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TMI Blog2017 (10) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... th a request to initiate Corporate Insolvency Resolution Process. 2. IDBI Bank Limited is a Company incorporated under the Companies Act having its Registered Office in Mumbai. According to the Applicant, in 113th Meeting of the Board of Directors of the IDBI Bank held on 12th February, 2016 there was Comprehensive Revision in Delegation of Powers which came into force with effect from 1stMarch, 2016. It is further stated that as per Chapter 25 of the Delegation of Powers in respect of Court matters, DGM (Retail Recovery) and AGM (Retail Recovery) are entitled to sign the Applications for filing claims before any Court, Tribunal etc. 3. The case of the Applicant is that Respondent Company stood as a Corporate Guarantor to Bhatia Global Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company executed Revival Letters 20th December, 2013, and 25.8.2016 acknowledging liability to the lenders and other secured parties. Respondent Company being a Corporate Guarantor failed and neglected to pay the amount due and payable by Bhatia Global Trading Ltd., in its capacity as 'Principal Borrower'. 5. Applicant issued a notice dated 7th March, 2017 to the Respondent Company calling upon them to pay forthwith an amount of Rs. 82,04,12,819.41 together with further interest from 15thFebruary, 2017 at the contractual rate with compound interest. The said notice was duly served on the Respondent Company, but Respondent Company did not choose to give reply or make payment. On the other hand, Respondent Company acknowledged the Balance C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact, Applicant filed along with Application, Certificate issued under Bankers' Books Evidence Act and therefore there is no substance in the said objection. 8. The third objection is there are other financial creditors that are Banks and they constitute consortium of Banks and therefore this Application is not maintainable. 8.1 Section 7 of the Code says that any one of the financial creditors can file an application to trigger Corporate Insolvency Resolution Process either jointly with other financial creditors or individually. Therefore, this objection does not sustain. 9. The objection that this Application is against the RBI guidelines and circulars that deals with distressed entities does not merit acceptance for the simple reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee and an Irrevocable Guarantee. Applicant by issuing a notice revoked the Guarantee and recalled the entire loan amount. The account copies and the other documents executed by the Respondent Company such as Guarantee Agreements etc., clearly establish that Respondent as a Guarantor failed to repay the loan amount borrowed by the Principal Borrower from the Applicant Bank. 12. Another objection raised by the Respondent is regarding the validity of the registration of the proposed Interim Resolution Professional. Applicant filed a copy of the Registration of Interim Resolution Professional which shows that the Certificate is valid from 2nd June, 2017 and therefore this objection also does not survive. 13. Sub-Clause (i) of sub-section (8) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary proceeding is against the Proposed Insolvency Resolution Professional. In the case on hand, Respondent Company committed a default in repayment of the outstanding amount. The Application is complete in all respects. The material on record show that no disciplinary proceeding is pending against the proposed Interim Resolution Professional. 16. In view of the above discussion, this Application deserves to be admitted and it is accordingly admitted under Section 7 (5)(a) of the Code. This Adjudicating Authority hereby appoint Shri Ravi Kapoor, Company Secretary, as Interim Insolvency Resolution Professional' residing at 7th Floor, 737, Fortune Tower, Sayajigunj, Vadodara-390005 and having Registration No. IBBI/IPA-002/IP-N00121/2017-18/1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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