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TMI Blog2019 (8) TMI 1580X X X X Extracts X X X X X X X X Extracts X X X X ..... onstituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1980 (Act V of 1980) having PAN: AAACC7245E. (2) M/s. Amintha Infrastructure Private Limited ('Respondent/Corporate Debtor'), having CIN: U45205KA2012PTC065713 incorporated on 03.09.2012. The Authorised and Paid up Share Capital of the Company is Rs. 5,00,000/-(Rupees Five Lakhs Only). (3) It is stated that the Corporate Debtor entered into a Joint Development Agreement with the owners of converted land in Sy. No. 106, measuring 1 acre and 17 guntas situated at Dommasandra Village, Bidarahalli Hobli, Bangalore, East Taluk to develop the same as Row Houses. The owners also executed a Power of Attorney authorising the Corporate Debtor to do all acts of developing including the power to raise loans on the 60% of the total developed area. On an application made by the Corporate Debtor, the Financial Creditor Bank sanctioned a sum of Rs. 6.60 Crores term loan to finance the construction of Row Houses in terms of the Joint Development Agreement. The Corporate Debtor also availed a Vehicle Loan. The conditions of sanction included that the promoter stood guarantee and also creation of equitab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He has further submitted that the debt and default in question are not in dispute and the instant Company Petition is filed in accordance with law. 5. The Petitioner has filed documents with regard to Disbursal of the Loan, the Credit Sanction Intimation dated 26.03.2014, the Term Loan Agreement dated 07.06.2014, the Deed of Hypothecation dated 07.06.2014, the Letter undertaking dated 07.06.2014, the Guarantee Agreement dated 07.06.2014, the Credit Sanction Intimation dated 26.03.2014, the Board Resolution dated 23.07.2014, the Loan Agreement dated 11.08.2014, the Deed of Hypothecation dated 11.08.2014, the Letter undertaking dated 11.08.2014, the DPN and Take Delivery Note of DPN and the Guarantee Agreement dated 02.03.2016. The Petitioner has also filed Statement of Account which contains from Page No. 97-110 to the Company Petition to show that the Corporate Debtor is due the outstanding amount in question. The Petitioner also filed the copy of the letter dated 10.07.2019 issued by NESL with regard record of default in respect of the Corporate Debtor to show that the Corporate Debtor committed default with regard to payment of Rs. 9,85,02,821/-. 6. The case is listed for admis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3)." 57. Sub-section (5) of Section 7 of the I&B Code provides for admission or rejection of application of a financial creditor. Where the Adjudicating Authority is satisfied that-......the documents are complete or incomplete. 58. The Adjudicating Authority post ascertaining and being satisfied that such a default has occurred may admit the application of the financial creditor. In other words, the statue mandates the Adjudicating Authority to ascertain and record satisfaction as to the occurrence of default before admitting the application. Mere claim by the financial creditor that the default has occurred is not sufficient. The same is subject to the Adjudicating Authority's summary adjudication, though limited to 'ascertainment' and 'satisfaction'." The Hon'ble Supreme Court has also upheld the above judgment in Civil Appeal Nos. 8337-8338 of 2017 vide judgment dated 31st August, 2017. The Hon'ble Supreme Court has adverted to Section 7, at para 28, which reads as under: "28. When it comes to financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and default is established by the Financial Creditor by submitting substantial evidence in support of the claim and also suggested a qualified Resolution Professional namely Shri Raghunathan Krishnasamy, with Registration No. IBBI/IPA-002/IP-N00419/2017-18/11200, who also filed written Consent in Form-2 dated 18.02.2019 and necessary declaration. Therefore we are of the prima facie opinion that said IRP is eligible to be appointed as IRP in this case. Hence, the instant Company Petition is fit case to admit by initiating CIRP appointing by IRP, and declaring moratorium etc. in respect of the Corporate Debtor. 9. In view of the above facts and circumstances of the case, by exercising powers conferred on this Adjudicating Authority, U/s 7(5)(a) and other extant provisions of the IBC, 2016, we hereby admitted C.P.(IB) No. 209/BB/2019 by initiating Corporate Insolvency Resolution Process (CIRP) in respect of Respondent/Corporate Debtor with the following consequential directions: 1) Mr. Raghunathan Krishnasamy, bearing Registration No. IBBI/IPA-002/IP-N00419/2017-18/11200, who is qualified Resolution Professional, is hereby appointed as Interim Resolution Professional, in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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