TMI Blog2022 (6) TMI 363X X X X Extracts X X X X X X X X Extracts X X X X ..... n 7(1) of the IBC, 2016 and it is an admitted fact that the claim amount is still pending to be paid by the Corporate Debtor. It is also not a disputed fact that the loan was disbursed to the Corporate Debtor by the Financial Creditor. Though, S.B.I. has taken possession of the properties of the Corporate Debtor under the SARFAESI Act, 2002 but if any proceeding initiated either by the Financial Creditor or by the lead Bank i.e., S.B.I. under SARFAESI Act, 2002 does not bar to initiate the proceeding under 7 of the IBC, 2016 - It is also noted that the present petition is duly supported by the affidavit of the authorized person of the Financial Creditor and all the requisite information for initiating the CIRP against the Corporate Debtor under Section 7 of IBC, 2016 has been disclosed by the Financial Creditor. Hence, the contention of the Corporate Debtor that the present petition is defective is not valid. It is observed that the credit facilities were sanctioned to the Corporate Debtor by the Financial Creditor and due to nonpayment of the outstanding amount, the accounts of the Corporate Debtor was classified as N.P.A. on 11.12.2019 and thereafter recall notice dated 17. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with State Bank of India (hereinafter referred to as SBI ) on 10.03.2014 and the Corporate Debtor signed a Joint Deed of Hypothecation for securing the aforesaid credit facilities in favour of the Financial Creditor and the SBI on 28.03.2014. The mortgage Deed was also signed by the Corporate Debtor in favour of Financial Creditor and SBI 10.06.2014. For securing the aforesaid credit facilities, (i) Shree Parth Shah (ii) Shri Rakesh C. Patel and (iii) Shri Ashish C. Patel (iv) Shri Arvind D. Patel, (v) Shri Vijay D. Minar and (vi) Shri Chirag M. Patel, have also given their personal guarantee for making the payment in default to make the payment by the Corporate Debtor. 3. The Financial Creditor further submitted that the Corporate Debtor approached the Financial Creditor for enhancement of credit facilities. The Financial Creditor vide sanction letter dated 08.11.2014, and modified sanction letter dated 10.09.2015 enhanced the credit facility to Rupees 25 Crores approximately. For ready reference, we reproduce the original sanction credit facility as well as enhanced credit facility hereunder:- A. The Credit facilities as per the Sanction letter dated 10.03.2014:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor that against the proceeding of DRT, one Special Civil Application No. R/SCA/4625/2021 has been filed before the Hon'ble Gujarat High Court for setting aside the proceeding initiated by the Financial Creditor as well as the DRT proceeding initiated by the SBI which is a lead Bank of consortium. Thereby, the Corporate Debtor is praying for postponing the admission of the CIRP against the Corporate Debtor till the disposal of the aforesaid Special Civil Application. 8. The Corporate Debtor further submitted that Financial Creditor is not authorized to file this present petition as the financial debt was granted vide sanction letters dated 10.03.2014, 08.11.2014, 27.01.2016, 30.05.2017, and 22.11.2018. The SBI is the lead Bank of consortium pursuant to the inter-se agreement between SBI and the Financial Creditor dated 16.12.2014. Hence, the SBI is only entitled to file the present petition or initiate any recovery proceeding under the law. 9. The Corporate Debtor further contended that there is no default in terms of Section 3 of the IBC, 2016 on the ground that the total loan/credit facilities granted to the Corporate Debtor is Rs. 20.00 Crores. However, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor is not entitled to file this present application against the Corporate Debtor as the loan/corporate facilities were sanctioned by the Financial Creditor with the consortium of SBI which is only entitled to file the proceeding before this Adjudicating Authority. Further, the contention of the Corporate Debtor that the S.B.I has already taken the possession the properties of the Corporate Debtor more than the sanctioned amount by both the Banks (Financial Creditor and S.B.I) of Rs. 93.61 Crores. The aforesaid both the contentions of the Corporate Debtor is baseless though the S.B.I is a lead Bank under the consortium of sanctioned credit facilities but Financial Creditor has independently sanctioned the loan/credit facilities to the Corporate Debtor and is entitled to initiate the proceeding under Section 7(1) of the IBC, 2016 and it is an admitted fact that the claim amount is still pending to be paid by the Corporate Debtor. For ready reference, we reproduce Section 7(1) of the IBC, 2016 as under: 7. Initiation of corporate insolvency resolution process by financial creditor. (1) A financial creditor either by itself or jointly with 2 [other financial c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ault is stated to be 09.12.2019. 17. The Financial Creditor has proposed the name of Insolvency Professional Shri Navin Kanjwani, having Registration No. IBBI/IPA-002/IP-N00347/2017-2018/10997 and e-mail Id: navinskanjwani@yahoo.co.in for appointment as an Interim Resolution Professional (in short IRP ) against whom no disciplinary proceedings are pending. Hence, we pass the following orders: ORDER I. The Corporate Debtor M/s. Cengres Tiles Limited is admitted in the Corporate Insolvency Resolution Process under Section 7 of Insolvency and Bankruptcy Code, 2016. II. We appoint Shri Navin Kanjwani, having Registration No. IBBI/IPA-002/IP-N00347/2017-2018/10997 and E-mail Id: navinskanjwani@yahoo.co.in, and having address at 1, New Maharaj Park, Maa Cinema Road, Kubernagar, Ahmedabad, Gujarat-382340 under section 13(1) (c) of the IB Code as IRP as proposed by the Financial Creditor. III. The Moratorium under Section 14 of the Code shall come to effect from the date of this order till the completion of Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X
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