TMI Blog2021 (8) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor also gave an OTS offer of repayment of 4 crores as full and final settlement vide their reply notice sent through their advocate without prejudice to their rights and contentions. Therefore, it is very clear from the above feeble contest raised by the Corporate Debtor that the debt and default are clearly established in this case and there is no merit in the contention raised by the Corporate Debtor. There are no valid grounds warranting the rejection of the above Company Petition as the debt and default are clearly established and the debt is also within limitation. The present petition is complete in all respects - petition admitted - moratorium declared. - C. P. No. 1808/IBC/MB/2019 - - - Dated:- 23-7-2021 - Hon ble Shri H.V. Subba Rao, Member (Judicial) And Hon ble Shri Chandra Bhan Singh, Member (Technical) For the Applicant : Mr. Rohit Gupta, Advocate For the Respondent : Mr. Gauraj Shah ORDER Per: Shri H.V. Subba Rao, Member (Judicial) 1. This Company petition is filed by Jalgaon Janata Sahakari Bank Limited (hereinafter called Financial Creditor ) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Des ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial Creditor has issued a loan disbursement memo dated 30.03.2015. ix. The Consortium has entered into an Inter se agreement dated 31.03.2015. The Corporate Debtor, the Financial Creditor i.e. Jalgaon Janata Sahakari Bank Limited along with Dombivali Nagari Sahakari Bank Limited and Janaseva Sahakari Bank Limited are the parties to the said agreement. x. The Supplemental Joint Deed of Hypothecation dated 31.03.2015 has been executed between the Corporate Debtor, the Financial Creditor along with Dombivali Nagari Sahakari Bank Limited and Janaseva Sahakari Bank Limited. xi. The Funded Interest Term Loan Agreement dated 31.03.2015 has been executed between the Corporate Debtor, the Financial Creditor along with Dombivali Nagari Sahakari Bank Limited and Janaseva Sahakari Bank Limited. xii. The Joint Working Capital Term Loan Agreement 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 Corporate Debtor. Various other documents were executed on 31.03.2015 i.e. (i) Demand Promissory Note, (ii) Extract of form K., (iii) letter of continuity and (iv) agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 Kulkarni for various facilities from the Financial Creditor and other banks in consortium aggregating to an amount of ₹ 5,30,00,000/- (Rupees Five Crores Thirty Lac Only). xvii. M/s Janaseva Sahakari Bank Limited has issued a Sanction letter dated 30.07.2015 for additional letter of credit of ₹ 50,00,000/- (Rupees Fifty Lacs only) with revolving limit of ₹ 2,50,00,000/- (Rupees Two Crore Fifty Lacs Only). The Financial Creditor has passed a resolution in its Consortium meeting dated 04.08.2015 pertaining to the additional facility amounting to ₹ 50 Lacs for letter of credit. xviii. The Corporate Debtor passed a resolution in its board meeting dated 21.09.2015 authorizing Mr. Girish Vaidya and Mrs. Shalaka Kulkarni its directors to sign and execute mortgage deed in favour of the xix. The Financial Creditor alongwith other consortium banks and Corporate Debtor entered into Supplemental Joint Mortgage Deed dated 01.10.2015 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed (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 28.01.2015 31.03.2015 663.39 84 Month 28.03.2019 5. 172/48 28.01.2015 31.03.2015 96.43 36 Month 28.03.2019 1059.82 xxx. There are numerous dates of defaults because Corporate Debtor has not hono ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,00,00,000/-. iii. However, the Financial Creditor is alleging that the amount payable/outstanding as on date is to the tune of ₹ 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 ₹ 25,00,00,000/- approximately ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26.09.2019, the Branch Manager of the Financial Creditor addressed an email to the Corporate Debtor to fix the date of inspection 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 fai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the application and there was no payment thereafter. Thereafter the Financial Creditor got issued a legal notice on 14.12.2018 through their 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the 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 ₹ 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, encumberin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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