. 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. Along with the application, the applicant proposed the name of the Resolution Professional namely Mr. Bhupendra Singh Nerayan Singh Rajput. Therefore, this Adjudicating Authority hereby appoint Shri Bhupendra Singh Narayan Singh Rajput, A-309, ATMA House, Opp. Old Reserve Bank of India, Ashram Road, Ahmedabad 380 009 (cabsrajput309@gmail.com Mobile 9426014155) having registration No. IBBI/IPA-001/IP-P00397/2017-2018/10715, to act as an interim resolution professional under section 13(1)(c) of the Code. Form 2 of the proposed interim resolution professional has been annexed and placed at page No. 563-564 of the application where declaration is made th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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