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TMI Blog2022 (2) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... 300 having its registered office at Railway Road, Siwani, Haryana HR 127046 IN which falls within the territorial jurisdiction of this Adjudicating Authority. 2. The Authorized Share Capital of the Respondent Company is Rs. 2,87,500,000/- and Paid-Up Share Capital of the Company is Rs. 2,04,439,600/- as per the Company Master Data attached as Annexure 1 of the Petition. 3. The facts of the case, as briefly stated in the petition, is that the corporate debtor has requested the petitioner to avail/enhance the credit facilities. In pursuance of the same, the following documents are executed between the Corporate Debtor and Petitioner:- a) Form 8 for creation of charge vide charge ID 10318886 dated 09.11.2011-Annexure 4. b) Form 8 for creation of charge vide charge ID 10379510 dated 12.09.2012-Annexure 5. c) Form 8 for modifications dated 25.09.2012 of charge created under charge ID 10379510 dated 12.09.2012- Annexure 6. d) Form 8 for further modifications dated 05.08.2013 of charge created under charge ID 10379510 dated 12.09.2012 to record the increase in the limit of existing facilities from Rs. 105 Crores to Rs. 220 Crores-Annexure 7. e) Form 8 for further modifications ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PNB dated 12.09.2012-Annexure 20. r) Copy of Deed of Guarantee dated 12.09.2012 executed by Mr. B.D. Agarwal, Mrs. Bimla Devi and Mr. Megh Raj Jindal in favour of the Consortium-Annexure 21. s) Copy of Continuing Oral Assent in respect of Extension of Equitable Mortgage of Immovable Property was given by the Financial Creditor-Annexure 22. t) Copy of sanctioned letter dated 12.02.2013 issued by the Financial Creditor to the Corporate Debtor for the exposure of Rs. 100 Crores-Annexure 23. u) Copy of resolution passed in board meeting dated 04.08.2013 of the Corporate Debtor accepting the sanction letter dated 27.07.2013 issued by the PNB lead Bank-Annexure 24. v) Copy of Joint Deed of Hypothecation dated 05.08.2013 executed by the Corporate Debtor in favour of the consortium Annexure 25. w) Copy of Working Capital Consortium Agreement dated 05.08.2013-Annexure 26. x) Copy of letter of undertaking & declaration dated 05.08.2013-Annexure 27. y) Copy of Letter of undertaking for creating a Pari-passu charge on fixed assets in favour of Consortium dated 05.08.2013-Annexure 28. z) Copy of Deed of Guarantee dated 05.08.2013 given by Mr. Bajrang Dass Agarwal, Mrs. Bimla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,262/- Annexure 41. 4. In Part-III of Form No. 1, Mr. Darshan Singh Anand, Registration No. IBBI/IPA-002/IP-N00326/2017-18/10931 has been proposed as Interim Resolution Professional (IRP). Form No. 2 stating that there are no disciplinary proceedings against the proposed Resolution Professional is at page no. 825-827A of the Petition. It is also stated that the interim Resolution Professional is currently serving in two other proceedings. 5. It is stated in Part-IV of Form No. 1 that the total amount of default is Rs. 90,09,15,442.30/- as on 16.05.2019. The Petitioner has stated that vide its letter dated 04.04.2019 given the final notice to, and ask the corporate debtor to clear the dues of Rs. 49,71,20,262/- plus uncharged interest/penal interest and other expenses including legal expenses by 12.04.2019. In addition to the above, the petitioner has submitted that the corporate debtor in its annual return, inter alia, for F.Y. 2017-18 had admitted its liability towards the Financial Creditor. The accounts of the corporate debtor were classified as NPA on 31.12.2015 and Corporate Debtor vide its letter dated 20.02.2019 approached petitioner and offered One Time Settlement towards ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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 application." 11. In the present case, the occurrence of default of debt is evidenced by the copy of the agreement of term loan, General Power of Attorney, letter of undertaking cum declaration, common deed of hypothecation and sanction letter dated 24.10.2011. The corporate debtor has defaulted in making the regular payments of the credit facilities sanctioned by the petitioner and a demand notice under Section 13(2) of the Sarfaesi Act, 2002 recalling debt. 12. The other issue for consideration is whether the present application is filed within limitation. The corporate debtor has acknowledged the debt by offering one-time settlement vide its letter dated 20.02.2019 and the present petition has been filed on 13.05.2019. Therefore, the petition has been filed within the period of limitation. Moreover, the Corporate Debtor has also admitted the liability but stated that it has been experiencing financial crises and unable to make payment to the petitioner. 13. The application filed in the prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional and Mobile No. 7499680526. The IRP is directed to take the steps as mandated under the IBC, specially under Sections 15, 17, 18, 20 and 21 of IBC, 2016. 16. The Interim Resolution Professional shall after collation of all the claims received against Corporate Debtor and the determination of the financial position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying the constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days of filling the report of Constitution of the Committee. The Interim Resolution Professional is further directed to send regular progress reports to this Tribunal every fortnight. 17. The Petitioner is directed to deposit an amount of Rs. 2,00,000/- (Rupees Two Lakhs) with the Interim Resolution Professional to meet the immediate expenses of the CIRP within two weeks. The same shall be fully accountable by Interim Resolution Professional and shall be reimbursed by the Committee of Creditors (CoC) to the Operational Creditor to be recovered as the CIRP cost. 18. A copy of the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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