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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 ..... authorised representative of the applicant, that the affidavit in support of form No.6 is not in the prescribed format and verification is also not given with respect to certain paragraphs on the basis of knowledge and others on the basis of belief. It was also pointed out that the communication by the proposed Insolvency Professional in form No.2 is also incomplete and that the list of workers / employees mentioned at Page 283 does not contain their complete address. It was directed that the corporate applicant shall file the revised form No.6 containing these details and the documents along with the affidavit of Mr. S.K. Guglani, Director. The compliance has been made. 2. It is represented by Mr. Sarin that the applicant company was incorporated on 21.7.1992 with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh at Jalandhar. Copy of certificate of incorporation with the Memorandum and Articles of Association is also attached. It is stated that the applicant has been allotted GIN No. U74300CH1992PTC012491. The authorised share capital of applicant company is Rs. 6,00,00,000/- i.e, 60,00,000 equity shares of Rs. 10/- each and its paid-up capital is Rs. 5.45,77, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... WCTL: Rs. 6.05 crs. FITL: Rs. 1.42 crs. Total: Rs. 8.67 crs. Amount o/s as per books: Rs. 8.98 crs. Rs.8.15 crs. 4. Siemens Financial Services Ltd. 130, Pandurang Budhkar Marg, Worli, Mumbai-400018. Debt raised as per sanction letter dt.21.5.2015. T/L: Rs. 6.25 crs. Total: Rs. 6.26 crs. Amount o/s as per books: Rs. 6.32 crs. Rs.6.40 crs. TOTAL DEBT RAISED (FINANCIAL CREDITORS) Rs. 206.64 crs. Rs.200.37 crs. Amount as per books (Financial Creditors) Rs.206.45 crs. OPERATIONAL CREDITORS Govt. Departments raised: Rs. 0.85 crs. Total debt (dues) raised Rs. 0.55 Crs. Amount as per books : Rs. 0.55 crs. Rs.14.53 crs. Raw material suppliers Rs.0.12 crs. Total debt (dues) raised: Rs. 9.25 crs. Amount as per books: Rs. 0.22 crs. Nil Workers Employees Total debt (dues) raised: Rs. 0.22 crs. Amount as per books: Rs. 0.22 crs. Nil Service providers. Total debt (dues) raised: Rs. 0.32 crs. Amount as per books: Rs. 0.32 crs Rs.0.04 crs. Total debt raised from operational creditors Total debt (dues) raised: Rs. 10.34 Crs. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tisation and Reconstruction of Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) was issued for an amount of Rs. 118.70 crores [Annexure 1(C)]. Further, applicant further represents that duo to the defaults committed in payment of dues of Canara Bank, a notice dated 06.6.2015 issued under Section 13(2) of SARFAESI, 2002 and notice dated 29.9.2010 issued under section 13(4) of Securitisation and Reconstruction of Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) was issued for an amount of Rs. 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 Rs. 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 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , for which, the Punjab National Bank issued the sanction letter, copy of which is Annexure 1 (B). The value of the stock, and the debtors is also stated as Rs. 7.99 crores and Rs. 76.07 crores respectively, totalling to Rs. 84.06 crores as per the balance sheet ending on 26.03.2017. 11.2 The corporate applicant has filed a copies 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 Rs. 9.70 crores and Rs. 73.41 crores respectively. 12.1 It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r sanction letter dt.28.3.2015 by lead bank i.e. PNB (total net worth is Rs. 27.25 crores and immovable property Rs. 16.31 crores as on 27.10.2014). c. Guarantee by Mr. Suhail Guglani as per sanction letter dt.28.3.2015 by lead bank i.e. PNB (total net worth Is Rs. 16.36 crores and immovable property Rs. 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 Rs. 4.47 crores and immovable property Rs. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debt to any person and 'default' is defined under Section 3 (12) of Part-I of the Code to mean "non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 206.45 crores and the amount in default towards financial creditors is Rs. 206.64 crores. It is represented that the total amount of operational creditors (Raw Material Suppliers) is Rs. 9.25 crores and the amount in default is Rs. 9.25 crores. The total amount of operational creditors (Government dues) is Rs. 0.55 crores and the amount in default is Rs. 14.53 crores. The total amount of operational creditors (Workers/Employees) is Rs. 0.22 crores and the amount in default is nil. The total amount of operational creditors (Service providers) is Rs. 0.32 crores and the amount in default is Rs. 0.04 crores. 19. 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 Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (54 of 2002); (d) The recovery of any property by any owner or lessor or where such property is occupied by or in the possession of the corporate debtor. 21. The Interim Resolution Professional appointed by this Tribunal is also directed to cause a public announcement within 3 days from the date of this order as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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