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TMI Blog2018 (5) TMI 858X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT M.M. KUMAR, PRESIDENT The ICICI Bank Limited (for brevity Financial Creditor ) has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ) with a prayer for triggering the Insolvency Resolution Process in the matter of Essar Power Jharkhand Limited (for brevity the Corporate Debtor ). It is appropriate to mention that the Financial Creditor was incorporated on 05.01.1994 and was assigned CIN No. L65190GJ1994PLC021012. It has its registered office at ICICI Bank Tower, Near Chakil Circle, Old Padra Road, Vadodara 390007, Gujarat. 2. Mr. Shashank Raj has been authorized by the Board Resolution dated 27.10.2017 (Annexure-2) to submit and sign the petition. 3. The Corporate Debtor-Essar Power Jharkhand Limited is a company registered under the provisions of the Companies Act, 2013 and was incorporated on 19.10.2005. The identification number of the Corporate Debtor is U31101DL2005PLC211274 and its registered office is situated at Lower Ground Floor, Hotel Conclave Boutique, A-20, Kailash Colony, New Delhi-110048. Its authorised share capital is ₹ 10000,00,00,000/- (Rupees Ten Thousand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial debt, the total amount due and the date of default. Those documents are as under: - (1) A copy of the RBI s Directive dated 28 August 2017 in relation to initiation of insolvency proceedings against the Corporate Debtor annexed herewith and marked as Annexure-16. (2) A copy of End-use certificates dated 28 July 2015, 28 September 2016, 29 September 2016 and 27 July 2017 annexed herewith and marked as Annexure-17 (Colly). (3) A copy of Annual Audited Financial Report of the Corporate Debtor for the financial Year 2015-16 annexed herewith and marked as Annexure 18. (4) A copy of loan recall notice dated 1 August 2017 issued by the applicant annexed herewith and marked as Annexure-19. (5) A copy of letter dated 18 August 2017 sent by the Corporate Debtor in response to the loan recall notice dated 1 August 2017 annexed herewith and marked as Annexure-20. 9. A record of default is also available with the Central Repository of Information on Large Credits (CRILC) as per its asset classification report of the Corporate Debtor [Annexure - 14 (colly)]. Likewise, Entries in Bankers Book in accordance with the Bankers Books Evidence Act, 1891 has also been placed on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opportunity to the Financial Creditor to perform its statutory mandatory obligation by providing the name of the Resolution Professional to act as an Interim Resolution Professional in place of the earlier one. 16. In compliance of direction issued by this Tribunal dated 16.01.2018, the Financial Creditor filed application C.A. No. 64(PB)/2018 along with affidavit by the Legal Manager (Band II) of the Financial Creditor whereby request has been made to accept the appointment of replaced Interim Resolution Professional namely Mr. Huzefa Fakhri Sitabkhan. A certificate of registration dated 20.04.2017 issued by the Insolvency and Bankruptcy Board of India has been placed on record. He has registration No. IBBI/IPA-001/IP-P00031/2017-17810115. Mr. Sitabkhan has filed his written communication as per the requirement of Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [Annexure-A (colly). He has declared that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or Indian Institute of Insolvency Professionals of ICAI. In addition, further necessary disclosure has been made by Mr. Sitabkhan as per th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion is admitted and Mr. Huzefa Fakhri Sitabkhan, 1012, Dalamal Towers, Free Press Journal Road, 211, Nariman Point, Mumbai -400021 is appointed as an Interim Resolution Professional. 21. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14(1)(a), (b), (c) (d) and thus the following prohibitions are imposed which must be followed by all and sundry: (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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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