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TMI Blog2019 (10) TMI 1517X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank of India, Kolkata Zone, hereinafter referred to as the Financial Creditor, against M/s. Aeon Manufacturing Pvt. Ltd., a Corporate Identity, having its registered Office at Kolkata, hereinafter referred to as the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution process (in short CIRP) as against the Corporate Debtor. 2. It is submitted by the Financial Creditor that on the request of the Corporate Debtor, the Financial Creditor had sanctioned limits of Rs. 70 Crores vide sanction letter dated 20-07-2012 to the Corporate Debtor which were duly disbursed to the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor has also filed financial statement for the year ending 31-03-2016 in respect of the Corporate Debtor which reflects the loan owed to the Financial Creditor as loans repayable on demand. The Financial Creditor has also proposed the Name of the Insolvency Resolution Professional, Mr. Raj Singhania, Central Plaza, 5th Floor, Room No. 5A, 41, BB Ganguly Street, Kolkata, West Bengal - 700012, who has given his consent to act as the Insolvency Resolution Professional in the matter, in case the present matter is admitted for CIRP process against the Corporate Debtor. 4. In reply to the Application, the Corporate Debtor, through one of its Directors, Mr. 0m Prakash Pandey, submitted that the Application is especially not maintainable in law. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erson. 7. The Ld. Counsel for the Financial Creditor has taken us through all the documents placed on record in support of its claim and has been able to prove its case. 8. It is submitted that the Ld. Counsel for the Corporate Debtor has tried to mislead this Tribunal on the point of forensic Audit. It is submitted that in cases of OTS where the amount is more than Rs. 50 Crores, the matter is subject to forensic audit. It is submitted that after the forensic audit, more than one year has elapsed and the Bank has been pursuing with the Corporate Debtor to make good several discrepancies found by the forensic auditor, but the clarification sought from the Corporate Debtor is not being given and no report for clarification has been receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. iv) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during ..... X X X X Extracts X X X X X X X X Extracts X X X X
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