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TMI Blog2018 (9) TMI 1528X X X X Extracts X X X X X X X X Extracts X X X X ..... NO. (IB)-625/PB/2018 - - - Dated:- 9-8-2018 - MR M.M. KUMAR, PRESIDENT AND MR S.K. MOHAPATRA, MEMBER (T) For The Petitioner : Ms. Priyanka Kakkar, Yasir Khan and Mukesh Sinha, Advocates For The Respondent : Naunidh S. Arora, Adv. For The PNB : Ms. Nidhi Chaudhary, Adv. JUDGMENT M.M. KUMAR, PRESIDENT The Financial Creditor -Pankhuri Investments and Securities Limited has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ) with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of Shreedhar Milk Foods Limited. It is appropriate to mention that the financial creditor is a company incorporated on 11.12.1992 under the Companies Act, 1956. Its assigned identification number U74899DL1992PLC51321. It has its registered office at M-116, A 2nd Floor, Connaught Place, New Delhi-110001. 2. Mr. Rakesh Gupta, Director of the Company has been empowered to sign and submit the petition by the Board Resolution dated 01.05.2018 (Annexure-2). 3. The Corporate Debtor-Shreedhar Milk Foods Limited is a company registered under the provisions of the Companies Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to the Corporate Debtor with the dates of disbursement. A perusal of part IV of the application would show the following particulars of financial debt: Particulars of Financial Debt 1. Total Amount of Debt Granted Date(s) of Disbursement Total amount of debt is INR 2,03,60,000/- and 12% interest per annum thereon for availing loan provided by the Financial Creditor. Sum was advanced on 11.09.2015. The aforesaid details would show that the loan facility was extended to the Corporate Debtor to the extent shown in the aforesaid data. 7. In column 2 of part IV the amount claimed to be in default and the date of default have been mentioned. According to the averments made by the Financial Creditor the aforesaid facility availed by the Corporate Debtor is overdue and total amount in default as on 01.04.2018 is ₹ 2,03,60,000/- (Rupees Two Crores Three Lakh Sixty Thousand Only) along with interest of 12% thereon. 8. The Financial Creditor has attached a list of security cheques given by the Corporate Debtor (Annexure-6). 9. The Financial Creditor has then att ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ory content and therefore, is hereby rejected as unfounded. 13. Another objection raised by the Corporate Debtor is that the Financial Creditor has not attached to the application computation of amount and days of default as stipulated under Part IV (column 2) of Form 1 of the IBC Rules. Further it has not provided details of the amount claimed to be in default and the date of which such default occurred. It has also not enclosed any proof as to how and when the amounts were advanced to it. By virtue of loan agreement dated 11.09.2015, a loan of ₹ 2,00,00,000/- had been advanced to it and the repayment was regular upto April, 2018, however the outstanding amount as per records of the Financial Creditor is ₹ 2,03,60,000 even as on date. In essence it convinces that it is not understood that despite payments, how such amount is outstanding even as on date. A perusal of the email dated 18.05.2018 (Annexure-9) sent by the Corporate Debtor to the Financial Creditor makes it evident that there is a patent admission of the Corporate Debtor with regard to the balance outstanding amount of a sum of ₹ 2,00,00,000/- along with interest which is payable and due by the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of the debt has become due payable and the same has not been repaid by the Corporate Debtor . The Financial Creditor has specified the sanction detail of facility mentioned in the application and has enclosed the security cheques given by the Corporate Debtor, loan agreement, statement of account and the TDS certificate wherein TDS on the advanced amount was deducted and subsequently deposited with the Income Tax authorities. In the present case, it has come on record predominantly that the default has occurred many a times. 14. Another objection raised by learned counsel is that the Corporate Debtor going through immense financial constraints, and is still making all efforts to reconcile and resolve the issues but in vain. It is desirous to pay the outstanding amounts but in a structured manner, however, the Financial Creditor, is trying to coerce it to pay sums at once. The aforesaid argument also does not need to detain us because merely expression of good intention to pay the outstanding amounts without any substantial proposal from any of the strategic investor or otherwise would not cut any ice. How and in which manner same would be cleared and if the said int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acility mentioned in the application and has enclosed the security cheques given by the Corporate Debtor, loan agreement, statement of account and the TDS certificate wherein TDS on the advanced amount was deducted and subsequently deposited with the Income Tax authorities. In any case no serious dispute with regard to the amount payable has been raised before us. The objection cannot be regarded fatal in the face of huge evidence of default. Therefore, we find no substance in the aforesaid argument and reject the same. 16. C.A. No. 508(PB)/2018 dated 07.07.2018 under Order 1 Rule 10 CPC has been filed on behalf of the Punjab National Bank for impleadment in the matter. In the aforesaid application it is submitted by the Bank that it is the Lead Bank of the PNB Consortium constituted for monitoring disbursing the credit facilities of ₹ 272.27 crores as sanctioned to the Corporate Debtor vide various sanction letters of each and every lender member respectively. It is further averred that the credit facilities were secured by 1st pari passu charge on all block assets shared with other term lenders, hypothecation of plant machinery other assets of 25 Milk Chilling Cent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings pending against the proposed resolution professional, it may, by order, admit such application; or (b) .. 21. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. We are satisfied that a default has occurred and the application under sub-section 2 of Section 7 is complete; and no disciplinary proceedings are pending against the proposed Interim Resolution Professional. Even Punjab National Bank appears to be supporting the cause of the Financial Creditor . Thus, the application warrant admission. 22. As a sequel to the above discussion, this petition is admitted and Mr. Manoj Sehgal, Flat No. 304, Tower 5, Ansal Valley View Estate, Gwal Pahadi, Gurgaon, Haryana-122003, Registration No. IBBI/IPA-002/IP-N00108/2017-18/10256 is appointed as an Interim Resolution Professional. 23. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with the Corporate Debtor, erstwhile directors, promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the affairs of the Corporate Debtor. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under a duty to protect and preserve the value of the property of the Corporate Debtor as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code. 27. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional at the earliest but not later than seven days from today. 28. The intervener shall be at liberty to file its claim before the Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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