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2019 (10) TMI 1473 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - time limitation - HELD THAT - This Adjudicating Authority finds that the loan agreement was executed jointly by Sarvhit Trust and V.A.M. Resorts Hotels Pvt. Ltd. and Emm Vee Infrastructures (India) Pvt. Ltd. who is the corporate Debtor before this Adjudicating Authority and no where in the agreement, it is mentioned that the loan was not granted to the Corporate Debtor and was given to the trust and Emm Vee Infrastructures (India) Pvt. Ltd.. So, on the basis of the given documents, it can be safely said that there is no force, in the contention raised on behalf of the Corporate Debtor that the loan was not granted to him rather granted to Sarvhit Trust and Emm Vee Infrastructures (India) Pvt. Ltd. Time Limitation - HELD THAT - It is matter of record, as per record of the financial creditor account of the corporate debtor was declared NPA on 11.11.2016 and Applicant/Financial Creditor has filed this application on 27.09.2018, which is within the limitation period. The application filed on behalf of financial creditor/Applicant under Section 7 of IBC is found complete and it is within limitation. It further appears that there is default in non-payment of the debt owed by the corporate debtor, which is more than Rs One Lakh to trigger the CIRP against the Corporate Debtor and the applicant has annexed sufficient documentary evidence to show that there is default on behalf of the corporate debtor. Therefore, application filed U/S 7 of IBC deserves to be admitted. Application admitted - moratorium declared.
Issues Involved:
1. Maintainability of the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. 2. Existence and default of financial debt. 3. Appointment of Interim Resolution Professional (IRP) and declaration of moratorium. Issue-Wise Detailed Analysis: 1. Maintainability of the Petition: The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Indiabulls Housing Finance Ltd. against M/s. V.A.M. Resorts And Hotels Private Limited. The Corporate Debtor challenged the maintainability, arguing that the alleged loan was taken by M/s. Sarvhit Trust, not by them. However, the Tribunal found that the loan agreement was executed jointly by Sarvhit Trust, V.A.M. Resorts & Hotels Pvt. Ltd., and Emm Vee Infrastructures (India) Pvt. Ltd. The Tribunal held that the loan was indeed granted to the Corporate Debtor, making the petition maintainable. 2. Existence and Default of Financial Debt: The Financial Creditor (Indiabulls Housing Finance Ltd.) provided evidence of the loan granted, including the loan sanction letter, computation of default amounts, declaration and acknowledgment, and records of default with CIBIL. The Corporate Debtor admitted the debt but disputed the date of default. The Tribunal found the discrepancy in the default date (11.11.2016 vs. 13.12.2016) to be a typographical error and not significant enough to affect the petition's completeness. The Tribunal concluded that the Financial Creditor successfully established the existence of financial debt and default, with the amount in default being ?7,44,91,494 as on 17-09-2018. 3. Appointment of Interim Resolution Professional (IRP) and Declaration of Moratorium: The Financial Creditor proposed Mr. Ashish Singh as the IRP, who affirmed his eligibility and lack of disciplinary proceedings against him. The Tribunal appointed Mr. Ashish Singh as the IRP and declared a moratorium under Sections 13 and 14 of the Code, prohibiting: - Institution or continuation of suits or proceedings against the Corporate Debtor. - Transfer, encumbrance, or disposal of any assets or legal rights by the Corporate Debtor. - Foreclosure, recovery, or enforcement of any security interest. - Recovery of property by owners or lessors from the Corporate Debtor. The Tribunal directed the IRP to comply with Sections 13(2), 15, 17, and 18 of the Code and ordered the Directors and Promoters of the Corporate Debtor to cooperate with the IRP as prescribed under Section 19. The Registry was instructed to communicate the order to all relevant parties. Conclusion: The Tribunal admitted the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, finding it complete and within the limitation period. The Tribunal confirmed the existence of a financial debt and default, appointed an IRP, and declared a moratorium, thus initiating the Corporate Insolvency Resolution Process against the Corporate Debtor.
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