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TMI Blog2021 (8) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... rity on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 17,53,80,008/- (Rupees Seventeen Crores Fifty-Three Lacs Eighty Thousand Eight Hundred only) (Principal Amount Rs. 9,55,63,193/- Plus interest: Rs. 7,98,16,815/-) 3. The brief facts of the Operational Creditor are as follows:- i. M/s Jalgaon Janata Sahakari Bank Limited is a Co-Operative Society registered under the Maharashtra Co-Operative Societies Act, 1960 and a bank registered under the Banking Regulation Act, 1949. ii. The Corporate Debtor has availed various loan facilities from the Corporate Debtor since year 2003 and has continuously availed loan facilities from the Financial Creditor till the year 2016. iii. In the year 2006, the Financial Creditor along with Janaseva Sahakari Bank Ltd., Pune and Dombivali Nagari Sahakari Bank Ltd. formed a consortium viz. "The Jalgoan Janata Sahakari Bank Ltd. Consortium" (JJSB Consortium) and the Financial Creditor has been designated and recognized as the lead bank of the JJSB consortium. iv. Thereafter, on 30.09.2006, the documents such as Acknowledgement of Debt & Letter of confirmation of Balance & Security, Agreement and the shares were tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CTL 50.00 12.50% Hypo.CC 30.00 12.50% 80.00 3. Dombivali Nagari Sahakari Bank (DNSB) FITL 32.10 -- WCTL 50.00 12.50% Hypo.CC 30.00 12.50% 332.49 Total 1332.31 xiv. The Acknowledgement of debt dated 31.03.2015 has been executed between the Financial Creditor along with Dombivali Nagari Sahakari Bank Limited and Janaseva Sahakari Bank Limited and the Corproate Debtor. The letter of lien and set off and Term Loan Agreement has also been executed between the parties. xv. The Financial Creditor has provided a report dated 25.04.2015 to sanction for extending time period of utilization of letter of credit of Rs. 30.00 Lacs. Further, the present loan positions i.e. the due amount as on 31.03.2015 is reflected as Rs. 1462.31 Lacs. xvi. The Financial Creditor and the Corporate Debtor has entered into a Memorandum of deposit of the title deed dated 10.07.2015. The said deed is executed between Financial Creditor, other consortium banks and Corporate Debtor along with Smt. Urmila Uday Kulkarni and Mrs. Shalaka Dhananjay Ku ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i. On 05.12.2016, the Mortgage Deed was Executed between Financial Creditor and Mr. Uday Achyut Kulkarni. Mr. Uday Achyut Kulkarni has Mortgaged Residential Premises as a Guarantor to the tune of Rs. 60,00,000/- (Rupees Sixty Lacs only) against the loan availed by the Corporate Debtor as per sanction letter dated 05.12.2016. xxviii. The Financial Creditor has issued a letter dated 04.03.2017 to the Chairman of Kulkarni house Co-Operative Housing Society to register mortgage on Flat no. 206 vide mortgage deed dated 05.12.2016. Further, the Financial Creditor has sent a legal notice dated 15.03.2019 the Corporate Debtor. xxix. The details of the debt granted by the Financial Creditor to the Corporate Debtor is as mentioned below: Sr. no. Loan Acc. No. Sanction Date Effective Date Limit Sanctioned (Rs. In Lcs.) Tenure/Instalments Date of default 1. 174/2 28.01.2015 31.03.2015 160.00 12 Month Renewal 28.03.2019 2. 174/2 03.11.2015 03.11.2015 60.00 90 days 28.03.2019 3. 174/2 30.11.2015 30.11.2015 80.00 --- 28.03.2019 4. 174/47 28 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayable/outstanding as on date is to the tune of Rs. 25,00,00,000/- (Rupees Twenty-Five Crores only) approximately which is absolutely illegal, unlawful and without any supporting documentary evidence to prove the said amount. iv. On 09.07.2019, the meeting was fixed up at Jalgaon Janata Sahakari Bank ltd at their Thane Branch. The said meeting was attended by the respective officers of the consortium banks, the Director of the Corporate Debtor and its Charted Accountants. On the said also accounts from 31st March, 2015 onwards were shown to the Corporate Debtor contrary to what was requested. v. In spite of the fact that numerous requests have been made by the Corporate Debtor to the Financial Creditor and its member banks to give inspection of the loan accounts from the inception of loan i.e. from 2002-2003 upto date, the Financial Creditor and its members bank have wilfully failed and neglected to furnish the accounts as sought for by the Corporate Debtor for the reason best known to them. vi. The Corporate Debtor is disputing the amount of Rs. 25,00,00,000/- approximately as being claimed by the Financial Creditor and its members bank. The Financial Creditor has played a f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nspection of documents on 4th and 5th October, 2019 between 11.00 to 5.00 p.m. Notwithstanding the fact that the Financial Creditor had committed a breach of the order dated 11.09.2019 passed by this Bench, only with a view to show their bona fides the representative of the Corporate Debtor visited the Thane Branch of the Financial Creditor on 04.10.2019 to take inspection. Even on 04.10.2019, the inspection of the documents was not completed and the officers of the Financial Creditor represented to the representatives of the Corporate Debtor that they did not have all the requisite documents, the inspection whereof was to be given and accordingly the representatives of the Corporate Debtor left the bank and the inspection could not be completed. xiii. The Financial Creditor has, right from the beginning, tried to shy away from giving inspection of the entire accounts to the Corporate Debtor who is in fact the customer of the Financial Creditor. The Financial Creditor has not only breached the banking norms but also breached the order dated 11.09.2019 by failing to adhere to the timelines allowed by this Bench in the said order and, has, till date, not given the entire inspection ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advocate to which the Corporate Debtor sent a routine reply notice dated 19.03.2019 disputing the amount claimed by the Financial Creditor. 4. Thus, Mr. Gupta prayed for admission of above company petition contending that the debt and default in the above case are clearly proved by the Financial Creditor and the Financial Creditor received last payment in respect of term loan facility on 02.05.2017 and the last payment in respect of cash credit facility was paid on 11.11.2016 and the above company petition being filed on 06.05.2019 is well within limitation. 5. Mr. Gauraj Shah, learned counsel appearing for the Corporate Debtor only confined his argument with regard to the quantum of amount claimed by the Financial Creditor in the above company petition. It is the submission of Mr. Gauraj Shah that Financial Creditor has failed to provide the inspection of documents and also the statement of accounts with regard to actual figure claimed by the consortium of banks and therefore argued that an adverse inference has to be drawn against the applicant. 6. Except the above contention the counsel appearing for the respondent did not raise any serious legal issues during the course ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -1808(MB)/2020 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s Desimran Cartons Private Limited. b. This Bench hereby appoints Mr. Vivek Murlidhar Dabhade Insolvency Professional, Registration No: IBBI/IPA-001/IP-P00306/2017-2018/10570 as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016. c. The Financial Creditor shall deposit an amount of Rs. 5 Lakh towards the initial CIRP costs by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits 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; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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