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TMI Blog2017 (10) TMI 911X X X X Extracts X X X X X X X X Extracts X X X X ..... (IB)/CB/2017 is admitted and we order the commencement of the Corporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. We appoint Mr. Venkataramanarao Nagarajan, as IRP as proposed by the Financial Creditors. There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and payable to Central Bank of India and ₹ 27,47,85,655.86p as on 19.10.2015 is due and payable to State Bank of India by the Corporate Debtor. The detail of the outstanding debt pertaining to 1st Applicant is provided at page 16 of the Application which is reproduced as below:- Name of the Credit Facility Amount Cash Credit Facility A/c No. 1023837398 Rs.5 Crores (Last Renewal) Balance outstanding amount as on NPA ₹ 5,98,81,058.19 Interest calculated from NPA 26.08.2015 to 31.11.2016 after crediting the part payment made after NPA Rs.1,05,44,613.00 Penal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich is placed at page 87 of the typed set to the Application. The demand notice under Section 7 of the I B Code, 2016 was sent to the Corporate Debtor on 12.06.2017 to which the Corporate Debtor has given their reply on 19.06.2017 stating therein that the loan is collaterally secured by immovable properties, and therefore, the provisions of the I B Code, 2016 cannot be invoked. The copy of the notice given by Central Bank of India under Section 7 and reply given to the same are placed at pages 148 and 150 respectively of the typed set to the Application. 4. The State Bank of India/2nd Applicant has also issued notice to the Corporate Debtor on 11.03.2015 classifying the account as Non-Performing Assets (NPA), the copy of which is placed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstead of Registered Office. In this regard, the Ld. Sr. Counsel in support of his argument has referred to the ruling of Hon'ble NCLAT given in Bhash Software Labs (P.) Ltd. v. Mobme Wireless Solutions Ltd. [Co. Appeal (AT) (Insol.) No. 79 of 2017, dated 29-8-2017 ]. However, the Counsel for the Financial Creditors submitted that the Corporate Debtor has provided the address to the Financial Creditors for the purpose of correspondence, on which the copy of the Application along with document was sent and the same has been served on the Corporate Debtor. The address finds placed on record which is as follows:- The Company secretary, AML Steel Ltd., AML Towers, 9, Gopalapuram, 6th Street, Chennai- 600 086. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rprises Ltd. v. ICICI Bank Limited . pertaining to the issue of mis-match of the accounts. But, there is no mis-match of the account in the present matter. Therefore, the ruling referred to by the Corporate Debtor is not applicable to the facts and circumstances involved in the present case. Ld. Sr. Counsel for the Corporate Debtor also raised objection that the accounts statement pertaining to the year 2014-2015 is not made available, and the material fact is suppressed, to which this Bench raised a query to the Ld. Sr. Counsel representing the Corporate Debtor that during the year 2014-2015 any payment has been made by the Corporate Debtor. But, the Ld. Sr. Counsel for the Corporate Debtor fairly admitted that during the said period, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 10. We declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I B Code, 2016. We order to prohibit all of the following, namely: (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 lega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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