9911796707
TMI Blog2017 (7) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... ng payment of the 'financial debt'. The matter, therefore, falls within the territorial jurisdiction of this Tribunal. 2. This application has been filed through Mr.Raveesha Nayak B.C., Assistant General Manager of the 'Financial Creditor' and presently the Branch Head of the Financial Creditor' at Delhi. The Bank has passed a circular resolution dated 24.06.2017 (Annexure-B) authorising the General Manager and a Deputy General Manager to execute Special Power Of Attorney dated 26.06.2017 in favour of the Branch Head(s) / Branch Manager(s) to initiate Corporate Insolvency Resolution process under the Code'. The Special Power of Attorney in favour of Mr.Raveesha Nayak B.C. aforesaid is part of Annexure-B. 3. The Financial Creditor' has filed application in Form No. 1 of the rules as prescribed under Rule 4(1) of the Rules and the contents of the application are supported by the affidavit of Mr.Raveesha Nayak B.C. aforesaid. This application has been filed in terms of format which is in V parts for providing the necessary information. 4. Under sub-rule (3) of rule 4 of the Rules, the petitioner is required to despatch copy of the application filed befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in by Mr.Sumit Jain, Advocate for the petitioner wherein it is further stated in pursuance of the order dated 10.07.2017, the notice to the respondent was collected on 11.07.2017, and the same was handed over and served 'dasti' on 13.07.2017 along with copy of the application with the annexures at the registered office of the 'Corporate Debtor'. This is further testified in the affdavit dated 14.07.2017 of Mr.Raveesh Nayak B.C. and copy of notice served 'dasti' on 13.7.2017 is attached as Annexure 'C' with this affdavit. 8. On 20.07.2017 appearance was made by Mr.Rohit Khanna, Advocate for the respondent who submitted that Power Of Attorney with the resolution of the Board of Directors of the 'Corporate Debtor' would be filed in the Registry during the course of the day. However, time was requested to file objections, if any to the instant petition. It was submitted by learned counsel Mr.Puneed Singh Bindra, Advocate that he had filed the power of Attorney for the respondent - corporate debtor, which was executed by Mr.Rajiv Raj Kumar, Company Secretary on behalf of the company and attached copy of the Board resolution dated 11.02.2016. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application filed before it by the Financial Creditor is complete in all respects and there is no defect so that the application is admitted. The basic requirement was to comply with the principles of natural justice and to grant opportunity to the Corporate Debtor to file objections / response having been served notice of hearing. In this case, the Corporate Debtor was served with the copy Of the petition at its Registered Office not only on the filing of the instant petition, but also the notice of the date of hearing. 11. In the response filed by the respondent - Corporate Debtor, it is stated in categorical terms that the respondent does not oppose the appointment of the Interim Resolution Professional and therefore, the objections are not to be filed on merits. The Corporate Debtor, however, has brought the following facts in the response for placing the same before the Tribunal "a) The Corporate Debtor was under the overall supervision of the Joint Lenders Forum constituting of various Banks in terms of the Guidelines providing Framework for Revitalising Distressed Assets in the Economy (RBI Guidelines). b) On 20th April 2017, the Monitoring Committee and the Joint Lend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the default has been committed by the respondent for which default notices were sent. The facilities were recalled by the petitioner Bank by recall notice dated 17.06.2017 along with the corrigendum dated 26.06.2017 copies of which are at Annexure-5 (Colly). 15. Petitioner has detailed the date of default, amount in default in respect of all the loans detailed as two Term Loans, WCDL and Cash Credit Limit. It is stated that total amount due as on 17.06.2017 is as under: - 1. Rs. 59,75,41,373/- in respect of Term Loan is Rs. 57 crores; 2. Rs. 11,22,00,338/-in respect of Term Loan of 10.41 crores; 3. Rs. 380,14,47,535 in respect of WCDL of 365 crores; and 4. 3,72,88,49,240/- in respect of Cash Credit of 365 crores. 16. The petitioner Bank has also given particulars of securities held, date of creation and the estimated value in full details, apart from the first pari passu charge. 17. Under sub-section (3) of Section 7 of the 'Code', the 'Financial Creditor' has to furnish along with the application - 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 resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the legislature itself has provided for procedure which the Interim Resolution Professional or Resolution Professional, as the case may be has to follow in accordance with the provisions of the 'Code', Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Rules under which the Insolvency Professional has to be bound. His role as a Resolution Professional cannot be restricted or curtailed by the Adjudicating Authority by making such observations or issuing certain specific directions. 22. In view of the above, the instant petition deserves to be admitted. Learned counsel for petitioner however contended that apart from the specific directions which can be issued under section 14 of the 'Code', it would be pertinent that a specific direction may also to be issued so that the value of shares and assets of the Corporate Debtor are not dissipated. It is further contended that there may be even earlier authorisation by the 'Corporate Debtor'. I find no force in above contention because the legislature itself provided for various directions with regard to the moratorium which the Adjudicating Auth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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