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TMI Blog2017 (12) TMI 1243X X X X Extracts X X X X X X X X Extracts X X X X ..... Laddha as ‘Insolvency Resolution Professional’. Hence, this Adjudicating Authority hereby appoint, CA Prem Laddha having address at 304, Abhijit-3, Above Pantaloon, Mithakhali, Law Garden Road, Ellisbridge, Ahmedabad with Registration No. IBBI/IPA-001/IP-P00060/2016-17/10138 as ‘Interim Insolvency Resolution Professional’ under Section 13(l)(c) of the Code. The Interim Insolvency Resolution Professional is hereby directed to cause a public announcement of the initiation of ‘Corporate Insolvency Resolution Process’ - C.P. (I.B.) NO. 119/10/NCLT/AHM/2017 - - - Dated:- 15-11-2017 - MR. BIKKI RAVEENDRA BABU, J. For The Applicant : Mohit Gupta and Karan Valecha, Advocates For The Respondent : Dharmvir Gosai and Pranav Desai, Ld. Advocates ORDER 1. Jalaram Cotton Proteins Limited [ the Company for short] by its Board Resolution dated 21st April, 2017 resolved to file a Petition under the provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) before the National Company Law Tribunal for Resolution Process, and further resolved to call Extraordinary General Meeting. 2. The Company in its Extraordinary General Body Meeti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Car Loan ₹ 4,63,883.00 12. HDFC Business Loan ₹ 1,70,246.98 The Petitioner also stated that the Corporate Debtor committed default to the tune of ₹ 7,20,54,888.82 in respect of Operational Creditors as follows; OPERATIONAL CREDITORS 1 A.R. Appasamy Coimbatore 68, Krishnasamy Nagar, 30 Feet Road, Ramaanathapuram, COIMBATORE 28373.00 2 Aavad Cotton Company Jasdan Ahemdabad Road, Jasdan 162435.00 3 Angel packagin Rajkot Survey No:-161, Plot:-3, Opp. Alldhara Pumps Ltd., SIDC Road, Shapar (Veraval) 35438.00 4 Arihant Enterprises Coimbatore 25-K, Chinnamal Street, K.K. Pudur, Coimbatore. 53500.00 5 Bajaj Earths Pvt. Ltd. Mumbai Office:-204-Madhulala Bhuvan, R.K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 847568.00 18 Eashwar Cotton Corporation Warangal H.No.9-1-133, Petrol Pump, Girmajipet, Warangal 318626.00 19 Envitech Consultancy Services Rajkot A-71, Oscar Tower, B/h. Parijat Party, Plot, 150 Feet Ring Road, Rajkot 65000.00 20 GBP Cotton Company Indore Flat No. 103, Samyak Park, 31, Meera Path, Near Nehru Park, C.T.O, Indore (M.P.). 35000.00 21 Glossy Cotex Wakaner S.F. No: 90/2, National Highway, Nr. Lalpar Village, Kerala, Tal: Wankaner, Dist: Rajkot 2946974.00 22 Gokul Cotton Industries Jasdan Ahmedabad Highway, Jasdan 108623.00 23 Gokul Cotton Tradras Warangal 11-23-2344/4, LB. Nagar, Main Road, Warangal 469749.00 24 Gopal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ahmedabad Ahmedabad Off.: 703/704, New Shilp Building, Nr. Municipal Market, C.G. Road, Navarangpura, Ahmedbad. 795289.00 38 King Strap Manufacturing Company 336000.00 39 Krishna Engineering Company Rajkot Atika Industrial Area, Krishna Wridge Street, Near Second Railway Corssing, Dhebar Road (South), Rajkot 181726.00 40 Krishna Oil Cotton Industries Botad Pailyad Road, Behind Sagar Pipe, Hadadad, At-Botad, Dist-Bhavnagar. 1054289.00 41 Krishna Packaging Karoli Plot No. A-1, Survey No.: 117, Opp. Kalptaru, paper Mill. Near Khatraj Chowkdi, Khatraj - Thol Road, Karoli, Tal. Kalol. Dist - Gandhinagar 342569.00 42 Krishna Scientific Traders Rajkot 15, Galaxy Commercial Centre, Ground Floor, P.O. Box No. 164, Jawahar Road, Rajkot-1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Unit Nos. 1 2, Vaswani Chamber, Plot No. 16, Sector No. 8, GANDHIDHAM (KUTCH) 638246.80 57. Narendragiri Hemantgiri Chotila Chotila 446780.00 58. Natvar Cotex Pvt. Ltd. Morbi Vankada Servey No. 279/1, at: Vankada, Morbi 1881562.00 59. Niranjangiri Narendragiri Dudheli Dudheli 173840.00 60. Omshanthi Trading Co. Warangal C/o. Sri Srinivasa Oil Industries, Sy No.:- 521/A, P.I.E., Gorrekunta, Warangal 495546.00 61. P.G.V.C.L Jasdan 2549896.17 62. P.K. Transmission Products Pvt. Ltd. Ahmedabad Ekta Complex, Nr. United Bank, Relief Road, Ahmedabad 161011.00 63. P.V. Chauhan Co. Rajkot 310 Amid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Radhe Cotton Company Jasdan Jasdan to Gokhalana Road, At.: Gokhalana, Ta - Jasdan, Dist - Rajkot 301722.00 78. Radhe Industries Paliyad At. Ratanpar, Bhadla Road, Vil. Paliyad, Ta. Botad 250698.00 79. Radhe Shyam Ginning Pressing P. Ltd. Babra Vasavad Road, Babra 1334906.00 80. Radhekrishna Cotton Industries Babra Vasavad Road, Babra 2139002.00 81. Radhekrishna Cotton Industries Babra Wash Babra Vasavad Raod, Babra 1097660.00 82. Radhekrishna Industries Botad Opp.-Adarsh School, Hadadad Road, At-Hadadad, Ta-Botad 561030.00 83. Raghuvanshi Cotton Ginning Pressing (P.) Ltd. Paddhari Survey No. 34, Rajkot Jamnagar Highway, Near Bharat Hotel, Paddha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Coimbatore 73, Devangapet, Street No. 2, Coimbatore 86913.00 97. Sarda Sarda Jamnagar Sardar House, 1st Floor, Bedi Bunder Road, Opp. Pachvati Society, Jamnagar 141574.00 98. Satyam Corporation Gondal Near Khodiyar Hotel, National Highway, Near Mukhi Pump, Gondal 222711.00 99. SHA N SHA Rajkot 10, Jaganath Plot, B/h. Kathiyawad Gymkhana, Jagnath Temple, Rajkot 114350.00 100. Shiv Brokers Jasdan Station Road, Jasdan 79157.00 101. Shivam Cottex Botad Fac : Hadadad-Bhadravadi Road, At-Bhadravad, Ta/Dist-Botad 249822.00 102. Shivam Oil Industries Jasdan Station Road, Ahmedabad Highway, Jasdan 882751.00 103. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 327622.00 117. Sudhir Somaiya Mumbai 52/62 Princess Street S.G. Marg, Varjvan Mansion 1st Floor, Mumbai 21705.00 118. Sun Petrolium Rajkot Near Nilkanth Cinema, Kothariya Main Road, Rajkot 41479.00 119. Swaminarayan Cottex Botad Shirvaniya-Bhadravadi Road, Near Avadh Cot, At Shirvaniya, Ta/Dist. - Botad 554274.00 120 Swastik Enterprise Rajkot Swastik , 6-Ratandeep Society, Pedak Road, Rajkot 56910.00 121. Toral Co. Com. Co. Op. Ser. Soc. Ltd. Rajkot Jawahar Road, Opp., SBS, Rajkot 10985.85 122. Tulsi Industries Kariyani Lathidad-Kariyani Road, Nr. Avadh Petrol Pump, At-Kariyani, Ta-Botad 365822.00 123. Uma Maheshwara Cotton In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Notices were received from the creditors recalling the loans due by the Corporate Debtor. It is disclosed during the course of proceedings that Dolphin Industries filed Company Petitions No. 388 of 2015 and 389 of 2015 before the Hon ble High Court of Gujarat and those petitions were disposed of as withdrawn by order dated 6.11.2015 passed by the Hon ble High Court. Petitioner filed copy of Application filed by Kotak Mahindra Bank before Debt Recovery Tribunal-II, Ahmedabad vide Original Application No. 91 of 2016. 6. Petitioner proposed the name of C.A. Premraj Ramratan Ladhha as Interim Resolution Professional . Petitioner also filed the Written Communication given by the IRP. Petitioner filed proof of despatch of copy of the Application of Financial Creditors. This Adjudicating Authority directed the Applicant to service notice of date of hearing on all the Financial Creditors and file proof of service. Learned Counsel appeared on behalf of HDB Financial Services Ltd., Kotak Mahindra Bank Ltd. and Tata Capital Financial Services Ltd. 7. Kotak Mahindra Bank Ltd., filed objections and further objections. Tata Capital Financial Services Ltd. also filed its objections. HDB F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 2015 are pending before the Hon ble High Court of Gujarat. Kotak Mahindra Bank further stated that this Adjudicating Authority in CP (IB) No. 91 of 2017 filed by the Operational Creditor in the matter of Khushbu Vinyl Pvt. Ltd., referred the matter to the Larger Bench in view of pendency of winding up proceedings vide CP No. 374/2016 on the file of the Hon ble High Court of Gujarat against Khushbu Vinyl Pvt. Ltd. 9. Tata Capital Financial Services Ltd., filed its objections stating that Corporate Debtor had availed business loan and committed default in repayment of the business loan amount of ₹ 40,37,479/-. As per the Clauses in the Business Loan Agreement, Tata Capital Financial Services Ltd., has got authority to recover the amount and the disputes or claims arising out of the agreement shall be referred to arbitration. Tata Capital Financial Services Ltd., also contended that once the arbitration clause is there and arbitration proceedings have been commenced vide No. AL/88/2016 and the Award has been passed by the Arbitrator this Petition is not maintainable. In support of the said contention, Tata Capital Financial Services Ltd., referred to the following decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor and the admission of this Petition would also postpone the recovery of the amounts due to them. Another contention of the learned Counsel appearing for the Kotak Mahindra Bank Ltd. is, there is no scope for revival of the Company even by undergoing the Resolution Process. 14. On the other hand, learned Counsel appearing for the Corporate Applicant contended that the Corporate Debtor is unable to pay the debts due to the Financial Creditors as well as the Operational Creditors and therefore the Corporate Debtor wants to undergo the Resolution Plan to resolve the disputes and to revive the Company. 15. It is settled law that the pendency of proceedings under the SARFAESI Act, or the pendency of proceedings before the DRT, or pendency of arbitration proceedings, or the pendency of execution proceedings is not a ground for not commencing the Insolvency Resolution Process . Section 238 of the Code gives overriding effect over all other Laws. The pendency of execution proceedings or recovery proceedings or the arbitration proceedings in respect of the debts due by the Corporate Debtor is not a ground not to admit this Petition. It is established that Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13(l)(c) of the Code. 20. The Interim Insolvency Resolution Professional is hereby directed to cause a public announcement of the initiation of Corporate Insolvency Resolution Process and calls for submission of claims under Section 13(1)(b) read with Section 15 of the Code and Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 21. This Adjudicating Authority hereby order moratorium under Section 13(1)(a) of the IB Code prohibiting the following as referred to in Section 14 of the Code: (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 in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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