TMI Blog2019 (5) TMI 1792X X X X Extracts X X X X X X X X Extracts X X X X ..... debt. As can be seen from the Written Communication of the proposed Insolvency Resolution Process, no disciplinary proceedings are pending against him - 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'. There is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. The petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted - Application admitted - moratorium declared. - C.P. No.(IB) 388/7/NCLT/AHM/2018 - - - Dated:- 31-5-2019 - Hon'ble Ms. Manorama Kumari, Member Judicial Advocate Mr. Nishan M. for Advocate Mr. Vishwas K. Shah for respondent. Advocate Mr. Sandeep C. Bhatt for financial creditor/petitioner ORDER 1. Mr. K.B. Mehta, Chief Manager, Central Bank of India 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 Adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said sanction of credit facilities and various documents executed on 03.07.2015. That, the term loan amount of ₹ 15.56 crores were to be repaid in 84 equal monthly instalments commencing from April 2013 with further interest as applicable. But on request of the respondent company, repayment of term loan was extended and repayment to be commenced from April, 2015 with 78 equal monthly instalments. That, the respondent company had delivered and deposited all the title deeds, documents and certificates with the applicant bank and the respondent company had executed the memorandum of deposit of title deeds dated 17.10.2012 which is registered with SRO, Valod and executed on 07.08.2015. 6. It is further submitted by the applicant bank that the respondent company has not complied with the terms and conditions of the sanction letter in respect of the said credit facilities despite acknowledging its liability by executing acknowledgement of debt dated 08.04.2016. That, a copy of the acknowledgement of debt is produced as Annexure A42 to the application. That, the respondent company has failed to operate the account satisfactorily as per the terms of the sanction resulting into the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erm loan accounts of the respondent company shows outstanding of ₹ 23,61,12,102/- (Rupees twenty-three crores sixty-one lacs twelve thousand one hundred two only) as on 23.07.2018 of which summary is placed with the application marked as Annexure A4. That, despite repeated reminders, the respondent company has not made any payment and, therefore, the applicant bank is compelled to proceed against the respondent company by initiating insolvency proceedings. 10. The applicant has submitted copy of the following documents in support of their claim: - Sl No. Annexure Particulars Page Nos. 1 A3 Authorisation letter along with POA issued by the applicant bank in favour of the authorised officer 27-39 2 A4 Details of limit sanctioned, date of disbursement, date of default, number of days of default, ledger outstanding, uncharged interest and total outstanding on each facility as on 23.07.2018 40 3 A5 Ori inala lication No. 843 2018 41-61 4 A6 CIBIL report 62-86 5 A7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 32 A34 Deed of hypothecation dated 03.07.2015 248-260 33 A35 Articles of agreement dated 03.07.2015 261-265 34 A36 General irrevocable power of attorney for book-debt dated 03.07.2015 266-270 35 A37 Deed of guarantee dated 03.07.2015 271-280 36 A38 Letter of consent by guarantor dated 03.07.2015 281-282 37 A39 Supplementary mortgage deed dated 07.08.2015 283-312 38 A40 Form MGT-7 313-327 39 A41 Form CHG-1 328-333 40 A42 Acknowledgement of debt dated 08.04.2016 334 41 A43 Certificate of registration of charge 335 42 A44 Audit report 2015-16 and 2016-17 336-379 43 A45 Notice issued u/s 13 (2) of SARFAESI Act dated 08.07.2016 to the respondent company 380-384 44 A46 Notice u s 13 3 of SARFAESI Act 2002 385-386 45 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt. As can be seen from the Written Communication of the proposed Insolvency Resolution Process, no disciplinary proceedings are pending against him. 14. 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'. 15. 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 Shri Premraj Ramratan Laddha, E- 104, Vaibhav Apartment-2, Opp. Bombay Garage, Shahibaug, Ahmedabad 380 004 (Email ID premladdha@yahoo.com) having registration No. IBB1/1PA-001/1P-N00337/2017-18/10607 to act as an interim resolution professional. Form 2 of the proposed interim resolution professional has been annexed and placed at page No. 392 of the application where declara ..... X X X X Extracts X X X X X X X X Extracts X X X X
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