TMI Blog2020 (10) TMI 586X X X X Extracts X X X X X X X X Extracts X X X X ..... to be enclosed under the prescribed form, namely Form 6 under the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. It is evident from the record or proceedings that the matters were initially reserved for orders on 08.11.2019 and thereafter, it was posted for clarifications on 18.11.2019 and an opportunity to rectify the defects in the Application as per proviso the sub - section (4) of Section 10 of IBC, 2016. In spite of the same the discrepancies in the documents in relation to the Audited Balance Sheet as on 31.03.2018 31.03.2019 and for the period ending 15.09.2019 still persists and as such the present Application filed by the Corporate Applicant is being surrounded with doubts. Hon'ble Supreme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Consequent upon a default committed by M/s. J R Foods Limited (principal borrower) to Bank of Baroda, as the Corporate Applicant had guaranteed the repayment of amounts borrowed by M/s. J R Foods Limited to Bank of Baroda. 2. The Corporate Applicant seeks to initiate the Corporate Insolvency Resolution Process (CIRP) on its own, to declare moratorium and appoint Interim Resolution Professional under Section 10 of the I B Code, 2016. 3. It is averred in the Application that the Corporate Applicant owns a property in Pondicherry which is under development by construction of residential flats and is presently 'under construction' condition and in view of its guarantee obligations, is left with no other choice other than to pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditors 46,44,55,953 2 Operational Creditors 41,19,529 3 Statutory Dues 1,79,854 Total 46,50,47,766 7. As per Annexures-I on the Application, the E-auction Sale Notice cum Statutory 30 days sale notice is seen to have been issued by Bank of Baroda explaining inter-alia M/s. Pondicherry Extraction Industries Pvt. Ltd as the Corporate Guarantor cum Mortgagor and M/s. J K S The Banyaan Pvt. Ltd as the Corporate Guarantor, who is the Corporate Applicant in this Application. 8. It is submitted that the Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 12. It has been pointed out by the Financial Creditor in the Memo of Objection that there are certain discrepancies in the amount mentioned. The Financial Creditor has also stated that the Corporate Debtor has failed to mention the details of one of the collateral securities given by another Corporate Debtor viz., M/s. J R Foods Limited, which tantamounts to non furnishing the collateral security and therefore the Application is liable to be rejected. It is further alleged by the Financial Creditor that the Corporate Debtor with a sole intention to defeat the recovery of SARFAESI measures initiated by the Financial Creditor, has filed the present petition before this Authority. 13. It is further stated that in continuation of the SA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted by the Corporate Applicant to the effect that they have taken up property development. It may also be noted here that Rule 7 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016, empowers this Adjudicating Authority to look into the documents which are being filed by the Corporate Applicant and to ascertain whether the said documents are in order. It must be noted here that this Adjudicating Authority is not a mere stamping authority and is required to apply its mind in relation to the veracity of the documents filed correlating with Annexures required to be enclosed under the prescribed form, namely Form 6 under the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 17. H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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