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TMI Blog2020 (4) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... any Limited as a Trustee of RARC Dena Bank 024 Trust hereby submits this application to initiate a corporate insolvency resolution process in the matter of Morakhia Copper and Alloys Private Limited (Formerly known as Morakhia Metal & Alloys Private Limited). 3. By virtue of an Assignment Agreement dated 9-12-2016 executed between Dena Bank and the Financial Creditor herein as Trustee of RARC Dena Bank 024 Trust, Dena Bank (now Bank of Baroda) has assigned financial assets/debts including loan accounts along with right, title and interest together with underlying securities in favour the Financial Creditor under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 4. By notice dated 24-10-2018 regarding proposed petition before NCLT under Insolvency and Bankruptcy Code, the Financial Creditor intimated the Corporate Debtor that the Financial Creditor, acting as Trustee of RARC Dena Bank 024 Trust, has become the creditor in place of Dena Bank and is lawfully entitled to recover the entire dues from the Corporate Debtor in the loan availed by Corporate Debtor from Dena Bank. 5. The application has been filed by the duly authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sixty Three Lakhs Eleven Thousand Thirty and Thirty Eight Paise Only) as on 21-5-2019. Which is inclusive of undebited/uncharged interest of INR. 32,55,27,644.38. The Corporate Debtor has also paid INR. 4,73,50,000.00 between 4-11-2016 to 25-1-2018. 12. The Financial Creditor, 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. (Page Nos. 137-138 of paper book) 13. The present application has been filed by the Financial Creditor under section 7 of the Insolvency and Bankruptcy Code, 2016 read with rule 4 of the Insolvency and Bankruptcy before this Adjudicating Authority to initiate the Corporate Insolvency Resolution Process. 14. The Financial Creditor, to substantiate their claim, has enclosed following documents:- i. Copy of the sanction letter dated 18-6-2012. (Page No. 70-78 of paper book) ii. Copy of Demand Promissory Note dated 19-7-2012. (Page No. 84 of paper book) iii. Letter of Continuity dated 19-7-2012. (Page No. 85 of paper book) iv. Copy of General undertaking dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is submitted that the averments made therein are not wholly correct and true. It is denied that the properties mentioned therein are legally and validly mortgaged in favour of the erstwhile Dena Bank and by virtue of the Deed of Assignment, the petitioner company has acquired its right as averred. It is pertinent to note that a negotiation for amicable settlement was under process and the same was at the final stage. However, at the relevant time the debts were assigned by Dena Bank to the petitioner company. The Deed of Assignment is registered at Bombay. Thereafter a meeting with the officer of the petitioner company and the director of the respondent company were held and number of times the negotiation had taken place for the amicable settlement. In terms of the settlement, the petitioner company has agreed to accept a total sum of INR. 15,50,00,000.00 being full and final settlement. 16.4 It is further stated that such other objections which may be raised at the time of proceedings, to dismiss the present petition filed by the petitioner without any authority and compensatory cost may be awarded. 17. The matter was taken up and heard both sides by this Bench on 11-7-2019, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). This is reflected in their Reply Affidavit, Balance Sheet and our statement of accounts and Rebuttal. Thus a right to sue accrued to the applicant on 25-1-2018, the applicant filed present application in May, 2019 which is within the limitation of three years counted from 25-1-2018. 19.3 The Corporate Debtor paid an amount of Rs. 77 Lakhs to the Applicant. (Page Nos. 15-17 Copies of proposal letter dated 27-3-2017 and corporate debtor's Financial statement dated 31-3-2018 are enclosed as Annexure - 'B' and 'C' respectively in Rebuttal). Also (Page 18 para 5.18 of the petition) In view of the aforesaid, it is therefore submitted that the petition needs to be Admitted and initiate CIRP of the Respondent. 20. The Learned Lawyer of the petitioner clarified the positions and put forth its arguments relying on the documents submitted by them, which were executed by the Corporate Debtor and the Mortgagors/Guarantors. 21. It is a settled legal position that the pendency of SARFAESI proceeding or other disputes do 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various dates between 4-11-2016 to 25-1-2018 wherein this petition has been filed on 1-7-2019. (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Financial Creditor under section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor. Hence, the present IB Petition is admitted with the following Directions/observations. The date of admission of this petition is 19-2-2020. 25. This Adjudicating Authority hereby appoints, as proposed, by the Financial Creditor Mr. Jitender Kumar Jain, having Insolvency Professional Registration No. IBBI/IPA-002/IP-N00033/2016-17/10070, Email ID: [email protected], Address: C/o. Arcindo Law, Level 8, Vibgyor Tower, G Block, C-62, Bandra Kurla Complex, Bandra (East), Mumbai - 400 098, Maharashtra, 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. The IRP is also to act further as per the order/directions issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion under section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day-to-day affairs of the 'Corporate Debtor'. In case there is any violation, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 28. It is also observed that the Applicant has claimed total dues of INR. 55,63,11,030.38 as on 21-5-2019 which is inclusive of undebited/uncharged interest of INR. 32,55,27,644.38. Moreover, the Corporate Debtor has paid INR.4,73,50,000.00 during the Period between 4-11-2016 to 25-1-2018. One of the prime objectives of the Insolvency and Bankruptcy Code, 2016 is to find out a viable Insolvency Resolution Plan in time for the Corporate Debtor and in order to have a Resolution Plan Via ..... X X X X Extracts X X X X X X X X Extracts X X X X
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