9911796707
TMI Blog2024 (5) TMI 1507X X X X Extracts X X X X X X X X Extracts X X X X ..... /s Kaur Sain Spinners Limited is a Company incorporated on 18.09.1997 under the provisions of the Companies Act, 1956 with CIN U17115PB1997PLC020455 having its registered office at Village Arrincha, GT Road, Opposite Mac Donalds, P.O. Doraha, Ludhiana-141421, which is within the jurisdiction of this Tribunal. The Authorized Share Capital of the Respondent Company is Rs. 40,00,00,000/-, and the Paid-up Share Capital is Rs. 40,00,00,000/-, as per the Master Data annexed. 3. It is averred by the Applicant that the Respondent availed various financial facilities from the Applicant, lastly vide sanction letter dated 27.01.2017. In order to avail these facilities, the Respondent executed various agreements, security documents and inter-alia agreed to various terms and conditions of the Applicant. In addition to the Respondent, Directors of the Respondent and others stood as guarantors for Respondent. The detailed particulars of the unpaid Financial Debt claimed including the total amount of default and the date of default as mentioned by the applicant in Part IV of the application read thus: 4. Thus, as per Part IV of the application (ibid), the Applicant has claimed an outst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above and documents (ibid) relied upon, the Applicant has prayed for the initiation of CIRP against the Respondent. 7. On issuance of the notice, the Respondent filed its reply to the main Application vide IA-1236/2022, which was allowed and the reply was taken on record vide order dated 10.02.2023. In reply, the Respondent has mainly stated the following: 7.1 The loan agreements filed in the Application are from 2008 and onwards. However, the facilities were availed by the Respondent from 2004. The Petitioner has concealed various agreements signed between the Applicant and Respondent to cover up its irregularities. Further, all sanction letters and loan agreements have signatures of Sh. Sushil Mittal, who passed away on 28.04.2020 due to COVID. The authenticity of these documents is questionable, thereby all documents are wrong and denied. 7.2 The bank has also concealed the fact about the pendency of CWP 8363/2019 in Hon'ble Punjab and Haryana High Court challenging the same, where in notice of stay quo was ordered. The same was challenged by the CD and the matter was listed for final arguments on 13/10/2022. Applicant Bank has concealed this fact with mala fide intention ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt has challenged the SARFAESI action taken by the Applicant against the respondent. Moreover, the Respondent has nowhere denied the existence of debt and that there is a default towards the same. 8.4 The certain assets of the Respondent have been sold by the Recovery Officer of the Hon'ble DRT-III, Chandigarh under the recovery proceeding initiated under the Recovery of Debt and Bankruptcy Act, by one of the members of the consortium of banks, which had sanctioned the credit facilities to the Respondent. However, the same would have no bearing on the present petition. 8.5 The contention of the Respondent to the extent that the Applicant has claimed an amount of Rs. 193,41,71,512.52 as on 31.11.2017 is admitted. However, rest is denied. Moreover, it is worth mentioning here that suit filed before the Hon'ble DRT, in which the award for Rs. 49,44,65,248/- has been passed, is in relation to a different case being OA No. 3000/2018 titled as "Central Bank of India VS M/s Kaur Sain Spinners Ltd and Others" by the Hon'ble DRT-III Chandigarh account. Furthermore, in this application, the Applicant has to show only a default of Rs. 1,00,000/- only. 9. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o costs are imposed in this matter." Hence, in terms of the judgement (supra), we can rely upon the date of NPA i.e., 31.08.2017, as the date of default for the purpose of calculating limitation. Now, we calculate the period of limitation as follows: S. No. Document Date Period of Limitation till 1. Date of NPA (as per Part IV of Application) or date of default 31.08.2017 30.08.2020 2. Date of filing of Present Application 18.02.2020 (which is prior to 30.08.2020) In terms of the aforesaid analysis, we find that the present application filed by the Applicant Bank is well within the limitation period. 11. Now, we would like to examine the main argument of the Respondent that all sanction letters and loan agreements allegedly have signatures of Sh. Sushil Mittal, who passed away on 28.04.2020 due to COVID. Hence, the authenticity of the documents is questionable and uncertain. Per contra, the Applicant Bank has rebutted the argument of the respondent by stating that the Respondent/ Corporate Debtor is a company/ body corporate having distinct legal personality separate from the individuals managing it and thus, the said corporate Body continues to run a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the Respondent." 15. As proposed by the Applicant, this Bench appoints Mr. Nipan Bansal as IRP having Registration No. IBBI/IPA-001/IP-P00039/2017-18/10100 Email ID: [email protected] subject to the condition that no disciplinary proceedings is pending against the IRP so named and disclosures as required under IBBI Regulations, 2016 are made by him within a period of one week of this Order. This Adjudicating Authority further orders that: Mr. Nipan Bansal, as an IRP having Registration No. IBBI/IPA-001/IPP00039/2017-18/10100, Email ID: irp@ parshotamandassociates.com is directed to take charge of the CIRP of the Respondent with immediate effect. The IRP is further directed to take the steps as mandated under the IBC specifically under Sections 15, 17, 18, 20, and 21 of IBC, 2016. 16. The Applicant is directed to deposit Rs. 5,00,000/- (Five Lakhs) only with the IRP to meet the immediate expenses. The amount, however, will be subject to adjustment by the Committee of Creditors as to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
