TMI Blog2020 (2) TMI 1653X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble District Courts. The debts and the default are proved beyond reasonable doubt. The application filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Emerald Mineral Exim Private Limited is hereby admitted - Moratorium declared. - TP No. 182/CTB/2019 -in-COPET No. 55 of 2016 - - - Dated:- 20-2-2020 - SUCHARITHA R., MEMBER (J) AND SATYA RANJAN PRASAD, MEMBER (T) For the Appellant : Subrat Mishra, S. Mohapatra, B. Swarnakar For the Respondent : M.J. Sethi ORDER Sucharitha R., Member (J) 1. This application is filed under Section 433, 434 439 of Companies Act, 1956 now under Section 7 of Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process to the Corporate Debtor i.e. M/s. Emerald Mineral Exim Private Limited. 2. The application was filed by the applicant before Hon'ble High Court of Orissa numbered as COPET No. 55/2016. The same was transferred of this Adjudicating Authority and re-numbered as TP No. 182/CTB/2019. 3. The applicant submits that the applicant i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The corporate debtor sold the securities of the loan of the applicant bank to third party, and has illegally enriched from the deal, since, the formalities of deposit of original title deeds for completion of the equitable mortgage were not completed. Hence, the secured loan of the applicant has slipped into as an unsecured loan. In the Nomination agreement dated 31.03.2013 clause 5.7 reads as follows: Quote 5.7. The confirming party in any manner has not encumbered or created any other party's interest in the said unit and the properties appurtenant thereto . UNQUOTE Hence, the confirming party, i.e. the Corporate Debtor herein has executed false statement in the agreement, in collusion with the builder. Thereby, cheated the applicant bank of its lawful dues. 7. The Corporate Debtor executed Acknowledgement of Liability dated 25.04.2014, the copy of the same was annexed as Annexure-21. Since, the Corporate Debtor defaulted in repayment of the loan. The loan account was classified as Non-Performing Asset (NPA) on 05.07.2014. 8. The applicant submits that the OA -104/16 was filed before the Hon'ble Debts Recovery tribunal (DRT), Kolkata, the same is pendin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sum of Rs. 1.34 crore only disbursed on 01.07.2011 which was directly given to the builder on 13.07.2011 The respondent paid instalments towards the loan amount till 2013. Some of the cheques could not been cleared. The applicant has also initiated the proceedings under 138 NI act, and the same is pending before the concerned courts. 12. We have heard both parties. The applications, documents are perused. The Corporate Debtor, has conveyed the property, under nomination agreement along with the builder dated 31.03.2013 to and in favour of M/s. Jupiter Pharmaceuticals Limited, In other words, the Corporate Debtor having availed the loan for purchase of commercial property from the applicant bank without the knowledge of the bank, illegally has enter into an agreement, with the concurrence of the builders and has conveyed the property to Jupiter Pharmaceuticals Limited. As per the Nomination Agreement dated 31st March, 2013, the total sale consideration is sum of Rs. 2,26,77,250/- (Two Crore Twenty-Six Lakh Seventy-Seven Thousand Two Hundred and Fifty). Hence, the property which ought to have been created as an equitable mortgage for the loan availed by the Corporate Debtor i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 15 of the Insolvency Bankruptcy Code, 2016. iii) Moratorium is declared for the purpose referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The Interim Resolution Professional shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in Clause (b) of sub-Section (1) of Section 15 of Insolvency Bankruptcy Code, 2016 shall be made immediately. iv) Moratorium under Section 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following: a) 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 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 an action under the Securitization and Reconstruction of Financial Assets and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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