TMI Blog2021 (4) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... It is settled legal position that the pendency of SARFAESI proceeding or other dispute does not prevent a Financial Creditor to trigger the C.I.R.P, because the nature of remedy being sought for under the provisions of the I.B Code is Remedy in Rem in respect of the CD. The Respondent Company has violated the terms and conditions of the sanction letters and as such also made the accounts irregular, consequence thereof the said accounts were classified as Non Performing Asset w.e.f. 30.03.2018 - The Financial Creditor has issued Demand Notice dated 06.01.2020 in respect of unpaid debts, due from the CD i.e. M/s. Cleanopolis Energy Systems India Private Limited under the Insolvency and Bankruptcy Code, 2016 - The present I.B Petition is filed by the duly authorized official of the Applicant Bank in a prescribed format under section 7 of the I.B Code annexing copies of loan documents confirming the existence of debt due, payable and defaulted and proposed a name of Resolution Professional to act as an Interim Resolution Professional (IRP). Petition is complete and deserves to be admitted - petition admitted - moratorium declared. - C. P. (IB)/7/GB/2021 - - - Dated:- 7-4-202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial Creditor) have also proposed the Interim Resolution Professional for the CIRP process. Mr. Amit Pareek bearing Registration Number: IBBI/IPA-002/IP-N00413/2017-18/1120man5. The address of the IRP is 4th Floor, K.C. Choudhury Road, Ram Prasad Complex, Chatribari, Guwahati-01, Kamrup (M), Assam and his e-mail address: amitpareek99@yahoo.com. 6. The Financial Creditor has submitted the particulars of the Financial Debt provided to the Corporate Debtor on various dates. The particulars are provided as given below: A. Total Amount of Debt Granted: a. The Sanctioned Amount for Term Loan I is ₹ 4,74,00,000.00 and the Account No. is 50149791057. The Outstanding debt is ₹ 6,71,78,312.00 (with interest up to 01.01.2020). b. The Sanctioned Amount for Term Loan II is ₹ 1,26,00,000.00 and the Account No. is 50201046842. The Outstanding debt is ₹ 1,77,60,738.00 (with interest up to 01.01.2020). c. The Sanctioned Amount for the Term Loan III is ₹ 68,15,000.00 and the Account No. is 50261528496. The Outstanding debt is ₹ 88,47,255.00 (with interest up to 01.01.2020). d. The Sanctioned Amount for the Cash Credit Loan is ₹ 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m, bounded by North: Drain and land of Ramendra Ch. Saraswati, South: G N B Road, East: Land of Sahi Bhuyan Dutta and West: Land of Mr. Bireswar Rai. iv. All that part and parcel of the land in the name of Sri Deshraj Bapanas, S/o. Late Lalit Kumar Bapanas, acquired vide Sale Deed No. 1367 dated 02.07.2012, having land No. H-6, HIG, (measuring 01 Katha 11 Lechas (416.30 Sq. Mtr), Covered by Dag No. 1224, Patta No. 666) at Village- Mazgoan, Mauza-Bhairappad, Dist- Sonitpur, Assam, bounded by North: Plot No. H-7, South: 9m wide Road, East: 12m wide road and West: Plot No. H-13. 8. The Financial Creditor has submitted that the Respondent Company has violated the terms and conditions of the sanction letters and as such also made the accounts irregular, consequence thereof the said accounts were classified as Non Performing Asset w.e.f. 30.03.2018. 9. The Financial Creditor has submitted that Demand Notice dated 06.01.2020 was issued in respect of unpaid debts, due from the CD i.e. M/s. Cleanopolis Energy Systems India Private Limited under the Insolvency and Bankruptcy Code, 2016. 10. The Financial Creditor have submitted a list of documents supporting its claim. The lis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Limit Pronote dated 27.01.2015 129 17. Annexure-17 Limit Pronote dated 27.01.2015 130 18. Annexure-18 General Letter of Hypothecation 21.04.2014 131-139 19. Annexure-19 Guarantee Letter dated 25.03.2013 140-143 20. Annexure-20 Guarantee Letter dated 19.04.2014 144-148 21. Annexure-21 Supplement Letter of Mortgage confirming deposit of Title Deed dated 19.04.2014 149-151 22. Annexure-22 Supplement Letter of Mortgage confirming deposit of title Deed dated 19.04.2014 152-154 23. Annexure-23 Supplement Letter of Mortgage confirming deposit of Title deed dated 21.04.2014 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Annexure-39 Acknowledgement Letter dated 27.01.2015 227 40. Annexure-40 Acknowledgement Letter dated 28.06.2017 228 41. Annexure-41 Acknowledgement Letter dated 19.07.2019 229 42. Annexure-42 Letter from the borrower dated 29.12.2017 230 43. Annexure-43 Letter from the borrower dated 27.02.2018 231-233 44. Annexure-44 SARFAESI Notice u/s. 13(2) dated/-.03.2018 234-236 45. Annexure-45 SARFAESI Notice u/s. 13(2) dated 31.03.2018 237-239 46. Annexure-46 Possession Notice u/s. 13(2) dated 21.08.2018 240-241 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the statement of Accounts with Certificate under Banker's Book of Evidence Act, 1891, in support of their IB Petition for initiation of C.I.R.P. 1.2 The Fund Based and Non Fund Based credit facilities were sanctioned and released by the Petitioner Bank along with other consortium lenders and the same were availed by CD, Cleanopolis Energy Systems India Private Limited. The Charges have been registered by the CD with the ROC in favour of the Petitioner Bank on 25/03/2013 and modified on 21/04/2014 for ₹ 6,75,00,000.00 vide charge ID No. 10420694. 1.3 The CD has defaulted in making repayment of credit facilities to the Petitioner Bank and the date of default is 30.03.2018. The statement of accounts as on 19.12.2019 along with the Banker's Book Evidence Certificate annexed with the Petition confirms the default is ₹ 11,88,32,338.00 (including interest up to 01.01.2020). 1.4 The petitioner Bank has filed the petition within the period of limitation, as the default has occurred as on 30.03.2018 and the application has been filed on 08.01.2021. The acknowledgment of debts have been submitted by the CD to the FC on 27/01/2015, 28/06/2017 and 19/07/2019 (Page 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acknowledgement of debts dated 27/01/2015, 28/06/2017 and 19/07/2019. e) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank under section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Hence, the present I.B application is admitted with the following Directions/observations. The date of admission of this petition is 07/04/2021 4. As per the Provisions of Section 13 and 14 of the I.B Code on the date of Commencement of insolvency, this Adjudicating Authority declares moratorium with effect from today prohibiting all of the following namely:- I. (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 foreclose, recover or enforce any security interest created b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions 15, 17, 18, 19, 20 21 of the Code and transact proceedings with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnels connected with the Corporate Debtor, its promoters or any other persons associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day-to-day affairs of the 'Corporate Debtor'. In case there is any violation, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 8. It is observed that the Petitioner Bank has claimed an aggregate amount ₹ 11,88,32,383.00 which includes undebited interest of ₹ 4,72,17,383.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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