TMI Blog2022 (12) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... ts : Navin Pahwa, Senior Advocate. ORDER 1. The Present Application is filed on 18.12.2019 under section 7 of Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by IDBI Bank Limited through its Deputy General Manager, Mr. Madan Kumar Kanti, (for brevity 'Applicant'), with a prayer to initiate the Corporate Insolvency process against Sumeet Industries Limited (for brevity 'Corporate Debtor'). 2. The applicant is a banking company incorporated on 27.09.2004 and registered under Companies Act, 1956 (1 of 1956) and within the meaning of Section 2(20) of Companies Act, 2013, bearing CIN L65190MH2004GO1148838, and a banking company within the meaning of Section 5(c) of the Banking Regulation Act, 1949 (10 of 1949), having its registered office at IDBI Tower, WTC Complex, Cuffe Parade, Mumbai 400 005 and branch office at IDBI Complex, NMG Ahmedabad, Opp. Municipal Staff Quarters, Near Lal Bunglow, Off. C.G. Road, Ahmedabad 380 006. The applicant is in the banking business providing various types of financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.2019 as under: A. Financial Assistance (Rupees) Facility Principal outstanding Interest outstanding Total outstanding Working capital 101,69,21,535.11 18,70,60,580.07) 120,39,82,115.18 Rupee term loan 15,27,77,631.00 2,20,23,862.10 17,48,01,493.10 Total 116,96,99,166.11| 20,90,84,447.17| 137,87,83,608.28 B. Non-fund based assistance Facility Outstanding as on 01.11.2019 Bank Guarantee 15,00,000.00 Total 15,00,000.00 Grand total A + B Total outstanding dues as on 01.11.2019 Rs. 137,87,83,608.28 (One hundred thirty-seven crores eighty-seven lacs eighty-three thousand six hundred and eight and twenty eight paise only) + further outstanding of bank guarantee No. 1703841BGP00085 of Rs. 15,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner is also a member for restructuring of the debt. 12. The applicant filed objection on affidavit for the reply filed by the corporate debtor inter alia stating that despite giving several opportunities, the corporate debtor failed to file reply/objections, therefore, the present application is required to be heard based on pleading of the applicant. 13. In compliance of order dated 01.01.2020, the applicant filed purshis along with copy of online tracking report from Indian Postal Department evidencing that the copy of the application was delivered to the corporate debtor on 20.12.2019. 14. The applicant filed rebuttal documents on affidavit countering contention of the corporate debtor that the application is signed by a person without proper authority. The applicant filed a copy of Delegation of Power of the applicant bank which authorise Dy. General Manager to sign legal documents in court of law. The applicant filed copy of orders dated 12.05.2020 13.08.2020 issued by NCLT Principal Bench which inter alia clarifies that submission of proof of default from Information Utility is applicable only for new petitions, whereas, the present petition is filed on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor is in default of total Rs. 137,87,83,608.28/- (Rupees one hundred thirty-seven crores eighty-seven lacs eighty-three lacs six hundred eighteen and paise twenty-eight only) as on 01.11.2019. Taking into consideration various sanction letters dated 08/06/2010, 16/07/2011, 14/06/2012, 27/09/2013, 26/04/2014, 22/08/2014, 29/09/2015, 24/08/2016, 24/04/2017 and renewal of working capital sanction letter dated 03.02.2018 issued by the applicant, balance confirmation letter dated 25.04.2018 and revival letter dated 07.09.2019 issued by the corporate debtor, the present application filed on 18.12.2019 is within limitation. 19. The registered office of the corporate debtor is situated in Surat, Gujarat State and, therefore, this Tribunal has jurisdiction to entertain and try this application. 20. Heard the submissions and perused the documents on record. The arguments of both sides are dealt with as under: (a) The first objection raised by the corporate debtor is that the application is defective as the application is filed by a person not holding any valid authority. On perusal of the records it is found that each page of the application is sealed and signed by a Senior Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es two lacs only) with the Interim Resolution Professional, namely Mr. Kuresh Hatim Khambati to meet the expenses for performing functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Financial Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Financial Creditor. 24. As a consequence of the application being admitted in terms of Section 7(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Corporate debtor, prohibiting actions as per clauses (a) to (d) of Section 14(1) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall remain in force. 25. A copy of the order shall be communicated to the applicant, IRP and the corporate debtor. A copy of order along with complete copy of application be served to IRP by the applicant within 7 days of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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