TMI Blog2019 (11) TMI 1571X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the prescribed Form-I is complete. The proposed Interim Resolution Professional, Mr. Anup Sood has filed Form No. 2 (Pages 2 to 4 of CA No. 1103/2019) certifying that there are no disciplinary proceedings pending against him with the Board or Insolvency Professional Agency of ICAI. It is also stated that he is currently serving as Interim Resolution Professional and Resolution Professional in one case each - conditions provided for by Section 7(5)(a) of the Code being satisfied in the present case, we direct that the application for initiation of CIRP against M/s Anand Tex India Private Limited be admitted. Application admitted - moratorium declared. - CA NO. 1103/2019, CP (IB) NO. 135/CHD/HRY/2018 - - - Dated:- 29-11-2019 - M.M. Kumar, President, Pradeep R. Sethi, Technical Member For the Petitioner : R.S. Badhran and Ms. Shina Sehgal, Advs. For the Respondent : Ms. Reena Chaudhary, Adv. JUDGMENT CA No. 1103/2019 PRADEEP R. SETHI, TECHNICAL MEMBER . 1. This Company Application was filed before this Tribunal to place on record Form-2 under Rule 9 of the Code. It is stated that the proposed Interim Resolution Professional (IRP), Mr. Nare ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd building and other structure, machinery, plant and other fixtures and fittings erected or installed thereon (both present and future) situated at village Krishanpura, Gaddiwara Shiv Nagar within Municipal limit of Panipat measuring 923.50 sq. yd. in the name of Sh. Suresh Kumar Garg and equitable land and building Plot No. 192, Sector 25, HUDA, Panipat. 5. It is stated that the sanction letters dated 14-12-2012 and 27-6-2014 are filed at Annexures-1A-(1) and 1A-(14) of the petition and that the terms and conditions of the sanction letters were duly acknowledged by the Corporate Debtor through its authorised Director(s)/signatories vide Declaration and Undertaking dated 26-12-2012, 2-7-2014, 28-10-2014 and 2-7-2015. In addition to the principal and collateral security, personal guarantee of Shri Suresh Kumar Garg, Smt. Shruti Bansal and Smt. Megha Garg was executed and corporate guarantee of Anand Tex International Private Limited and of Briston Infotech Private Limited was also executed. Copies of the Guarantee Deeds are the part of the petition. Also, copy of a Registration of Charge dated 2-1-2015 is attached as Annexure-1A-(39) of the petition. Copies of Credit Facility Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Anup Sood is at page No. 2 of CA No. 1103/2019. In view of the reason given, CA No. 1103/2019 is allowed and the name of the proposed Resolution Professional is now changed to Mr. Anup Sood. 9. We have carefully heard the learned counsel for the bank and the Corporate Debtor and have also perused the record. 10. During the course of the hearing, the learned counsel for the Bank relied on the petition filed and stated that the requirements of Section 7 of the Code are satisfied and the petition be admitted. 11. The learned counsel for the Corporate Debtor has submitted that the loan security documents and personal guarantee were signed by the Corporate Debtor but the details were filled by the Financial Creditor after the Corporate Debtor has signed the same. It is also submitted that there was a blast in dyeing house factory in August 2014 in the associate company of the Corporate Debtor in which three persons died and many other got seriously injured. It is pleaded that the factory had to remain closed for seven months due to labour unrest and district administration disruptions and owing to that, the company has to incur losses, which could be witnessed from the aud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application. 15. We have already held above that the occurrence of default in the present case is proved. We find that the application filed in the prescribed Form-I is complete. The proposed Interim Resolution Professional, Mr. Anup Sood has filed Form No. 2 (Pages 2 to 4 of CA No. 1103/2019) certifying that there are no disciplinary proceedings pending against him with the Board or Insolvency Professional Agency of ICAI. It is also stated that he is currently serving as Interim Resolution Professional and Resolution Professional in one case each. 16. The conditions provided for by Section 7(5)(a) of the Code being satisfied in the present case, we direct that the application for initiation of CIRP against M/s Anand Tex India Private Limited be admitted. The directions regarding moratorium and appointment of IRP are given below. 17. We declare the Moratorium in terms of sub-section (1) of Section 14 of the code as under:- ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; (iii) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and morality; (iv) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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