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TMI Blog2017 (6) TMI 410X X X X Extracts X X X X X X X X Extracts X X X X ..... as may be determined by the Committee of Creditors whichever is earlier; (ii) In terms of Section 17 of the 'Code', from the date of his appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the 'Corporate Debtor' shall report to the Interim Resolution Professional. (iii) The Interim Resolution Professional shall strictly act in accordance with the 'Code', all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standard of ethics and moral. (iv) The Interim Resolution Professional shall endeavour to constitute the Committee of Creditors at the earliest but not laterthan three weeks from the date of this Order. (v) It is hereby directed that the 'Corporate Debtor', its properties, personnel and persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the 'Corporate Debtor' as a going concern and extend all cooperation in accessing b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Corporate Insolvency Resolution process of the Company before NCLT. 4. It is further represented that the 'Applicant Company' has the following financial creditors;- SI. No. Name of the Bank Address Total debt raised Amount in default SECURED CREDITORS 1. Punjab National Bank. Large Corporate Branch, Sector 17-B, Chandigarti-160017. Debt raised as per sanction letter dated 28.03,2015 (Annexure -1 (A) : CC Limit: 02.95 cr. WCTL-1:79Cr WCTLII; 2.34 cr Total: ₹ 13.08 crores. Amount outstanding as per books- ₹ 1481 cr. ₹ 14.81 crores 2. Canara Bank Mid Corporate Branch. Plot No-01, Sector-34A Chandigarh-160034 Debt raised as per sanction letter dated 08.06.2015 (Annexure -I (F) : CC Limit: 2.63 cr. FITL: 4.82 cr. TL: 9.37 cr WCTL: 10.98 cr LC/BG: 0.71 cr Total. ₹ 28.51 crores. Amount outstanding as per books- ₹ 30.52 cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 00.16 crores; in respect of workers it is ₹ 00.06 crores (as per books it is ₹ 00.19 crores); in respect of service providers the default is Nil though as per books it is stated to ₹ 00.22 crores. It is represented that the total amount of default Financial and Operational creditors is ₹ 79.61 crores and as per books the same is ₹ 82.80 crores. The default, however, is mentioned as ₹ 95.62 crores by including contingent liability DGFT. 6. Mr. G.S.Sarin, the Authorised Representative of the 'Applicant/Corporate Debtor' further represents that due to default in making payment to the financial institutions, Punjab National Bank issued notice dated 02.11.2016 under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act, 2002) attached at Annexure I (C). Similarly, copies of notices issued by the other Banks of different dates under Section 13 (2) of the said Act have also been attached. Along with the additional documents as per directions issued by the Tribunal on 25.04.2017, the 'Applicant/Corporate Debtor' has also attached notice Annexure - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as IRP in the case of another company whose promoters are the same as that of the 'Applicant Company' and therefore, time was requested to propose the name of another IRP. The 'Applicant/Corporate Debtor' has filed fresh communication in Form No.2 of the proposed IRP with the documents filed on 27.04.2017 which is at Annexure-A. The 'Applicant' has now proposed the name of Mr. Krishan Vrind Jain as the IRP who is registered with IBBI under Registration No.IBBI/IPA-001/IP-00619/2016-2017/1396. Mr. Jain has agreed to accept the appointment as IRP if an order admitting the instant petition is passed. He has, however, disclosed that he is serving as IRP of another company in which he has since been appointed a Resolution Professional. 9. In this regard the Authorised Representative of the Applicant submits that as per Regulation 22 of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulation, 2016 an Insolvency Professional must refrain from accepting too many assignments, if he is unlikely to be able to devote adequate time to each of his assignments . It is thus submitted that there is no bar in accepting more than one assignment eithe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itiating the process of insolvency: (i) Existence of a 'Corporate Debtor' (ii) Such a 'Corporate Debtor' must have committed a default. (iii) On the satisfaction of (i) and (ii) above, a 'Corporate Applicant' may file an application for initiating Corporate Insolvency Resolution Process. (iv) Such an application as contemplated in (iii) above shall be filed in such forms, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (v) Along with the application as in (iv) above, information relating to books of account and other documents relating to such period as may be specified. (vi) The Applicant to name the Resolution Professional proposed to be appointed as Interim Resolution Professional 12. Section 10 of 'the Code' confers a discretion on this Tribunal to either admit or reject the application and in case of rejection, to give an opportunity to the applicant before such rejection, to rectify the defects within seven days from the date of receipt of such notice from the Adjudicating Authority. The term 'Corporate Debtor' has been defined under Section 3 (8) of Part-I of ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 4,06,06,090/- Lone Term Borrowings and other liabilities discloses the following for the above years: As on 28,03.2017 - ₹ 74,16,88,008/- As on 31.03,2016 - Rs.69,80,23,748/- As on 31.03.2015 - ₹ 51,74,67,126/- Current Liabilities As on 28.03.2017 - ₹ 11,45,05,198/- As on 31.03.2016 - ₹ 11,40,71,600/- As on 31.03.2015 - ₹ 22,23,25,560/- Revenue from Operations and other income: As on 28.03.2017 - ₹ 5,04,49,019/- As on 31,03.2016 - ₹ 29,66,47,809/- As on 31.03.2015 - ₹ 1,10,16,60,676/- 16. The figures extracted above would indicate the losses and fall in revenue considerably. The 'Applicant C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e', all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standard of ethics and moral. (iv) The Interim Resolution Professional shall endeavour to constitute the Committee of Creditors at the earliest but not laterthan three weeks from the date of this Order. (v) It is hereby directed that the 'Corporate Debtor', its properties, personnel and persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the 'Corporate Debtor' as a going concern and extend all cooperation in accessing books and records as well as assets of the 'Corporate Debtor'. 18. I further declare a moratorium in relation to the following matters as contemplated under Section 14 of the 'Code' as under:- (a) The institution of suits or continuation of pending suits or proceedings against the 'Corporate Debtor' including execution of any judgment, decree or order in any Court of Law, Tribunal, Arbitration panel or other Authority; (b) Transferring, encumberi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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