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TMI Blog2018 (10) TMI 1216X X X X Extracts X X X X X X X X Extracts X X X X ..... istered with the Reserve Bank of India (RBI) as an Asset Reconstruction Company registered under section 3 of the SARFAESI Act, 2002 and having its registered office at B, Ground Floor, Block No. III, Bakhtawar Commercial Premises Society, Nariman Point, Mumbai-400021. 2. The Corporate Debtor - M/s. Mohan Gems & Jewels Pvt. Ltd was incorporated on 14.02.2006. The identification number of the Corporate Debtor given is CIN U36911DL2006PTC146319 and its registered office is situated at 3324, Bank Street, Beadonpura, Karol Bagh, New Delhi - 110005. The authorised share capital of the company is Rs. 74, 00, 00,000/- (Rupees Seventy Four Crores) and the Paid-up share capital is Rs. 68, 39, 77,820/- (Rupees Sixty Eight Crore Thirty Nine Lakhs Seventy Seven Thousand Eight Hundred and Twenty only) respectively. 3. The erstwhile State Bank of Patiala (now merged with the State Bank of India), vide Assignment Agreement dated 08.02.2017, assigned the debt in favour of Invent Assets Securitisation and Reconstruction Pvt. Ltd - the Petitioner in the present case. 4. As per the averments of the 'Financial Creditor', the account of the Corporate Debtor was declared as Non-Performing Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d As per annexure I Date of NPA 29/11/2015 for State bank of Patiala ledger of the assignor banks is hereto annexed as per exhibit "E" (Statement of account). Annexure-1: Facility Principal Outstanding Interest Rate Unapplied Interest till 30.09.2016 Interest (Including 2% penal interest) from 01.10.2016 to 26.04.2018 Total Outstanding as on 26.04.2018 CC 50,54,66,954.14 14.40 7,82,91,852.97 17,24,44,693.90 75,62,03,501.01 WCTL Total 50,54,66,954.14 14.40 7,82,91,852.97 17,24,44,693.90 75,62,03,501.01 10. In column 2 of part IV the total amount of debt granted and the date on which the amount was disbursed, have been stated. According to the averments made by the Financial Creditor-Invent Assets Securitisation & Reconstruction Pvt. Ltd. the aforesaid facilities availed by the Corporate Debtor are overdue and total amount in default as on 26.04.2018 is Rs. 75,62,03,501.01/- Crores (Rupees Seventy Five Crores Sixty Two Lakhs Three Thousand Five Hundred One and One Paisa only) (Annexure - I). 11. It is submitted by the Financial Creditor that on 07.12.2013, the erstwhile State Bank of Patiala (now merged with Stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hts, facing Saraswati Marg measuring 37.2 sq. mtrs. Built on Plot/Khasra No. 34, in Block-P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 6.30 5.04 8. Equitable mortgage of property bearing 2746, Pvt. No. 2, Ground floor without terrace/roof rights, facing Saraswati Marg measuring 37.2 sq. mtrs. Built on Plot/Khasra No. 34, in Block P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 6.30 5.04 9. Equitable mortgage of property bearing 2746, Ground floor without terrace/roof rights, measuring 37.2 sq. mtrs. Built on Plot/Khasra No. 34, in Block-P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 6.30 5.04 10. Equitable mortgage of Commercial premises (Ground floor, 1st Floor, 2nd Floor with roof rights) situated at Plot No. 17B/1, Block-17B, Deshbandhu Gupta road, Devnagar, Karol Bagh, New Delhi-110005 15.55 12.44 11. Equitable mortgage of property bearing 2746, (southern portion of first floor without roof rights) towards Gali No. 22, built on Plot/Khasra No. 34, in Block-P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 (Area 1000 sq fts. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or of the Corporate Debtor that the Corporate Debtor, Mohan Gems & Jewels Pvt. Ltd. has no objection to the admission of the petition. Subsequently, in compliance of direction issued by this Tribunal, the Corporate Debtor vide diary No. 5186 dated 01.08.2018, inter alia, filed a Board Resolution dated 28.07.2018 whereby Sh. Murari Lal Soni was authorized to represent the company before NCLT and take necessary steps in the interest of the company. 17. Thereafter in pursuance of aforesaid Board Resolution dated 28.07.2018; Sh. Murari Lal Soni filed his affidavit dated 01.08.2018 stating on oath that the Corporate Debtor has no objection to the admission of the petition by this Tribunal. 18. In view of the aforesaid statement made by the learned counsel for the respondent-Corporate Debtor, we find that advancement of loan and default stand admitted. Even otherwise there is overwhelming documentary evidence on record to support those findings in the case. 19. Learned Counsel for the petitioner has argued that all requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution process by a Financial Creditor stand fulfilled. In that regard, he has submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect 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 any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corpor ..... 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