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TMI Blog2019 (11) TMI 1571X X X X Extracts X X X X X X X X Extracts X X X X ..... P-N000114/2017-18/11218 has been taken on record and the request for change of name of the proposed Interim Resolution Professional is allowed. Accordingly, CA No. 1103/2019 stands disposed of. CP (IB) No. 135/Chd/Hry/2018 The application in the prescribed Form No. 1 is filed by Bank of India (hereinafter referred to as Bank) for initiation of Corporate Insolvency Resolution Process (CIRP) in the case of Anand Tex India Private Limited (hereinafter referred to as Corporate Debtor). The application is filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (Rules). The application is signed by Shri Ashwani Kumar, Assistant General Manager, Bank of India, Chandigarh, MCB, SCO 81-82, Bank Square, 2nd Floor, Sector 17-B, Chandigarh - 160017. 2. The Corporate Debtor is stated to be incorporated on 8-6-2012 and the registered address is stated to be at Brahman Majra, Israna Panipat, Panipat, Haryana - 132103. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. It is stated in Column 1 of Part-IV of Form No. 1 that the debt granted is as under:- Sl. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the financial creditor and the loan account of the corporate debtor was declared NPA on 31-12-2015. Further, the financial creditor issued notice to the corporate debtor under section 13(2) of the SARFAESI Act dated 4-2-2016. As per the notice, the Corporate Debtor demanded the following facilities from the Financial creditor:- Sl. No. Nature of Facility Sanctioned Limit Outstanding dues 1. Term Loan (675365410000044) Rs. 15,00,00,000/- Rs. 13,17,22,114.25 2. Term Loan (675365410000053) Rs. 4,90,00,000/- Rs. 4,87,54,000.00 3. Cash Credit (675330110000012) Rs. 9,75,00,000/- Rs. 17,89,51,717.27 Total Rs. 29,65,00,000/- Rs. 35,94,27,831.52 7. In Part-III of Form No. 1 Mr. Naresh Kumar Sood, Regn. No. IBBI/IPA-003/IP-N00026/2017-18/10176 has been proposed as Interim Resolution Professional (IRP). Form No. 2 dated 12-3-2018 submitted by the proposed IRP is stated to be attached as Annexure-II A-(1) of the petition. 8. CA No. 1103/2019 was filed before this Tribunal requesting to change the name of the proposed IRP as stated in Part-III of Form-1. It was submitted that the proposed IRP, Mr. Naresh Kumar Sood has withdrawn his consent due to personal reasons a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount statements at page 31 to 81 of Diary No. 316 dated 21-1-2019 and vide Diary No. 3460 dated 17-7-2019, the bank has filed Certificate under section 2A(a) and 2A(b) of the Banker's Book Evidence Act, 1891 in support of the account statement submitted vide Diary No. 316 dated 21-1-2019. At Annexure 1A-(49), the details of the amount in default as on 23-3-2018 are given as follows:- Facility Date of Default Amount Due as on Amount Paid Days in default Cash Credit (Stocks) 31.12.15 228127102.41 -- 820 Term Loan 1 31.12.15 123359584 -- 820 Term Loan 2 31.12.15 45939571 -- 820 Total 397426257.41 Therefore, the occurrence of the default is proved. 13. As already discussed above, the date of NPA is given as 31-12-2015. The present application in Form-I is filed on 16-4-2018 and is therefore, within a period of limitation. 14. Section 7(5)(a) of the Code is as follows:- "(5) Where the Adjudicating 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 ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er for liquidation of corporate debtor under section 33 as the case may be. 20. The Law Research Associate of this Tribunal has checked the credentials of Mr. Anup Sood and there is nothing adverse against him. In view of the above, we appoint Mr. Anup Sood, Registration No. IBBI/IPA-003/IP-N000114/2017-18/11218, R/o Flat No. 185, Block-H, 5th Floor, Spangle Condos, Old Ambala Road, Gazipur, Tehsil Dera Bassi, Mohali, Sahibzada Ajit Singh Nagar, Punjab - 140603, Mobile No. 9888606330, E-mail: [email protected], as an Interim Resolution Professional with the following directions:- (i) The term of appointment of Mr. Anup Sood, shall be in accordance with the provisions of section 16(5) of the Code; (ii) In terms of section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional 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 ..... 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