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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 ..... . Balvinder Ralhan, Advocate For The Respondent Company : Ms. A.S. Khazanchi, Advocate ORDER S. K. Mohapatra, Member 1. Oriental Bank of Commerce claiming to be the financial creditor has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ) read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules ) with prayer to trigger the Corporate Insolvency Resolution Process in respect of respondent company M/s Pellet Energy Systems Private Limited, referred to as the corporate debtor. 2. The Respondent No. 1 M/s Pellet Energy Systems Private Limited (CIN U20296 DL 2010 PTC 206628) against whom initiation of Corporate Insolvency Resolution Process has been 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly, she satisfies the requirement of Section 7 (3) (b) of the Code for her appointment as an IRP. 6. The details of financial debt have been given in Part-IV of the application. It is stated that on the request of the Corporate Debtor, the Financial Creditor sanctioned the following financial facilities on 29.11.2013 in favour of the Corporate Debtor:- (a) Term Loan amounting to ₹ 22,50 crores; (b) Cash Credit (Hypothecation) of ₹ 6 crores; 7. It is submitted that in order to secure the said Financial Facilities the respondent Corporate Debtor through its directors signed and executed various security and loaning documents. The respondents have also Hypothecated entire fixed assets including factory, building, plant machinery and also current assets (present and future) of the respondent company. 8. 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/no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claim has been raised can be termed as sufficient evidence of financial debt. It is seen from the statement of account and loan documents that the loan was sanctioned, loan agreements were executed, charge and securities were created. Respondent company utilised and enjoyed the loan facility and due to non-payment and non-refund of the outstanding dues, the account of the corporate debtor was declared NPA. The applicant bank has also placed the balance sheet of the corporate debtor for the financial year 2015-16 inter alia to show that financial debt is outstanding from the corporate debtor in favour of the applicant bank. 12. It is thus seen that the applicant financial creditor has placed on record voluminous and overwhelming evidence in support of the claim as well as to prove the default. 13. Mr. Bharat Sharma, Director of the Respondent Corporate Debtor, duly authorised to sign on behalf 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 her ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional, it shall admit the application. The adjudicating authority/Tribunal is not required to look into any other criteria for admission of the application. (Emphasis given) 19. In the case in hand the respondent company has committed default in repayment of the outstanding amount. In reply respondent company has not raised objection against admission of the present application filed by the financial creditor. That apart the present application of the financial creditor is complete and there is no disciplinary proceeding pending against the proposed IRP. We are satisfied that the present application is complete and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been clear default in payment of the financial debt. 20. As a sequel to the above discussion and in terms of Section 7 (5) (a) of the Code, the present application is admitted. 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 Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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