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TMI Blog2022 (11) TMI 157X X X X Extracts X X X X X X X X Extracts X X X X ..... Kailash Chander, Assistant General Manager, the Financial Creditor and the affidavit verifying the contents of the application is on pages 26 to 27 of the petition. A copy of the Authority Letter along with notification is attached as Annexure I/1 of the petition. 2. The master data of the corporate debtor is stated to be filed as Annexure-I/2 of the petition. The Corporate Debtor is stated to be incorporated on 17.08.2012. The company has its registered address at Ratia Road, Village Boha, Teh Budhlada, Budhlada PB 151503 IN. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. Brief facts raising to the present Company Petition which are necessary for the disposal of the same are narrated hereunder: 3.1 The corporate debtor is in the business of manufacturing, Processing, trading, importing, exporting exporter or otherwise dealing with all types of cloth, fabric or any textile material has availed financial facilities from various banks forming a consortium. 3.2 The corporate debtor in the year 2012 requested the Boha branch of the financial creditor for a grant of financial facilities because of the growing financial needs. On the request of the Corporate deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets as per RBI guidelines on 06.11.2015. 3.10 The notice under section 13(2) of SARFAESI was served on the corporate debtor on 14.12.2015 calling upon the corporate debtor and its directors/guarantors to clear the outstanding dues of the financial creditor within a period of 60 days. 3.11 Since the corporate debtor failed to repay the amount as claimed by the financial creditor after the statutory period of 60 days symbolic possession of the secured assets under section 13(4) of the SARFAESI Act and issued possession notice dated 01.07.2016 under Rule 8(1) of the Security Interest Rules, 2002. 3.12 It is stated that despite various measures taken by the financial creditor, the corporate debtor failed to repay any of the amounts of the financial creditor. 3.13 The financial creditor had filed an Original application bearing no 4025 of 2017 u/s 19 of the Recovery of Debts due to the Banks and Financial Institutions Act (Now Recovery of Debts and Bankruptcy Act) Act before the Debt Recovery Tribunal, Chandigarh which has been decreed in favour of the financial creditor and execution of the same is pending before the Recovery Officer, DRT-II, Chandigarh. 4. In Part-III of Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution process by financial creditor. (3) The financial creditor shall, along with the application furnish- (a) record of the default recorded with the information utility or such other record or evidence of default as may be specified; (b) the name of the resolution professional proposed to act as an interim resolution professional; and (c) any other information as may be specified by the Board. (5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred 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; or 10. It is observed from the record that in the present case, the occurrence of default is evidenced by the fact that the CD in need of financial assistance requested the Boha Branch of the petitioner/financial creditor for the grant of financial facilities. Subsequently, on the request of the CD, an overall financial facility to the tune of Rs.33.08 crores were sanctioned by the consortium of the bank including the present petitioner i.e. State bank of India and Punjab National Bank on 17.01. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IBC and accordingly, also direct moratorium in terms of sub-section (1) of Section 14 of the code to take effect as below: 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 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 Operational Assets and Enforcement of Security Interest Act, 2002; and 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. e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during the moratorium period. The provisions of Section 14(3) shall, however, not apply to such transactions a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel, and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) This Adjudicating Authority directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. This Adjudicating Authority further directs that the Interim Resolution Professional should also make all efforts simultaneously to retrieve the required information from the computerized data of the corporate debtor from the systems handed over to IRP after the initiation of CIRP. For retrieving relevant information, the Inte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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