TMI Blog2019 (6) TMI 1562X X X X Extracts X X X X X X X X Extracts X X X X ..... , the FC is a member of the consortium banks lent money to the CD, consent of the joint lenders in filing an application of this nature by the members of the consortium banks is not at all a requirement to be meted out in a case of this nature. The FC being succeeded in proving all elements required to admit the application of this nature, this application deserves to be allowed. Petition admitted - moratorium declared. - Dy. No. (211) of 2018 and CP(IB) No. 18/GB/2019 - - - Dated:- 13-6-2019 - Jinan K.R., Member (J) For the Appellant : Subrata Dutta, Advocate ORDER Jinan K.R., Member (J) 1. This is an application filed under Section 7 Insolvency Bankruptcy Code, 2016 (in short Code ) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (in short Rule ) by the Bank of India / Financial Creditor for initiating Corporate Insolvency Resolution Process (in short CIRP) as against M/s. RNB Cements Pvt. Ltd., the Corporate Debtor (in short CD ) claiming that an amount of, ₹ 22,59,77,397.10 (Rupees Twenty Two crores Fifty Nine Lacs Seventy Seven thousand Three hundred Ninety Seven and paise Ten only) is th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of the loan on 30-06-2014, 30-07-2017, 31-08-2014 and 28-11-2017. The loan account maintained by the FC in respect of the CD also has become NPA (non-performing asset) as on 30-09-2014. Since the CD committed default in repayment of the amount due to the FC along with the consortium member banks, the FC issued a demand notice under Section 13 (2) of the SARFAESI Act on 19-11-2016. The CD did not send their reply, thereby the FC along with the other consortium member banks (i) SBI as lead bank, (ii) India Bank and NEDFi as applicant before the Debt Recovery Tribunal (in short DRT) has filed OA N0.34 of 2017 for recovery of the debt due from the CD, Corporate Guarantors and Personal Guarantors for an amount to the tune of ₹ 91,41,59,592.94 (Rupees Ninety One crores Forty One lacs Fifty Nine thousand Five hundred Ninety Two and paise Ninety Four only) and the said application is pending for disposal. In order to prove the record of default the FC has produced the statement of bank account, financial statement of the CD for the financial year ended on 31st March, 2017 and CIBIL report. The CD along with the Corporate Guarantors and Personal Guarantors had also signed and exec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Loan Agreement dated 09.06.2009 I-Q 188 to 278 8 Copy of Joint Deed of Hypothecation dated 09.06.2009 I-R 279 to 304 9 Copy of Agreement of Hypothecation and Charge dated 31.12.2009 I-S 305 to 322 10 Copy of Declaration cum Undertaking dated 09.06.2009 I-U 324 to 325 11 Copy of Deed of Personal Guarantee dated 09.06.2009 signed and executed by Sri Banwarilal Bajaj, Sri Rahul Bajaj, Sri Gaurav Bajaj, Smti. Madhu Bajaj ad Smti. Sweta Bajaj I-V 326 to 340 12 Copy of Deed of Guarantee dated 31.12.2009 executed by M/s. RNB CARBIDES FERRO ALLOYS (P) LTD. I-W 341 to 356 13 Copy of acknowledgement of debt dated 01.02.2016 signed and executed by the CD and the Corporate Guarantor I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... file reply affidavit, if any, and to contest the matter and this case again come up on 06-06-2019 for final hearing. In the above circumstances the learned counsel appearing for the FC was heard. Perused the records. 6. This is a case filed by the FC under Section 7 of the Code. The FC contents that the CD has availed loan from the FC as well as from the members of the consortium banks and has committed default in repaying the loan and thereby the loan was recalled and demand notice under Section 13(2) of the SARFAESI Act has been issued. However, the CD failed to repay the loan and thereby filed this application for initiating CIRP. The learned counsel appearing for the FC submits that an amount of ₹ 22,59,77,397.10 (Rupees Twenty Two crores Fifty Nine lacs Seventy Seven thousand Three hundred Ninety Seven and paise Ten only) is the outstanding amount due from the CD and the loan account has become NPA on 30-09-2014 and are still continuing as NPA account. According to him, an amount to the tune of ₹ 91,41,51,592.94 (Rupees Ninety One crores Forty One lacs Fifty One thousand Five hundred Ninety Two and paise Ninety Four only) has been disbursed by the FC along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial creditor under Sec. 7 of the Insolvency Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process in respect of M/s. RNB Cements (P) Ltd., and declare a moratorium and public announcement in accordance with Sec. 13 and 15 of the IBC, 2016. (ii) Moratorium is declared for the purposes referred to in Sec. 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec. 15. The public announcement referred to in clause (b) of sub-section (1) of Sec. 15 Insolvency Bankruptcy Code, 2016 shall be made immediately. (iii) Moratorium under Sec. 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to fore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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