TaxTMI 
TaxTMI 
2019 (12) TMI 1325
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....titioner/ Financial Creditor') under Section 7 of the I&B Code, 2016 read with Rule 4 of the I&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/S. Alpine Wineries Private Limited (hereinafter referred to as 'Respondent/ Corporate Debtor') on the ground that it has committed default for a total amount of Rs. 115,63,16,587/- (Rupees One Hundred Fifteen Crores Sixty Three Lakhs Sixteen Thousand Five Hundred and Eighty Seven Only) as on 30.06.2019. 2. Brief facts of the case, as mentioned in the Company Petition, and in written submissions, are as follows: (1) M/S. Pridhvi Asset Reconstruction and Securitisation Company Limited (herein....
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....nctioned Rs. 36,93,00,000/- vide sanction letter dated 23.10.2009. (4) As security for the Term Loan (Agriculture Direct) availed by the Corporate Debtor, the Directors have executed composite Deed of Hypothecation of all facilities and hypothecated the movable properties in favour of the Bank. Further, they have executed the Memorandum of Entry (constructive delivery) mortgage by way of deposit of title deeds dated 21.07.2011, in favour of the Bank in respect of immovable properties. (5) It is stated that the Corporate Debtor had availed the said Term Loan (Agriculture Direct) on 20.11.2009 and subsequently rephrased/ renewed on 23.07.2011, b) Term Loan (Non priority) on 20.11.2009 and subsequently rephrased/ renewed on 23.07.2011, c) ....
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....st as per the terms agreed upon. (9) The Bank of Maharashtra issued a Demand Notice dated 12.08.2014 under Section 13(2) of the SARFAESI Act, calling upon the Corporate Debtor to pay the entire outstanding loan an-lount. Despite receipt of the said notice, the Corporate Debtor failed to repay the entire loan amount or to reply to the said notice, hence BOM filed OA No.2327 of 2014 before Debt Recovery Tribunal, Karnataka at Bengaluru, and the same was admitted and awarded in favour of Bank of Maharashtra. The Bank BOM conducted auction of Secured Assets under the provisions of SARFAESI Act in the captioned account on 31.01.2017. But the schedule mentioned property only could be sold in the auction. Details of the property sold: All the pi....
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....1.2017 in W.P. No.3317/2017 before the Hon 'ble High Court of Karnataka at Bengaluru, was modified permitting the Bank/ Applicant to finalize the sale transaction but observing that it shall be subject to the result of the Writ Petition. In view of this order also, the sale couldn't be confirmed. The interim Order was once again modified on 28.02.2018 permitting the Bank/Applicant to take possession of the Secured Asset and issue the Sale Certificate. Mr.T.Suresh Kumar, the lessee of the property and son of Mr.Thimmegowda, filed WP No. 12861/2018 before the Hon'ble High Court of Karnataka against taking possession of the Unit which was dismissed on 12.04.2018. Subsequently, Applicant issued notice to the property owner Smt.K.Sav....
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.... settling the issue, to file statement of objections, etc. However, no reply has been filed and also none appeared for the Respondent on several dates except on few occasions, that too, junior Counsel seeking only adjournment. 5. Mr. M. Jagadeesh, learned Counsel for the Petitioner, while reiterating the averments made in the Company Petition, and also in the summary, as briefly stated supra, has further submitted that there is no dispute with regard to the debt and default, and the Respondent has not opposed the claim of the Petitioner and the respondent admittedly also suffered various orders detailed supra and some of its properties also auctioned. The instant Petition is filed in accordance with law and a qualified Insolvency Pro....
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....atorium etc., as per the Code. 7. In view of the above facts and circumstances of the case, and by exercising powers conferred on this Adjudicating Authority, under Section 7(5)(a) and other extant provisions of the Code, C.P. (1B) No. 286/BB/2019 is hereby admitted with the following consequential directions: (1) We hereby appointed Mr. Ravindranath No, with Regn. No.IBBI/IPA-001/IP-P00645/2017-2018/11099 as the Interim Resolution Professional (IRP) to conduct the Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor namely M/S. Alpine Wineries Private Limited and to carry out the functions as mentioned under the I&B Code, 2016 and the Rules framed by the IBBI from time to time. (2) The following moratorium....