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TMI Blog2017 (8) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 0.11 crores. In view of the above, the instant petition deserves to be admitted. It is, however, observed that the applicant company save some sketchy particulars has not given any road map as to how it is going to keep itself afloat as a going concern. However, keeping in perspective the objects for which the 'Code' has been brought into force and to balance the interest of all stakeholders, 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 matters as contemplated under Section 14 of the 'Code'. - CP (1B) NO. 36/CHD/2017 - - - Dated:- 6-7-2017 - MR. R.P. NAGRATH, JJ. For The Petitioner : G.S. Sarin ORDER This is an application filed by Shivek Labs Limited, a 'Corporate Debtor itself in Form 6 as prescribed by sub-rule (1) of Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') for initiating corporate insolvency resolution process under Section 10, 13 and 14 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SECURED CREDITORS 1. Punjab National Bank Large Corporate Branch, Sector 17-B, Chandigarh-160017 Debt raised as per sanction letter dt.28.3.2015 CC Limits: ₹ 17.33 crs WCTL-I ₹ 36.67crs WCTL-II: ₹ 04.07 crs WCTL-III: ₹ 00.79 crs FITL: ₹ 00.37 crs FITL: ₹ 07.66 crs TL: ₹ 02.42 crs Total ₹ 69.71 crs Amount outstanding as per books: ₹ 69.71 crs. ₹ 69.78crs 2 Canara Bank Large Corporate Branch. Plot No. 01, Sector-34A, Chandigarh 160034 Debt raised as per sanction letter dt.29.6.2015 CC Limits: ₹ 04.81 crs WCTL-I: ₹ 08.00 crs WCTL-II. ₹ 19.00 crs TL: ₹ 04.63 crs Total ₹ 38 44 crs Amount outstanding as per books: ₹ 42.07 crs. ₹ 39.04 crs 3. IDBI Bank SCO 55-56-57, Sector-8C, Chandigarh-160018 Debt raised as per sanction letter dt. 30.03.2015 CC Limits: ₹ 00.80 crs FIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Applicant/Corporate Debtor further represents that due to the defaults committed in payment of dues of the Canara Bank and IDBI Bank issued notice under Section 13(2) of SARFAESI Act, 2002 was issued for an amount of ₹ 39.03 crores and ₹ 08.40 crores respectively [Annexure I(F) and Annexure I(1)] respectively. The Applicant/Corporate Debtor has annexed with the application, only one combined notice under section 13(4) of SARFAESI Act, 2002 dated 10.01.2017 issued by Punjab National Bank for an amount of ₹ 117,22,20,961.91 [Annexure I(C)]. This notice included the following details of credit facilities availed by the corporate applicant: 1. Punjab National Bank ₹ 69.78 crores (Approx.) 2. Canara Bank ₹ 39.03 crores (Approx.) 3. IDBI Bank Ltd. ₹ 08.40 crores (Approx.) The total outstanding amount as per notices issued by the financial creditors in terms of notices under section 13(2) of SARFAESI Act 2002, calculated up to 30.06.2016, 31.08.2016 and 30.09.2016, respectively is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as earlier registered with erstwhile Board for Industrial and Financial Reconstruction (BIFR) under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 2003 vide case No. 168/2015, which stood abated in view of the enforcement of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 with effect from 01.12.2016. (Page no 593 of the paper book). It is also represented by the Applicant/Corporate Debtor that the Board of Industrial and Financial Reconstruction (BIFR) also issued an order dated 19.08.2016, copy of which is at page 593 to 596. It is submitted that the instant petition has been filed in terms of eighth Schedule of the 'Code' as provided in Section 252 thereof. Eighth schedule further says that no fees shall be payable, if a reference is made under the Code within 180 days from the commencement of the 'Code', in case above proceedings under SICA have abated due to its repeal. 9. It is also represented that the applicant/corporate debtor has provided following securities to the financial creditors details of which are given in the tabulated form, hereunder: S. No. Name of Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e over the entire block of assets of M/s. Super Multicolour Printers Private Limited., Baddi, Nalagarh Highway, Kishanpura, Himachal Pradesh Residual value-nil (as per Part III, Column 2 of Form No. 6 Second pari pasu charge over the entire block of assets of M/s. York Polymers, Plot No. 656, Baddi, Kishanpura, Himachal Pradesh. Residual value-nil (as per Part III, Column 2 of Form No. 6 2. Canara Bank Charge on entire current assets of the company both present and future ₹ 38.28 (as per Balance Sheet) Collateral Security Entire land and building, plant and machinery (existing and proposed) and other fixed assets Village Kishanpura, Baddi - Nalagarh Road, Baddi (H.P) Measuring 2 Bigha ₹ 17.22 crs (as per Valuation Report dated 28.01.2015) Common Collateral Security ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Equitable Mortgage of residential house H. No.86, Sector 7, Panchkula (Haryana) measuring 846 sq.yds. ₹ 18.21crs (as per Valuation Report dated 16.09.2014) Hypothecation of entire block of assets of M/s Super Multicolour Printers Pvt. Ltd. Residual value nil (as per Part III, Column 2 of Form No.6) Hypothecation of entire block of assets of M/s York Polymers Residual value nil (as per Part III, Column 2 of Form No.6) Pledge of balance free held equity shares of the company. Residual value nil (as per Part III, Column 2 of Form No.6) 10. Apart from the above, corporate guarantees and personal guarantees were also given by 3 persons details of which are tabulated hereunder: S. No. Name Nature ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication, give a notice to the applicant to rectify the defects in his application within seven days from the date of receipt of such notice from the Adjudicating Authority. (5) The corporate insolvency resolution process shall commence from the date of admission of the application under subsection (4) of this section. 14. The above provision of the 'Code' discloses that the following procedures are required to be completed by a Corporate Debtor' for initiating 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. Such an application as contemplated in (iii) above shall be filed in such forms, containing such particulars and such manner and accompanied with such fee as may be prescribed. (iv) Alongwith the application information relating to books of account and other documents relating to such period as may be specified. (v) The Applicant to name the Resolution Professional proposed to be appointed as art interim Resolution Profes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 37,72,557/- As on 31.03.2017 ₹ 21,53,16,074/- As on 31.03 2016 ₹ 46,02,09,502/- As on 31.03,2015 ₹ 1,69,80,14,028/- Accumulated Profit/loss of the 'corporate debtor': As on 27.05.2017 Rs. (105,39,06,331) As on 31.03.2017 Rs. (105,00,25,917) As on 31.03 2016 Rs. (41,54,61,385) As on 31.03,2015 Rs. (7,48,15,694) Long Term Borrowings and other liabilities: As on 27.05.2017 ₹ 96,23,49.510/- As on 31.03.2017 ₹ 96,05,19,037/- As on 31.03.2016 ₹ 89,01,31,087/- As on 31.03.2015 ₹ 55,32,79,219/- Current Liabilities: As on 27.05.2017 ₹ 37.12,02,512/- As on 31.03.2017 ₹ 37,30,13,468 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18(1)(f) of Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor. (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 stan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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