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TMI Blog2019 (9) TMI 1377X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1970. The application has been filed by the duly authorised officer Shri Brij Mohan Meena, the Chief Manager, Rajkot, Zonal Office, Bank of India. 2. The respondent-corporate debtor (CD) company, namely Radheshyam Agro Products P. Ltd. was incorporated on January 5, 2010 with CIN : UO1112GJ2010PTC059080. 3. The share capital of the respondent (CD) company is Rs. 6,75,00,000 (rupees six crores seventy-five lakhs only) divided into 67,50,000 (sixty seven lakhs fifty thousand) equity shares of Rs. 10 (ten) each and the paidup share capital of the company is Rs. 6,75,00,000 (rupees six crores seventy-five lakhs only) divided into 67,50,000 (sixty-seven lakhs fifty thousand) equity shares of Rs. 10 (ten) each. The Registered Office of the corporate debtor-company is situated at : Chakkargadh Road, By Pass, Nr. Kanani's Farm, Survey No. 484/3, Amreli-365 601. 4. The main objects of the company, by which the respondent (CD) company is incorporated, are mentioned in the memorandum of association which are briefly mentioned as : "To carry on the business of manufactures, importing, exporting, buying, selling or otherwise dealing in cotton, cotton seeds, linter, delinter, dehul, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 81 of the paper book) has been filed by the bank which confirms that the account is in default. 8. The statements of accounts of the corporate debtor have been filed and the petitioner-bank has submitted a certificate to this effect under the Banker's Books of Evidence Act, 1891, (pages 135-136 of paper book). The petitioner-bank has claimed their dues of Rs. 56,41,402,627.03 as on July 27, 2018 as computed in pages 10 and 11 of the paper book which is given below : Sl. No. Details Amount (Rs.) 1. Outstanding balance in respect of principal amount as on May 30, 2015 31,87,23,036.00 2. Plus : Other debits 2,36,23,551.50 3. Interest up to July 27, 2018 19,14,32,135.06 4. Penalty up to July 27, 2018 3,09,74,393.15 5. Less : Recovery made after NPA 6,13,034.68 Total outstanding payable as on July 27, 2018 56,41,40,627.03 9. The petitioner-bank, in support of its contentions has annexed the details of financial debt, records and evidences of default from annexure I/ 6 to annexure I/30 along with the present IB petition which also includes copies of the Registrar of Companies search report and valuation reports. 10. The petitioner-bank also has served a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appearing for the petitioner-bank has filed the rebuttal documents which has been taken on record on July 17, 2019. 15. In response to the contentions raised by the corporate debtor that the application filed by the bank is beyond the period of limitation. In this regard, it was clarified by learned counsel of the petitioner-bank that the application under section 7 of the I and B Code, 2016 was filed by the petitioner-bank on August 30, 2018. The mortgage has been created in the favour of the bank on October 18, 2010 and the corporate debtor has lastly deposited the amount of Rs. 1,26,619 and Rs. 1,28,645 respectively in their accounts on March 31, 2017. Therefore, the application has been filed within the limitation as per the provision of the Insolvency and Bankruptcy Code, 2016. 16. The matter was taken up and heard both sides at this Bench on November 6, 2018, December 20, 2018, February 12, 2019, March 20, 2019, April 26, 2019, July 17, 2019, September 6, 2019. Counsels of the petitioner and the respondent were present and put forth their submissions before the Bench. 17. It is a settled legal position that the pendency of SARFAESI proceeding or other dispute does not prev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had been filed within the limitation period ; (f) copy of the application filed before the Tribunal has been sent to the corporate debtor and the application filed by the petitioner-bank under section 7 of the IBC is found to be complete for the purpose of initiation of the corporate insolvency resolution process against the corporate debtor-company. Hence, the present IB petition is admitted with the following directions/ observations. The date of admission of this petition is September 20, 2019. 21. This Adjudicating Authority hereby appoints, as proposed, Mr. Chandra Prakash Jain, having Insolvency Professional Registration No. IBBI/IPA001/IP-P00147/2017-18/10311, e-mail ID : [email protected], Resi. Ph. (079) (NIL), Mobile No. 9824036127, Address : D-501, Ganesh Meridian, Opp. Gujarat High Court, Ahmedabad-380 060, Gujarat, India as an interim resolution professional. The interim resolution professional is further directed to make a public announcement of the moratorium in respect of the corporate debtor-company soon after receipt of an authenticated copy of this order and to act further as per the order/direction issued by this Adjudicating Authority and to follow the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 resolution applicant/committee of creditors (CoC) may explore, while finalizing the resolution plan for the corporate-debtor, the possibility of loading maximum interest at the petitioner-bank's base rate (BR) + 1 per cent. 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 the petitioner-bank's one year MCLR or one year MCLR + 1 per cent. without any penal/overdue interest. 25. The petitioner-bank as well as the registry is hereby directed to communicate a copy of this order to the corporate debtor-company parties as well as to the IRP and also to the Registrar of Companies at the earliest immediately through speed post/registered post. 26. Thus the present IB petition filed under section 7 of the IBC stands admitted. 27. Harihar Prakash Chaturvedi (Judicial Member).-I have advantage to peruse the order pronounced by my Member brother (Technical). While agreeing to and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge only in relation to the grounds specified in section 61(3) of the I and B Code, which is limited to matters 'other than' enquiry into the autonomy or commercial wisdom of the dissenting financial creditors. Thus, the prescribed authorities (National Company Law Tribunal/National Company Law Appellate Tribunal) have been endowed with limited jurisdiction as specified in the I and B Code and not to act as a court of equity or exercise plenary powers. In our view, neither the Adjudicating Authority (National Company Law Tribunal) nor the Appellate Authority (National Company Law Appellate Tribunal) has been endowed with the jurisdiction to reverse the commercial wisdom of the dissenting financial creditors and that too on the specious ground that it is only an opinion of the minority financial creditors. The fact that substantial or majority per cent. of the financial creditors have accorded approval to the resolution plan would be of no avail, unless the approval is by a vote of not less than 75 per cent. (after amendment of 2018 with effect from June 6, 2018, 66 per cent.) of voting share of the financial creditors. To put it differently, the action of liquidation proce ..... 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