TMI Blog2019 (8) TMI 1503X X X X Extracts X X X X X X X X Extracts X X X X ..... and a default has in fact occurred which prompts us to admit the petition which is otherwise completed - Application admitted - moratorium declared. - CP (IB) NO. 1671/KB/2018 - - - Dated:- 28-8-2019 - Jiman K.R., Judicial Member And Harish Chander Suri, Technical Member For the Applicant : Tanweer Ahmed Khan, Adv. and Md. Nasiruddin, Adv. For the Respondent : Mainak Bose, Adv., Ms. Urmila Chakraborty and Shakeel Mohammed Akhter ORDER HARISH CHANDER SURI, TECHNICAL MEMBER. 1. This Company Petition No. CP(IB) No. 1671/KB/2018 has been filed by Oriental Bank of Commerce, hereinafter referred to as The Financial Creditor against M/s. RDH Technologies Private Limited, having its registered office at Kolkata, hereinafter referred to as the Corporate Debtor for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The Financial Creditor has authorized One Mr. Pankaj Kumar Verma, the Chief Manager of the Financial Creditor who has been duly authorized by the General Manager of the Financial Creditor who, in turn, has been authorized by the Board of Directors of the Bank vide Board Resolution No. A24 dated 16-12-2017 to fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undred Thirty Eight Only) was due as on 30th September, 2018 and the account of the Corporate Debtor had been classified as a Non-Performing Asset as on 15th December, 2012 when the amount of ₹ 5,31,14,402/- was due. The Financial Creditor has further submitted that the Corporate Debtor had stood guarantee for (1) M/s. Bahubali Commercial Pvt. Ltd. a sum of ₹ 3,03,17,328/-inclusive of interest till 27-03-2014, (2) M/s. Safal Dealers Pvt. Ltd. a sum of ₹ 3,84,05,667.60 P. inclusive of interest till 27-03-2014, (3) M/s. Gandhyanya Properties Pvt. Ltd. a sum of ₹ 94,26,284.23p. inclusive of interest till 30-04-2012, (4) M/s. Purushotam Trade Promotion Pvt. Ltd. a sum of ₹ 89,05,156.85 p. inclusive of interest till 30-04-2012, and (5) M/s. Rameshwaram Trexim Pvt. Ltd. a sum of ₹ 2,78,89,937.53 p. till 30-04-2012, the outstanding total comes to ₹ 19,04,12,812.21p. (Rupees Nineteen Crore Four Lacs Twelve Thousand Eight Hundred Twelve and Paise Twenty One Only). In support of the claim the Financial Creditor has filed a copy of the Certificate of Registration for modification of charge registered with the Registrar of Companies, Kolkata in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts of five companies. The purported letter dated 16-04-2018 alleged to have been written by the Financial Creditor to a director of the corporate debtor is allegedly for withdrawal of the liquidation plan/settlement offered under the letter dated 28-5-2014. Apart from the two letters, nothing has been disclosed or stated regarding the debts of the said five companies. In Part-IV, Serial No. 2, a bald statement has been made that the corporate debtor is a corporate guarantor and certain purported amounts together with interest has been indicated and thereafter purported outstanding sum has been disclosed. The entire purported statement regarding default is incorrect, misconceived, fictitious, baseless and is devoid of substance whatsoever. There is no default within the meaning of sub-section 2 of section 7 of the Code of 2016 and the Financial Creditor is not entitled to maintain the present proceedings against the Corporate Debtor . 9. The Corporate Debtor has further disputed and denied that Mr. Pankaj Kumar Verma has been authorized by the Financial Creditor to submit application before this Tribunal. In the rejoinder to the reply filed by the Financial Creditor howeve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... documents placed on record by the Financial Creditor particularly the Bank statements which indicate that part of the amount of loan was paid by the Corporate Debtor till 29th July, 2017 but the default had occurred in respect of ₹ 7,54,68,438/- (Rupees Seven Crore Fifty Four Lacs Sixty Eight Thousand Four Hundred Thirty Eight Only) as on 30th September, 2018 and the total amount due from the Corporate Debtor in respect of the 5 (Five) Companies for which the Corporate Debtor had stood as Corporate Guarantor made the total outstanding to the tune of ₹ 19,04,12,812.21p. which the Corporate Debtor has failed to pay in terms of the agreement and sanction letter. The Bank however has further secured its loan by creation of equitable mortgage of the immovable properties of the Company including land. 14. The Financial Creditor has also proposed the name of Mr. Ajay Kumar Agarwal, an insolvency professional registered with ICSI Insolvency Professionals Agency having registration number IBBI/IPA-002/IP-N00608/2018-19/11859, to work as Interim Resolution Professional, who in his written communication dated 19th November, 2018 stated that there is no disciplinary proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate insolvency resolution process. (vii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of the corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (viii) Mr. Ajay Kumar Agarwal, of Ambey Garden, Block-I, Flat No. 3C, 3rd Floor, Banga Laxmi Abasan, Dashadrone Checkpost, Rajarhat Main Road, Kolkata 700136, an Interim Resolution Professional having Registration No. IBBI/IPA-002/IP-N00608/2018-2019/11859, Mobile No. 9883362775 is hereby appointed as Interim Resolution Professional by this Tribunal for ascertaining the particulars of creditors and convening a meeting of Committee of Creditors for evolving a resolution plan. (ix) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. (x) The Registry ..... X X X X Extracts X X X X X X X X Extracts X X X X
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