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TMI Blog2020 (4) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... fer of Undertakings) Act, 1970. The application has been filed by the duly authorised officer, Shri Nangrani Niraj Kumar P., Assistant General Manager, Dena Bank, Jagnath Plot Branch, Rajkot. 2. The Respondent Corporate Debtor (CD) Company, namely Riddhi Siddhi Cotton Ginning and Pessing Private Limited was incorporated on 22/03/2006 with CIN: U17110GJ2006PTC047981. 3. The nominal share capital of the Respondent (CD) Company is Rs. 4,25,00,000/- (Rupees Four Crores Twenty Five Lakhs Only) divided into 42,50,000 (Forty Two Lakhs Fifty Thousand Only) equity shares of Rs. 10/- (Ten) each and the paid-up capital of the company is Rs. 4,25,00,000/- (Rupees Four Crores Twenty Five Lakhs Only) divided into 42,50,000 (Forty Two Lakhs Fifty Thousand Only) equity shares of Rs. 10/- (Ten) each. The Registered Office of the Corporate Debtor Company is situated at: Survey No. 251/P-2, Rajkot Jamnagar Highway, At Mota Rampar, Taluka Paddhari, Rajkot-360 110, Gujarat. 4. The Respondent (CD) Company is a Principal Borrower and is engaged in the business of cotton ginning and pressing. 5. It is submitted that the Respondent Company applied for Cash Credit Limit and the Financial Creditor sancti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled 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. 11. The Financial Creditor, to substantiate its claim, has enclosed following documents: - i. Copy of Sanction details dated 17/09/2013. (Page Nos. 16 to 26 of paper book) ii. Copy of Sanction Letter dated 15/01/2015. (Page Nos.27 to 34 of paper book) iii. Copy of Deed of Hypothecation dated 25/09/2013. (Page Nos. 40 to 52 of paper book) iv. Copy of Deed of Hypothecation dated 07/02/2015. (Page Nos. 53 to 56 of paper book) v. Copy of Letter of Guarantee dated 25/09/2013 signed by Shri Lavjibhai Popatbhai Kakadiya, Smt. Gauriben L. Kakadiya and Shri Vijaybhai L. Kakadiya. (Page Nos. 57 to 67 of paper book) vi. Copy of Letter of Guarantee dated 07/02/2015 signed by Shri Lavjibhai Popatbhai Kakadiya, Smt. Gauriben L. Kakadiya, Shri Vijaybhai L. Kakadiya and Shri Dhaval L. Kakadiya (Page Nos. 68 to 78 of paper book) vii. Copy of Instrument relating to Deposit of Title Deeds executed on 23/10/2013 bearing Registration No. 1145. (Page Nos. 79 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble Debts Recovery Tribunal of Ahmedabad. 14. The matter was taken up and heard both sides by this Bench on 4-12-2018, 18-1-2019, 25-2-2019, 20-3-2019, 2-5-2019, 29-7-2019, 19-8-2019, 13-9-2019 and 30-9-2019. The counsels of the Petitioner and the Respondent were present and put forth their submissions before the Bench. 15. It is submitted that the Petition is not barred by Law of Limitation as the last Payment come into the account was on 26/02/2016, when the Petition is filed on 30/11/2018. 16. 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. 17. 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 18. It is also found, that the Petitioner Bank has submitted the documents duly executed by the Corporate Debtors and guarantors along with a Certificate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017-18/10762, Email ID: [email protected], Address: 174, Balco Apartments, Plot No. 58. IP Extension, Delhi-110092, 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 further as per the order/directions issued by this Adjudicating Authority and to follow the provisions under sections 13 and 14 and other relevant provisions of the Insolvency and Bankruptcy Code, 2016. 21. As per the provisions of sections 13 and 14 of the IB Code on the date of commencement of insolvency, this Adjudicating Authority declares moratorium with effect from today for prohibiting all of the following, namely: - I. (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow claimed total dues of Rs. 27,56,18,408.00Ps which includes Outstanding + Undebited Interest as on 25/10/2018, whereas the Financial Creditor had claimed total dues of Rs. 19,69,5l,987.64Ps as on 11/03/2016 under SARFAESI. 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 Viable, feasible and implementation successful, in the era of Minimum Cost of funds based Lending Rate ("MCLR" in short) and Competitive market condition, the Committee of Creditor(s) (COC) may explore, while finalizing the Resolution Plan for the Corporate Debtor, the possibility of loading maximum interest at the Applicant Bank's Base Rate (BR) +1% from the date of default to the date of implementation of MCLR and further from the date of implementation of MCLR till the date of approval of the Resolution Plan interest at the rate of Petitioner Bank's One Year MCLR or One Year MCLR + 1% without any penal/overdue interest. 24. The Registry is hereby directed to communicate the authenticated copy of this order to the Financial Creditor, Corporate Debtor Company, ..... 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