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TMI Blog2021 (4) TMI 1078X X X X Extracts X X X X X X X X Extracts X X X X ..... 2005, having its registered office at Mumbai, having identification No. 153471, is in the investment management business. 3. The respondent/corporate debtor - M/s. Sintex Industries Limited is a company incorporated under the Companies Act, 1956 on 1st June, 1931 having identification No. L17110GJ1931PLC000454 having its registered office at Kalol, Dist. Gandhinagar, Gujarat State. That Authorised share capital of the respondent company is Rs. 65,00,00,000/- and paid up share capital is Rs. 59,40,95,088/-. 4. That, the applicant/financial creditor in its capacity as the Investment Manager for Invesco India Credit Risk Fund, a scheme of Invesco Mutual Fund and duly authorised by Invesco Trustee Private Limited, in pursuance of the Investment Management Agreement dated 27th April, 2006, acting in its capacity as the Investment Manager, granted Rs. 15,00,00,000/- (Rupees fifteen crores only) being 150 secured non-convertible debentures of face value of Rs. 10,00,000/- each bearing ISIN INE429C07507 and bearing coupon of 10.70% p.a. and aggregating to Rs. 15,00,00,000/-. 5. The applicant has submitted that the date of allotment under the Information Memorandum and DTD as defined, wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exercise of the put option. That, on 14th August, 2019, the financial creditor received letter dated 25th July, 2019 from corporate debtor duly acknowledging the liability and showing its inability to pay the debts. 10. The applicant further submitted that on 1st October, 2019, through advocate, sent notice to the corporate debtor to redeem the Invesco Debentures pursuant to the put option exercised by the financial creditor and to honour such repayment in consonance with the DTD and Information Memorandum. The said notice is annexed at Annexure-Y at Page No. 540-543. 11. The applicant has submitted copy of the following documents in support of its claim:- 12. On receipt of the notice Respondent appeared and filed his detailed reply denying information made in Form-1 i.e. Application by Financial Creditor to initiate Corporate Insolvency Resolution Process under Chapter II of Part II of the Code. 13. The learned lawyer appearing on behalf of the Respondent raised an objection in reply affidavit that the instant insolvency application is not filed by the trustee of the fund. It is submitted that the application is signed by one Ms. Nupur Tainwala in her capacity as Assistant Vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tainwala. 19. On perusal of the record, it is found that on 18.10.2019 a board resolution was passed by Invesco Trustee Pvt. Ltd., whereby, Ms Nupur Tainwala, Assistant Vice President- Legal of Invesco Asset Management (India) Pvt. Ltd. is authorised to file any case/suit etc. before any court of law, tribunals, quasi-judicial process etc. The said Annexure-C i.e. the Board Resolution is annexed at Page No. 146, which contained the detail power/authorization provided to Ms. Nupur Tainwala by one Ms. Deepti Dave being authorized signatory of Invesco Trustee Pvt. Ltd. Since, the specific power has been given to the Ms. Nupur Tainwala, it cannot be discarded on the ground of technicalities. 20. Further, on perusal of the record, it is found that the Applicant has annexed debenture trust deed at page no. 264 executed on second day of August, 2014 by Corporate Debtor and IL&FS Company Limited. Thereafter, again executed a deed of modification and confirmation on first day of November, 2014 with certain terms and conditions. 21. On perusal of the record, it is found that the Applicant issued a letter on 14.06.2019 to the Corporate Debtor calling upon the Respondent to redeem and acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cating Authority is only required to consider whether there is any "default" and "debt" is due and payable. In the instant case the Applicant has placed on record enough documents evidencing the default. Hence, the present application deserves to be admitted. 24. On perusal of the record, it is found that the instant petition is filed by the Applicant is well within limitation. That apart, the Application is also complete in all respect. 25. The documents so produce by the Financial Creditor clearly establish the 'debt and there is default on the part of the Corporate Debtor in payment of financial debt. Thus, under the facts and circumstances and as discussed herein above, the Applicant fulfils the requirement of the IB Code and the Applicant is a Financial Creditor within the meaning of Section 5 (7) & 5(8)(C) of the IB Code. For the sake of convenience Section 5(8) (C) is produced herein below: 5(8) (C) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 26. From the above stated facts and the material available on record, it is evident that Respondent has committed a default in payment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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