9911796707
TMI Blog2020 (1) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... urla Complex, Bandra E, Mumbai 400 051 and branch at Ashram Road, Ahmedabad 380 009, Gujarat State. 3. During pendency of this application, Dena Bank is merged with Bank of Baroda vide Government of India Gazette Notification dated 02.01.2019. Accordingly cause title of the instant application is amended vide order dated 29.07.2019. 4. The respondent/corporate debtor M/s. Shivpuri Water Infrastructure Private Limited is a company incorporated under the Companies Act, 1956 on 28.08.2009, having identification No. U41000GJ2009PTC057906, having its registered office at Bodakdev, Ahmedabad, Gujarat State. That, Authorised share capital of the respondent company is Rs. 51,00,000/- and paid up share capital is Rs. 51,00,000/-. 5. That, the applicant bank has submitted that through its Ashram Road Branch, Ahmedabad granted various financial credit facilities to the corporate debtor as per the details given below:-- (i) Fresh term loan of Rs. 20.27 crores on 15.06.2010 which was disbursed on 14.08.2010; (ii) The aforesaid term loan was restructured on 28.07.2014 to aggregating Rs. 29.67 crores including existing term loan of Rs. 17.23 crores, fresh FITL of Rs. 2.44 crores and bank g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny document. On perusal of the records it is found that fresh term loan of Rs. 20.27 lacs was sanctioned to the respondent company on 15.06.2010 and the same term loan was reviewed and the terms of sanction were amended on 25.10.2011. Again, the said term loan was reviewed/restructured on 28.07.2014. It is also found that on 18th March, 2016 some modifications in terms and conditions of the sanctioned loan has been approved by the applicant bank. On perusal of the records it is also found that on 21.06.2017 fresh sanction of advance bank guarantee of Rs. 8.00 crores have been granted by the petitioner bank in favour of the respondent company. It is also found that the corporate debtor has acknowledged the debt by letter dated 20th July, 2016 which is annexed to the application at page No. 105. 12. On perusal of the records it is found that the application filed by the financial creditor is well within limitation. That, the documents filed along with the application is sufficient to prove that there exists financial debt and default occurred on the part of the corporate debtor. That, the account statement issued by the financial creditor, is annexed to the application at page Nos. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or. Under section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and 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 aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor in payment of the 'financial debt'. 20. 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 Mr. Prawin Charan Dwary. The Adjudicating Authority hereby appoint Mr. Pravin Charan Dwary, 407, Akchhat Tower, Nr. Kotak Bank, Pakwan Cross Road, S.G. Highway, Bodakdev, Ahmedabad 380 054 (Email ID [email protected]) having registration No. IBBI/IPA-002/IP-N00331/2017-18/10937 to act as an interim resolution professional. Form 2 of the proposed interim resolution professional has been annexed and placed at page Nos. 16-17 of the application, where declaration is made that no disciplinary proceeding is pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 21. In the aforesaid background and as also discussed above, the application under section 7(2) of the IB Code is complete in all respects and there is debt due to the "financial Creditor" and there is default on the part of the "corporate deb ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
