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TMI Blog2018 (9) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... prayed for, was incorporated on 04.08.2010 initially in the name of M/s Luxury Woodplus Private Limited. Subsequently, the name of the corporate debtor was changed from M/s Luxury Woodplus Private Limited to its present name M/s Pellet Energy Systems Private Limited, vide registration certificate dated 14.10.2011. The current registered office of the corporate debtor is at 205A, 2nd Floor, LSC, Vardhman Premium Mall, Outer Ring Road, Deepali, Pitampura New Delhi-110034. Since the registered office of the respondent corporate debtor is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. It is appropriate to mention that the applicant Oriental Bank of Commerce is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1980 (No. 40 of 1980) having Head Office at E-Block, Harsha Bhawan, Connaught Place, New Delhi-110001, and recovery cluster at cluster monitoring office, resolution, recovery and law E-Block, Harsh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is the case of the applicant that the respondent company/Corporate Debtor failed to maintain financial discipline and was irregular in servicing the debt of the Financial Creditor and accordingly the account of the Corporate Debtor was declared as NPA on 31.08.2016. The applicant then recalled the loan granted to the Corporate Debtor vide recall letter/notice issued under Section 13(2) of the SARFAESI Act, 2002 dated 27.12.2016. However, the respondents have failed to pay the amount due to the applicant. 9. It is submitted that as on 31.12.2017 Rs. 35,42,44,818/- is due and payable by respondent company to the applicant. 10. The applicant has placed on record copies of the following documents in support of the debt sanctioned to the Respondent company and in support of the claimed financial debt: a. Agreement of Hypothecation of Assets dated 07.12.2013 for Rs. 6 crores. b. Agreement of Term Loan dated 07.12.2013 for the facility of Rs. 22.50 crores. c. Agreement of Term Loan for Immovable Property dated 07.12.2013 for the facility of 22.50 crores. d. Common Agreement dated 07.12.2013. e. Undertaking for Assignments of Receivables and Cash Flows dated 07.12.2013. f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf of the respondent company vide Board Resolution dated 22.03.2018, has filed an affidavit dated 31.05.2018 in which following submission has been made:- "5. I, being the duly authorized representative of the Respondent to file pleadings on behalf of the respondent in this matter hereby declare on oath that the respondent has no objection to the admission of the petition by this Hon'ble Tribunal for the commencement of CIRP against the respondent so that a feasible resolution plan is swiftly and efficiently approved by this Hon'ble Tribunal with the consent of the petitioner in accordance with the provisions of the IBC." 14. In the light of the aforesaid submission made on behalf of the respondent corporate debtor, it is seen that the respondent company has raised no objection against the present application filed by the financial creditor for initiation of Corporate Insolvency Resolution Process against the respondent company. 15. In an application under Section 7 of the Code the adjudicating authority is only to ascertain and record satisfaction in a summary adjudication as to actual disbursement of loan and the occurrence of default by the corporate debtor before admitting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted. 21. Ms. Reshma Mittal, having registration number IBBI/IPA-001/IP-00297/2017-18/10541 resident C-51, RCD, Raj Nagar, Ghaziabad, Uttar Pradesh-201002 email [email protected] is appointed as an Interim Resolution Professional. 22. In pursuance of Section 13 (2) of the Code we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Regulations) with regard to admission of this application under Section 7 of the Code. 23. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed:- "(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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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