9911796707
TMI Blog2019 (6) TMI 1525X X X X Extracts X X X X X X X X Extracts X X X X ..... -4/45, Safdarjung Enclave, New Delhi-110029. 3. The Financial Creditor has proposed the name of Resolution Professional, Mr. S. V. Satyanarayana with the address Pearl-201, Sri Sairam Manor, Pragathi Nagar, Yousufguda, Hyderabad-500045 and email id [email protected]. His registration number is IBBI/IPA-03/IP-N00063/2017-18/ 10549. He has filed his written communication which satisfies the requirement of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with the certificate of registration. 4. It is submitted by the Petitioner-Bank that the Corporate Debtor has been availing various credit facilities from time to time from the Petitioner-Bank aggregating to Rs. 3,457,087,024/- Crores under the consortium arrangement along with other consortium members for part financing of 225 MW Combined Cycle Gas Power Project at Nand Nagar Industrial Estate, Phase-Il, Village Mahuaa, Khera Ganj , Town Kashipur, District Udham Singh Nagar, Uttarakhand. 5. The details of the securities held by, or charge created for the benefit of 'financial creditor '-Punjab National Bank which fulfils the requirements of Section 77 & 78 of Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h value. Thus, the dues are appropriately secured by the said assets. (v) The Respondent seeks to establish the malafide standards and grave dereliction of duty adopted by the large financial institutions of the state in glaring violation to the very purpose of their enactment. 11. A rejoinder to the reply has been filed by the Financial Creditor reiterating the submissions made in the petition and controverting the assertions in the reply. 12. We have heard learned counsel for the parties and have also perused the record. 13. Having heard learned counsel for the parties we are of the considered view that the Financial Creditor-Bank has succeeded to establish a case for triggering the Corporate Insolvency Resolution Process. 14. The Financial Creditor has placed various documents in relation to the disbursement of different kinds of loan to the Respondent Company. The materials on record and the loan documents clearly depicts that the loan was sanctioned, disbursed and the loan agreements were properly executed. Respondent company utilized and enjoyed the loan facilities. Apart the other documents the Financial Creditor has relied upon the letters of respondent company confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy Resolution Process is triggered and efforts in that direction are made. Even this petition could be withdrawn after admission if requirement of Section 12A of the Code are fulfilled. Even before constitution of COC the CIR Process could be withdrawn by filing an application under Rule 1 1 of NCLT Rules, 2016. In that regard the parties have to fulfil the requirements of law as laid down by Hon'ble the Supreme Court in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors. (Writ Petition (Civil) No. 99 of 2018 decided on 25.01.2019. 19. One of the objections of the Corporate Debtor is that the petitioner is resorting to forum shopping firstly before DRT-II, Hyderabad and secondly before this Tribunal and the amounts claimed by it are yet to be ascertained before the DRT-II, Hyderabad. Such an argument looks attractive at the first blush but lacks substance because the pendency of any proceeding much less before the DRT-II, Hyderabad does not create a bar for initiation of Corporate Insolvency Resolution Process against a Corporate Debtor. In that regard reliance may be placed on the observations made by Hon'ble the Supreme Court in the case of Innoventive Industries Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essional has been specified who does not suffer from any disqualification. 22. Under sub-section 5(a) of section 7 of the code, the application filed by the petitioner financial creditor has to be admitted on satisfaction that: (i) Default has occurred; (ii) Application is complete, and (iii) No disciplinary proceeding against the proposed IRP is pending. 23. After a conjoint reading of the aforesaid provision along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete. The IRP proposed does not have any disciplinary proceedings pending against him. 24. In view of the above we find that there was an advancement of loan and default on part of the respondent- corporate debtor is established. Even Otherwise there is overwhelming documentary evidence on record which support those findings. 25. As a sequel to the above discussion, this petition is admitted and Mr. S. V. Satyanarayana is appointed as the Interim Resolution Professional. 26. We also declare moratorium in terms of Section 14 of the Code. It is made clear th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
