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TMI Blog2022 (11) TMI 346X X X X Extracts X X X X X X X X Extracts X X X X ..... there have been subsequent developments in the present matter. It is stated that IL & FS Group has approximately Rs.91,000 Crore in debt and is facing severe liquidity crisis. Further between July 2018 and September 2018, two of the subsidiaries of IL&FS Group are having trouble to repay the loans. 4. Vide an order dated 01 October 2018, the NCLT suspended the existing Board of Directors and reconstituted the same with six persons proposed by the Central Government and a chargesheet has been filed by the Serious Fraud Investigation Office against thirty parties for misreporting the Financial Statements of the IL&FS firms. 5. The learned Counsel therefore prayed for submission of a supplementary affidavit to bring these developments on record. C.P. (IB) No. 347/KB/2020 6. This is a Company Petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 by IL&FS Financial Services Limited, represented by Mr. Baiju Mathew, authorized through a Board Resolution dated 16 October 2019 seeking to initiate Corporate Insolvency Resolution Process ("CIRP") against E Village Kendra Limited [CIN: U67190WB2002PLC095455] ("Corporate Debtor"). 7. The Corporate Debtor was incorpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st Term Loan. [Annexure M @ Pgs. 137-138 of the Application] On November, 27, 2018, another notice was issued to the Corporate Debtor by the Applicant, whereby, the Applicant demanded payment of Rs. 302,73,61,354/- (Rupees three hundred and two crore seventy-three lakh sixty one thousand three hundred and fifty four only) with regard to Second Term Loan. [Annexure N @ Pgs. 139-140 of the Application]. 14. The learned Counsel submitted that the Corporate Debtor has acknowledged the debt availed by the Corporate Debtor, in Clause 4 of the Deed of Undertaking executed by the Corporate Debtor on 26 March 2018. [Annexure J @ Pgs. 117-124 of the Company Petition] and in Clause 1 of the deed of undertaking executed by the Corporate Debtor on 29 March 2017. [Annexure K @ Pgs. 125-132 of the Company Petition] 15. It is also relevant to state here that the Corporate Debtor has created charge on the MCA portal pursuant to Sections 77(1) and 78 of the Companies Act, 2013 and certificate of registration of charge dated May 29, 2018 has also been issued in respect of creation of charge [Annexure X @ Pgs. 179- 186 of the Company Petition]. It is specifically pointed out that the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion] m. A copy of Certificate dated June 29, 2018 issued by the Central Registry of Securitization Asset Reconstruction and Security Interest of India with regard to creation of security interest in respect of the infrastructure term loans sanctioned in favor of the Corporate Debtor. [Annexure V @ Pgs. 175-177 of the Company Petition] n. A copy of Certificate dated July 6, 2018 issued by the Central Registry of Securitization Asset Reconstruction and Security Interest of India with regard to creation of security interest in respect of the infrastructure term loans sanctioned in favor of the Corporate Debtor. [Annexure W @ Pg. 178 of the Company Petition] 17. The Corporate Debtor has defaulted in repayment of the Financial Debt by the Corporate Debtor. 18. The Financial Creditor has proposed the name of Mr. Bimal Kanti Choudhury, registration number IBBI/IPA-001/IP-P01028/2017- 2018/11682, as the Interim Resolution Professional of the Corporate Debtor. The proposed Interim Resolution Professional has given his written communication in Form 2 as required under rule 9(1) of the Insolvency and Bankruptcy [Application to Adjudicating Authority] Rules, 2016 along with a copy of reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led to appreciate the fact that said Regulation was inserted by Notification No. IBBI/2020-21/GN/REG066, dated November 13, 2020 and was made effective from the said date only, and therefore the Corporate Debtor made an attempt to mislead this Hon'ble Tribunal, if possible. In this connection, it is to be noted that the application under section 7 of the IBC was filed on January 27, 2020, when the said Regulation was not applicable. 21. In this connection, it is relevant to rely upon the law laid down by Hon'ble Supreme Court of India in the matter of Asset Reconstruction Company (India) Limited v. Tulip Star Hotels Limited & Ors. [Civil Appeal Nos. 84-85 of 2020] dated August 1, 2022, wherein it has been specifically held that an application to the Adjudicating Authority under section 7 of the Code, in the prescribed form, cannot, be compared with the plaint in a suit, and cannot be judged by the same standards, as a plaint in a suit, or any other pleadings in a court of law. Therefore, since the proceedings under the provisions of IBC are summary in nature, the Financial Creditor has submitted all the requisite documents and/or information in order to prove the existence of fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... djudicating Authority) Rules, 2016 for initiating CIRP against E Village Kendra Limited, the Corporate Debtor, is admitted. b. There shall be a moratorium under section 14 of the IBC. c. The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. d. Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. e. Mr. Bimal Kanti Choudhury, registration number IBBI/IPA- 001/IP-P01028/2017-2018/11682, is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code subject to submission of a valid Authorisation of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016. The fee payable to IRP or the RP, as the case may b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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