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TMI Blog2018 (5) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... , we are satisfied that the instant application warrants to be admitted to prevent further erosion of capital and to safeguard the assets of the Applicant Company/Corporate Debtor. Instant petition is admitted. Moratorium declared accordingly. - CP (IB) NO. 38/Chd/Pb/2018 - - - Dated:- 5-4-2018 - Mr. R. P. Nagrath And Mr. Pradeep R. Sethi, JJ. For The Petitioner-Corporate Debtor : Ms. Jyoti Sareen, Advocate For The For Financial Creditor (PNB) : Mr.Pulkit Goyal, Advocate for Mr.Harsh Garg, Advocate JUDGMENT (Oral) Per: R.P. Nagrath, Member(Judicial). This petition has been filed by M/s Julka Rice Oil Mills Ltd., the corporate debtor itself in form no.6 as prescribed under sub-rule (1) of Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the Rules ) for initiating Corporate Insolvency Resolution Process under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for short, to be referred hereinafter as the Code ). The corporate debtor also falls within the definition of the term Corporate Applicant as defined in sub-section (5) of Section 5 of the Code. 2. The corporate debtor was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pectively. For the operational creditors, the total amount in default is ₹43,55,451.10; in respect of statutory dues, the corporate debtor is in default to the tune of ₹21,18,543/- and towards Income Tax Department, the amount due is ₹4,531/-. 6. It is further stated that Punjab National Bank sanctioned a loan of ₹75 lacs initially on 10.10.1998 which was enhanced from time to time. The dates of default of each payment of debt have also been mentioned. 7. It may be observed here that Punjab National Bank disputed the correctness of the above claims in respect of unsecured creditors who are related parties or the promoter-directors but that is the question which will be considered by the Interim Resolution Professional or the Resolution Professional as the case may be whenever such a question arises and will of course depend on the accounts books maintained by the corporate-debtor and other relevant information which may be required by the Interim Resolution Professional/Resolution Professional, as the case may be. 8. The corporate debtor also furnished security by way of mortgage of Rice Sheller land building measuring 15 Kanal 12.25 Marla by depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... book. 12. Notice of this petition was issued to the Punjab National Bank, the only secured financial creditor as well as IITS. Affidavit of service was filed. One Mr.Babu Ram, stated to be the Secretary of IITS marked his presence on 26.03.2018, but he did not file any authority on behalf of the Institute for putting in presence. In any case, no objection has been filed by the unrelated unsecured creditor. 13. The Punjab National Bank has filed reply to the petition. The bank has stated in its reply that the corporate debtor did not include the amount of ₹60,09,721/- towards the total outstanding which was granted to Mr. Jatinder Mohan Julka, the promoter and in that loan account, the corporate debtor is one of the guarantor. Also Mr. Jatinder Mohan Julka, Managing Director has taken loan to purchase a flat at Emaar MGF Project, Mohali. The bank had extended the financial facilities to the aforesaid Jatinder Mohan Julka in which the corporate debtor is the guarantor. He also filed a consumer complaint before the Hon ble NCDRC, New Delhi for the refund of the entire amount. As per the decision of the Hon ble NCDRC, New Delhi the amount was ordered to be refunded to the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 10 and the informations as required to be submitted in Form 6 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) rules, 2016 subject to ineligibility prescribed under Section 11. If all informations are provided by an applicant as required under Section 10 and Form 6 and if the Corporate Applicant is otherwise not ineligible under Section 11, the Adjudicating Authority is bound to admit the application and cannot reject the application on any other ground. 23. Any fact unrelated or beyond the requirement under I B Code or Forms prescribed under Adjudicating Authority Rules (Form 6 in the present case) are not required to be stated or pleaded. Nondisclosure of any fact, unrelated to Section 10 and Form 6 cannot be termed to be suppression of facts or to hold that the Corporate Applicant has not come with clean hand except the application where the Corporate Applicant has not disclosed disqualification, if any, under Section 11. Non-disclosure of facts, such as that the corporate debtor is undergoing a corporate insolvency resolution process; or that the Corporate Debtor has completed corporate insolvency resolution process twelve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction. 18. The above provision of the 'Code' discloses that the following procedures are required to be completed by a Corporate Debtor' for initiating the process of insolvency:- (i) Existence of a Corporate Debtor , (ii) Such a Corporate Debtor must have committed a default. (iii) On the satisfaction of (i) and (ii) above a Corporate Applicant may file an application for initiating Corporate Insolvency Resolution Process. Such an application as contemplated in (iii) above shall be filed in such forms, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (iv) Along with the application information relating to books of accounts and other documents relating to such period as may be specified. (v) The Applicant to name the Resolution Professional proposed to be appointed as an Interim Resolution Professional. 19. Section 10 of the 'Code' confers a discretion on this Tribunal to either admit or reject the application and in case of rejection to give an opportunity to the applicant before such rejection to rectify the defects within seven days from the date of receipt of such notice from the Adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Other Liabilities: As on 10-01-2018 (Rs.14,424,609.61) As on 31-03-2017 Rs.14,217,871.61 As on 31-03-2016 Rs.8,205,359.00 Current Liabilities : As on 10-01-2018 (Rs.70,250,03.78) As on 31-03-2017 Rs.58,724,754.00 As on 31-03-2016 Rs.123,006,687.92 22. From the figures extracted above, it seems that the revenue as well as the accumulated loss and liability of the corporate debtor as compared to revenue receipts is much more for which there is need for initiation of resolution process. So this is a fit case for setting in motion the insolvency resolution process as contemplated under the Code. 23. As per sub-section 3(b) of Section 10 of the Code, the corporate debtor is bound to propose the name of the Resolution Professional to be appointed as the Interim Resolution Professional. The applicant-corporate debtor has proposed the name of Mr. Ashutosh Mishra having Registration No. IBBI/IPA-001/IP-P00522/2017- 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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