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TMI Blog2018 (1) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... f M/S Parerhat Gas Industries Ltd.(for brevity the Corporate Debtor ). 2. The brief facts of the case are that the present Financial Creditor , Punjab National Bank is a body corporate, which is constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970 and having its head Office at 7 Bhikha Ji Cama Place, New Delhi - 110066 and a branch office amongst the other places, at Colonelganj, Allahabad. U.P. Established on 12.04.1895. 3. The Corporate Debtor company to the present petition is M/s. Parerhat Gas Industries Ltd. (CIN No. U31300UP 1982 PLC005567) which was incorporated on 24.02.1982 having Incorporation No. 20-5567, with Registrar of Companies Kanpur. The Corporate Debtor Company is having Authorised Capital ₹ 10,00,00,000/- and paid-up share Capital of ₹ 9,98,06,000. The Registered Office of the Corporate Debtor Company situates, at Village Moorka, Tehsil Mau, Shakergarh, District Chitrakoot, U.P.210208, further it is also having Corporate office at 110, Ram Bagh, Allahabad, and it Factory is situated at Industrial Colony Daud Nagar, Naini, Allahabad U.P. 4. The Financial Creditor has given all the details of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. 05.09.2012 Amount claimed to be default and the date on which the default occurred. All the Accounts aforesaid become N.P.A. on 28.02.2013 and in C.C. Account a sum of ₹ 6,94,36,883.21 became due, in Term Loan Account ₹ 8,33,23,227.75 became due, in Additional Term Loan ₹ 2,66,24,122/- became due, in funded interest Term Loan the sum of ₹ 1,24,23,273/- and a sum of ₹ 4,19,22,454/- total amounting to ₹ 86,37,29,959.96 became due and also a sum of ₹ 3,08,35,446.92 became due in respect of Bank Guarantee Performance Limit total amounting to ₹ 89,45,65,406.88 became due inclusive of interest upto 26.02.2015 the Bank filed O.A. No. 113 of 2015 before D.R.T. Allahabad and the said case is still pending and the sum of ₹ 1,18,41,92,137.17 inclusive of interest upto 31.08.2017 has become due which is claimed herewith with interest and cost and the working for computation of amount with days of default in tabular form is been attached. 5. In part V of the present application details Particulars of Financial Debt and Documents, Records and Evidenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporated Company having its Registered office at village Mora Tehsil Mau, District Chitrakoot and office at 38 Industrial Colony, Daud Nagar, Naini, Allahabad through its Managing Director Shri Ashok Kumar Bajpai, adult, son of Shri D.N. Bajpai and M/s. Parerhat Industris Pvt. Ltd., a duly incorporated Company having its office at 9, Industrial Estate, Teliyerganj, Allahabad through its Director Shri Harshwardhan Bajpai, adult, son of Shri Ashok Bajpai and M/s. Bharat Straw Board Pvt. Ltd., created charge/extended charge on 20.05.2010 to secure the said financial assistance granted by the financial creditor the Petitioner by way for equitable mortgage in respect of its | Factory, land and Building constructed over Plot Nos. 34, 36, 38 and 40 total measuring 10837.71 Sq. Yards i.e. 9910 Sq. Meters situated at Industrial Colony, Daud Nagar, Naini, Allahabad, bounded on North by : Green Bel, on South by : Plot No. 42, on East by : 80 wider Road, and on West by : Plot Nos. 33, 35, 37 and 39 and also M/s. Allahabad Distributors Pvt. Ltd, also created charge/extended the charges to secure the credit facilities granted by the Petitioner equitably in respect of its House No. 152 (New) 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) A financial creditor either by itself or jointly with other financial creditors may file an application for initiating corporate insolvency resolution process 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Communication received from the proposed Interim Resolution Professional for giving consent in prescribed Form No. II wherein he has mentioned his Registration No. IBBI/IPA-003/IP-N 00018/2017-18/10131. Email Address [email protected] and there is no disciplinary proceeding pending against the proposed IRP. 10. Thus it is established there is default of Debts which comes to ₹ 1,18,41,92,137.17/- and which is in excess of ₹ 1,00,000/- (Rupees One Lakh only). Hence, the present application can be considered for its Admission. 11. Having heard the submission of Shri Nath Tiwari Advocate for Financial Creditor as well as of Shri P.K Bajpai, 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. This bench being adjudicating Authority hereby appoints Shri Anupam Tiwari, W-37 MIG Keshav Nagar, Juhi Gaushala. Kanpur Nagar U.P. Registration No. IBBI/IPA-003/IP-N 00018/2017-18/10131. Email Address [email protected]. (as provided by IRP). The Interim Resolution Professional is required to carry out the functions as mentioned und ..... 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