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TMI Blog2022 (4) TMI 1163X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against National Steel & Agro Industries Ltd., the Corporate Debtor (hereinafter referred to as CD) for non-payment of outstanding dues by the CD. Pending the said Company Petition against the CD, the original FC entered into an Assignment Agreement dated 29.09.2021 with JM Financial Asset Reconstruction Company Ltd. (hereinafter referred to as the FC). By virtue of the said Assignment Agreement, this Tribunal permitted substitution of JM Financial Asset Reconstruction Company Limited in place of Original Lender Bank of India on 21.01.2022 whereby all the rights and title of its financial assets including the finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he terms of loan agreement hence the loan account of was classified as NPA. The total dues as on 30.05.2019 is Rs. 127,80,95,977 with further interest and expenses. 7. The report of Central Repository of Information on large Credits dated 13.05.2019 is annexed to the Petition (pg 297 to 299). The Statements of Accounts for the period 2014 onwards have been produced on record in order to corroborate the claim filed by the FC. 8. Hence, the petitioner submits that the petition is complete in all respects, the default has been corroborated by substantial evidences, therefore, the petition ought to be admitted and CIRP to be initiated. Submissions of CD are as follows: 9. CD filed Reply on 28.08.2019 opposing on the grounds of maintainabili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to CD to enable it to settle with its Financial lenders. FINDINGS 13. We have heard the submissions of the Counsel appearing for the FC and Counsel appearing for the CD. 14. This Bench observes from the records available that the right to file reply of the CD was closed way back vide Order dated 08.08.2019. Subsequently, an IA 2961 of 2019 was filed by the CD seeking to recall the said order dated 08.08.2019 and the Tribunal directed the CD to file Reply to the Petition. Thereafter, sufficient opportunities were granted to the CD to file its Reply. 15. Later, various replies by way of Additional Affidavits were filed by CD wherein the CD contested the Petition stating that the Petition was insufficiently stamped and the Petition fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;Admission'. 20. The FC has proposed the name of Mr. Dushyant C. Dave having IBBI Registration No. IBBI/IPA-003/IP-N00061/2017-18/10502 as the Interim Resolution Professional (IRP). The IRP has submitted its consent vide FORM 2. 21. For the foregoing reasons, 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) -2067 (MB)/2019 is hereby admitted and initiation of CIRP is ordered against National Steel & Agro Industries Ltd. b. This Bench hereby appoints Mr. Dushyant C. Dave, Registration No: IBBI/IPA-003/IP-N00061/2017-18/10502 as the Interim Resolution Professional having address at 1101, Dalamal Tower, B-Wing, Free Press ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. The public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the CD will vest in the IRP/RP. The IRP shall perform all his functions contemplated, inter-alia, by Sections 17, 18 and 21 of the Code and conduct proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations and shall file reports before the AA. It is further made clear that all the personnel connected with the CD, its promoters or any other persons associated with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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