TMI Blog2021 (9) TMI 1447X X X X Extracts X X X X X X X X Extracts X X X X ..... count, withholding and misrepresentation of facts, delay in arranging funds and noncooperation by the Financial Creditor, violation of RBI guidelines/directives so on and so fore which are not at all relevant for the purpose of disposal of the above Company Petition. The Corporate Debtor paid an amount of 50,000/- on 13.10.2017 which was also confirmed by the Corporate Debtor through their reply dated 04.12.2017 raising objection to the possession notice issued by the Financial Creditor under SARFAESI Act. The Corporate Debtor also addressed letter dated 24.02.2016 confirming the LC outstanding dues and LG outstanding dues. The above Company Petition being filed on 31.10.2018 is well within limitation - the only legally sustainable plea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a financial debt of Rs. 39,53,59,449.6/-. THE BRIEF FACTS OF CASE ARE AS FOLLOWS :- 2. The present Company Petition has been filed by Union Bank of India, Financial Creditor. The Corporate Debtor is a Private Limited Company incorporated under the provisions of the Companies Act, 1956. 3. The Financial Creditor states that at the specific request of the Corporate Debtor, various Credit facilities were granted to Corporate Debtor from time to time since around 1980. The Total amount of debt granted to Corporate Debtor as per the last sanction dated 23.05.2013 includes: (i) LC/LG- Rs. 6.00 crores -W/w Inland/Import LC (4.00 Crores) (ii) CC (Hyp)- Rs. 5.00 Crores (iii) WCTL- Rs. 15 Crore (iv) FITL- Rs. 4.50 Crore Tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilities amounting to Rs. 33,30,30,407/- along with the interest at contractual rate as per terms and conditions of the loan documents executed by the defendants and discharge all their liabilities. 7. The Corporate Debtor enjoyed and availed the said credit facilities and have wilfully committed a default in the repayment. The Corporate Debtor failed to clear the outstanding and / or regularize the account and thus, committed breach of the terms and conditions on which the said credit facility were granted to Corporate Debtor. 8. Financial Creditor filed Original Application bearing No. 1009 of 2018 at DRT-III for a claim amount of Rs. 37,18,82,327.80/- filed on 07.12.2017. 9. Hence, the above Company Petition was filed by Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue that needs to be decided in the above Company Petition is: Whether the above Company Petition is within limitation? 3. In order to decide the above issue, it is important to mention that the loan facilities availed by the Corporate Debtor were originally declared as NPA in 2011 and subsequently loan facilities were restructured, and fresh documents were obtained from the Corporate Debtor in 2013 and the accounts were declared as NPA on 31.03.2013. The Financial Creditor annexed two debit balance confirmations dated 14.07.2015 at page numbers 219 to 220 of the Company Petition in respect of loan account bearing no. 320506310000007 for an amount of Rs. 146936720.80 and 320505010090079 for an amount of Rs. 5,00,00,000/- respective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or admission. 6. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the same is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -4182(MB)/2018 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s Indian Transformers Co. Ltd. b. This Bench hereby appoints Mr. Ankur Kumar Insolvency Professional, Registration No: IBBI/IPA002/IP-N00113/2017-18/10283 as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency Bankruptcy Code, 2016. c. The Financial Creditor shall deposit an amount of Rs.5 Lakh towards the initi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench approves the resolution plan under subsection (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP. j. Registry shall send a copy of this order to the Registrar of Companies, Mumbai, for updating the Master Data of the Corporate Debtor. Accordingly, this Petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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