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TMI Blog2017 (7) TMI 925X X X X Extracts X X X X X X X X Extracts X X X X ..... providers) is ₹ 0.32 crores and the amount in default is ₹ 0.04 crores. In view of the aforesaid discussion, the instant petition deserves to be admitted. It is, however, observed that the applicant company save some sketchy particulars has not given any roadmap as to how it is going to keep itself afloat as a going concern. However, keeping in perspective the objects tor which the 'Code' has been brought into force and to balance the interest of all stakeholders, we are satisfied that the instant application warrants to be admitted to prevent further erosion of capital and to safeguard the assets of the Applicant Company/Corporate Debtor. Also declare a moratorium in relation to the required matters as contemplated under Section 14 of the 'Code' - CP (IB) NO. 8/CHD/2017 - - - Dated:- 7-4-2017 - MR. R.P. NAGRATH AND MS. DEEPA KRISHAN, JJ. For The Applicant : G.S. Sarin, Practising Company Secretary and Prakash Dev Sharma, Insovency Professional ORDER Justice R.P Nagrath, Member (Judicial) This is an application filed by Super Multicolor Printers Pvt. Ltd. a Corporate Debtor itself under Section 10 of Insolvency and Bankruptcy Code, 2016 (for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench has the territorial jurisdiction to entertain and dispose of this petition. 3. The extract of the Resolution passed by the Board of Directors of the company dated 20.03.2017 is at page 434 whereby Mr. Sunil Guglani, Director of the company is authorised to initiate corporate insolvency resolution process as corporate applicant on behalf of the company and also to accept service of process on behalf of the corporate debtor. The applicant company has mentioned the residential address of Sunil Guglani in item no.2(1) of form No.6 (placed at page 10 of the application) and also the address of registered office of the company along with email address for service of the process on behalf of the company. 4. It is further represented by the corporate applicant that the applicant company has the following financial and operational creditors: Sl. No. Name of the Bank / Unsecured creditors Address Total debt Amount in default SECURED CREDITORS 1. Punjab Nationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total debt (dues) raised: ₹ 0.22 crs. Amount as per books: ₹ 0.22 crs. Nil Service providers. Total debt (dues) raised: ₹ 0.32 crs. Amount as per books: ₹ 0.32 crs Rs.0.04 crs. Total debt raised from operational creditors Total debt (dues) raised: ₹ 10.34 Crs. Amount as per books: ₹ 10.34 crs. ₹ 14.60 crs. TOTAL DEBT RAISED (FINANCIAL AND OPERATIONAL CREDITORS) Rs.215.06 crs. TOTAL DEBT (DUES) RAISED: ₹ 218.98 crs. AMOUNT AS PER BOOKS: ₹ 218.79 crs. ₹ 215.06 Crs. It is thus, submitted that the total debt raised from financial creditors is ₹ 206.64 crores, whereas the amount in default is ₹ 200.37 crores. The public deposits are shown as Nil. it is represented that there is default of an amount of ₹ 0.55 crores, in respect of Government dues as per list Annexure II (A); ₹ 9.25 cror ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 67.12 crores [Annexura 1(G) and Annexure1 (C)]. The applicant further represents that due to the defaults committed In payment of dues of ICICI Bank, a notice dated 09.3.2016 was issued under Section 13(2) and notice dated 29.9.2016 issued under section 13(4) of Securitisation and Reconstruction of Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) for an amount of ₹ 8.15 crores [Annexure l (K) and Annexure l (C)]. It is seen that the corporate applicant has annexed with the application, only one combined notice under section 13(4) of SARFAESI Act, 2002 dated 29.09.2016 issued by Punjab National Bank. This notice included the following details of credit facilities availed by the corporate applicant. 1. Punjab National Bank ₹ 118.70 crores 2. Canara Bank ₹ 67.12 crores 3. ICICI Bank Ltd. ₹ 8.15 crores The applicant further represents that due to the defaults committed in payment of dues of Siemens Financial Services Limited, a notice dated 13.12.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opies of certificates of charge issued by ROC for the consortium banks at Annexure I (Q) (Page 167 to 184) These certificates of various dates show creation of charge between the corporate applicant and each of the financial creditors. 12. It is stated that the 'corporate debtor' created equitable mortgage of entire land and building, plant and machinery (existing and proposed) and other fixed assets. Equitable mortgage of land and building of corporate applicant situated at Village Kishanpura, Baddi - Nalagarh Road, Baddi (HP) except machinery specifically charged in favour of Siemens Financial Services Limited installed at Baddi and Ahmedabad unit [Annexure VI(A)]. The estimated market value of land building and plant machinery, as per valuation report dated 31.3.2015 and 28.01.2015 is ₹ 9.70 crores and ₹ 73.41 crores respectively. 12.1 It is stated that collateral security has also been provided in respect of certain properties. These are also mortgaged in the account of M/s Shivk Labs Ltd. (group company) having outstanding loan amount of ₹ 117.22 crores. The particulars of these properties are as follows: a. Equitable mortgage of land at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s ₹ 16.36 crores and immovable property ₹ 12.11 crores as on 27.10.2014). d. Guarantee by M/s York Polymers as per sanction letter dt.28.3.2015 by lead bank i.e. PNB (total net worth is ₹ 4.47 crores and immovable property ₹ 0.23 crores as on 10.12.2013). e. Guarantee by M/s Shivek Labs Ltd. as per sanction letter dt.23.3.2015 by lead bank i.e. PNB. It is stated in the application in form No.6 that these guarantees were created by PNB on 27.11.2006, Canara Bank on 13.3.2012 and by ICICI Bank on 12.3.2013. 13. The instant application filed in form 6 in terms of Section 10 of 'the Code' by the Corporate Debtor. Section 10 of the 'Code' is extracted hereinunder: (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority. (2) The application under sub-section (1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (3) The corporate applicant shall, along with the application furnish the information relating to- (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not repaid by the debtor or the corporate debtor, as the case may be . 14. As provided in Rule 7(1) of the Rules, the Corporate Applicant has to make an application under Section 10 of the 'Code' in Form 6 accompanied with documents and records required therein and as specified in IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016, Since we have already dealt in detail in the opening paragraphs supra of this order relating to information furnished, we are not repeating the same for sake of brevity, as the essential particulars as contemplated, have been provided by the Applicant. 15. In relation to information relating to books of account, audited financial statements have been filed for preceding two years for the year ending 31.03.2015 and year ending 31.03.2016 and unaudited financial statement for the period made up to 26.03.2017. The Schedule of Creditors, both secured and unsecured has been made up to 26.03.2017 attested by the director of the applicant company. 16. The applicant has also named Mr. Prakash Dev Sharma, the Interim Resolution Professional as required under the 'Code', the application being an application made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.1,95,45,63,347/- 18. The figures extracted above indicate the losses with continued fall in revenue, therefore, it seems that the applicant has fallen into debt trap and is competent to set in motion the insolvency resolution process as contemplated under the 'Code'. On the basis of the aforesaid statements of the affairs of the company, the outstanding amount as per the books of the company towards financial creditors is ₹ 206.45 crores and the amount in default towards financial creditors is ₹ 206.64 crores. It is represented that the total amount of operational creditors (Raw Material Suppliers) is ₹ 9.25 crores and the amount in default is ₹ 9.25 crores. The total amount of operational creditors (Government dues) is ₹ 0.55 crores and the amount in default is ₹ 14.53 crores. The total amount of operational creditors (Workers/Employees) is ₹ 0.22 crores and the amount in default is nil. The total amount of operational creditors (Service providers) is ₹ 0.32 crores and the amount in default is ₹ 0.04 crores. 19. In view of the aforesaid discussion, the instant petition deserves to be admitted. It i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al shall endeavour to constitute the Committee of Creditors at the earliest but not later than 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. 20. We 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 encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor respect of its property including any action under the Securitisation and R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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