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TMI Blog2020 (9) TMI 471X X X X Extracts X X X X X X X X Extracts X X X X ..... erred to as 'respondent' and/or 'corporate debtor'). The petition is supported by the affidavit of Mr. Vinay Prakash, Senior Manager (Credit), Punjab National Bank. Annexure A1 is the General Power of Attorney executed by Punjab National Bank in favour of Shri Vinay Prakash, appointing him to be true and lawful attorney of the said bank. 3. M/s Maruti Kesri Nandan Agrofoods Private Limited (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated under the provisions of Companies Act, 2013 with authorized share capital of Rs. 2,11,00,000/- and paid up share capital of Rs. 47,30,000/-. The CIN of the respondent-corporate debtor is U15132HR2012PTC044850 and its registered office is situated in District Gurugram in the State of Haryana and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the respondent-corporate debtor is at Annexure A-2 of the petition. 4. The facts of the case, briefly stated, are that the petitioner-financial creditor is a body corporate, constituted under Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. The respondent-corporate debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1/1800 Bhag Bakdar 0 Kanal 9, 270 Sq. Yard, Waka Siwana, Mauja Kadipur, Gurgaon; and hypothecation of stocks and assignment of book debts. It is further stated that equitable mortgage of property was created by the respondent-corporate debtor by depositing title deeds. Vide letters of intent dated 27.06.2014 and 28.06.2014 (Annexure A13 Colly), creation of mortgage by deposit of title deeds was confirmed and acknowledged by the petitioner-financial creditor. 7. Thereafter, in June 2014, the respondent-corporate debtor approached the petitioner-financial creditor for sanction of car loan and upon the proposal of respondent-corporate debtor, the petitioner-financial creditor, vide sanctioned letter dated 06.06.2014, Annexure A14 (colly), sanctioned Rs. 11,18,389/- to the respondent-corporate debtor for purchasing Mahindra Scorpio VLX 2.2 Car. It is stated that to secure the term loan of the car, the aforesaid vehicle was hypothecated. Letter of Hypothecation for car loan dated 06.06.2014, is appended with the petition at Annexure A15 (colly). 8. It is submitted that after availing the credit facilities, the respondentcorporate debtor failed to abide by the terms and conditions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rected to be issued to the respondent-corporate debtor. 13. The petitioner-financial creditor filed affidavit of service, vide Diary No.4016 dated 09.08.2019, wherein it was stated that the notice sent through email was duly served upon the respondent-corporate debtor. Accordingly, opportunity was afforded to the respondent-corporate debtor to file its reply, but there has been no representation from the side of the respondent-corporate debtor so far. 14. When the matter was listed on 21.01.2020, the following order was passed:- On 13.08.2019, recording service of notice on the respondentcorporate debtor, time was granted to file reply to the respondentcorporate debtor. Again on 19.09.2019, further time was granted observing that if the respondent failed to file the reply before the next date of hearing i.e. on 18.10.2019 his right to file reply stands forfeited. Inspite of the same even on 18.10.2019, no reply was filed. On 25.11.2019 also, no representation for the respondent-corporate debtor and no reply was filed. In view of the same, respondent is set ex-parte and heard learned counsel for the petitioner. It is stated that different credit facilities were granted to the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in Part III, particulars of the financial debt in Part IV and documents, records and evidence of default in Part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under sub-section (2) is incomplete or any disciplinary proceeding is pending against the proposed resolution professional, it may, by order, reject such application: Provided that the Adjudicating Authority shall, before rejecting the application under clause (b) of sub-section (5), give a notice to the applicant to rectify the defect in his application within seven days of receipt of such notice from the Adjudicating Authority. (6) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (5). (7) The Adjudicating Authority shall communicate- (a) the order under clause (a) of sub-section (5) to the financial creditor and the corporate debtor; (b) the order under clause (b) of sub-section (5) to the financial creditor, within seven days of admission or rejection of such application, as the case may be. 19. Section 7(5) of the Code provides for admission of the application where the Adjudicating Authority is satisfied that (a) a default has occurred; (b) the application under sub-section (2) of Section 7 is complete; (c) there is no disciplinary proceedings pending against the proposed Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. 26. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 27. The Law Research Associate of this Tribunal has checked the credentials of Mr. Ajay Kumar Jain and there is nothing adverse against him. The following directions are issued in respect of the appointment of the Interim Resolution Professional: - i.) Appoint Mr. Ajay Kumar Jain, E-15/209, Sector-8, Rohini, Delhi- 110085 having Registration No. IBBI/IPA-002/IPN00415/ 2017-2018/11188 and email address [email protected], Mobile No.9811045969, as an Interim Resolution Professional; ii.) The term of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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