9911796707
TMI Blog2017 (10) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... stated as under: (i) The applicant IDBI Bank Ltd. is a company within the meaning of the Companies Act, 2013 and a banking company within the meaning of the Banking Regulation Act, 1949 and having its registered office IDBI Tower, WTC Complex, Cuffe Parade, Colaba, Mumbai - 400 005, in the State of Maharashtra and a branch, inter alia, at IDBI Tower, 4th Floor, Plot No - C-7, G Block, Opp. NSE, Next to SBI. Bandra-Kurla Complex Bandra (East), Mumbai -400051, in the State of Maharashtra. (ii) It was incorporated on September 27, 2004 as a company within the meaning of the Companies Act, 2013 and further a banking company within the meaning of the Banking Regulation Act, 1949. (iii) The 'Corporate Debtor' has CIN No. L45203UP2007PLC033119. It was incorporated on April 5th, 2007. Its authorised share capital is ₹ 3000,00,00,000/- (Rupees Three Thousand Crore only) and the paid up share capital is ₹ 1388,93,34,970/- (Rupees One Thousand Three Hundred Eighty-Eight Crore Ninety-Three Lakh Thirty-Four Thousand Nine Hundred and Seventy). The aforesaid data concerning the Corporate Debtor is authenticated by master data available on the website of Ministry of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidated damages as default interest) amounts to ₹ 476,11,40,829 (Rupees Four Hundred and Seventy-Six Crore Eleven Lakhs Forty Thousand, Eight Hundred and Twenty-Nine). IDBI EXPOSURE AS ON JUNE 0l, 2017 (Amount in Rs.) Particulars (Facility wise) Sanction amount Outstanding Overdues Overdue Since Principal Interest Total RTL Tranche-I 200,00,00,000 218,63,02,119 Nil 18,63,02,119 18,63,02,119 31.10.2016 RTL Tranche-II 4000,00,00,000 3513,24,20,268 Nil 413,24,20,268 413,24,20,268 31.07.2016 RTL-A 350,00,00,000 384,52,59,120 Nil 34,52,59,120 34,52,59,120 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e project; letter of credit, guarantee, performance bond, etc. provided by any party for the project; insurance contracts/insurance Proceeds pertaining to the project (other than those in respect of discharge of third party liability) and all benefits incidental to project activities. d. A first charge on the Debt Service Reserve Account (DSRA) for an amount equal to 1.5 times the principal and interest payment due for the ensuing quarter to the rupee term lenders. e. In support of the above the applicant bank has annexed copies of its Unattested Deed of Hypothecation, Amended and Re-Attested Deed of Hypothecation dated February 6, 2016 executed by the Corporate Debtor in favour of the Security Trustee as Exhibit-10 (Colly) of the present petition. II. Personal Guarantee: Shri Manoj Gaur the chairman cum managing director of the Company as being Personal Guarantor has further guaranteed the obligations of the Corporate Debtor under the Loan Agreements pursuant to the personal guarantee dated May 25, 2015, (the Personal Guarantee ) executed by the Personal Guarantor in favour of the Security Trustee. Copy of the Personal Guarantee has been annexed herewith as Exhibit-11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocess against a corporate debtor before the Adjudicating Authority when a default has occurred. Explanation - For the purposes of this sub-section, a default includes a default in respect of a financial debt owed not only to the applicant financial creditor but to any other financial creditor of the corporate debtor. (2) The financial creditor shall make an application under sub-section (1) in such form and manner and accompanied with such fee as may be prescribed. (3) The financial creditor shall, along with the application furnish- (a) record of the default recorded with the information utility or such other record or evidence of default as may be specified; (b) the name of the resolution professional proposed to act as an interim resolution professional; and (c) any other information as may be specified by the Board. (4) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3). (5) Where the Adjudicating Authority is satisfied that- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the present matter earlier had filed its objection opposing the Admission but later on 04.08.2017 in presence of its officer through its counsel withdrew the same. Thus, by considering the subsequent development took place in the present matter, this court being Adjudicating authority advised the Corporate Debtor Company to file a formal memo to such effect. Pursuant thereto Shri Manoj Gaur, being Chairman Cum Managing Director filed a formal memo through his Learned counsel Shri R.P. Agarwal, containing such averment, are stated as, the parties to the petition had a meeting on 03.08.2017. They discussed need to withdraw their objection on the present petition. In such meetings they expressed their desire for early approval of the resolution plan of the Corporate Debtor Company which is already under consideration of its lenders. In view of this the Corporate Debtor has expressed its no-objection. The Corporate Debtor Company has further explained about its memo of no-objection given on account of considering the interest of all the stakeholders of the Respondents Company including home buyers and depositors. In view of this the Corporate Debtor Company did not press fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tified, or the record enclosed is misleading, the application has to be rejected. 84. Beyond the aforesaid practice, the 'adjudicating authority' is not required to look into any other factor. Having heard the submission of Shri Bishwajit Dubey along with Shri Rahul Agarwal, Advocate for Financial Creditor as well as Shri R.P. Agrawal, Advocate for Corporate Debtor, the present petition deserves admission. Hence, it is admitted under the Section 7 of the I B Code, with consequential directions given as under: I. That the adjudicating Authority of this bench of the Tribunal hereby appoints Mr. Anuj Jain, Email. Id [email protected], Registration No. IBBI/IPA-001/IP-P00142/2017-18/10306, Address: M/S. BSRR Co. Chartered Accountants, 8th Floor, Building No. 10, DLF Cybercity, Gurgaon - 122002 as Interim Resolution Professional to carry the functions as mentioned under the Code. II. That the order of moratorium u/s. 14 shall have effect from 09.08.2017 till the completion of corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debt ..... 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