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TMI Blog2018 (12) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... ger who is also In-charge of the Computer Systems Bank of the Financial Creditor in order to comply with the requirements of Section 2(A) of the Bankers Books Evidence Act, 1891. This certificate is at page 978 of the paper book. The petitioner has also filed the CIBIL report in order to support the evidence of default and that report is at Annexure A/79. The requirements of Clause (a) of Section 7(3) of the Code have been fulfilled. Interim Resolution Professional/Resolution Professional appointed. In view of the above the petition is admitted - CP (IB) No.97/Chd/Hry12018 - - - Dated:- 11-10-2018 - Mr R. P. Nagrath, Member (Judicial) And Mr Mr. Pradeep R. Sethi, Member (Technical) For The Petitioner : Mr. Anil K. Ahuja, Advocate For The Respondents : M r. Deepak Khurana, Advocate, Mr. Vipul Joshi, Advocate And Ms. Shradha Sachdev, Advocate ORDER Per: Justice R.P.Naarath. Member (Judicial) Oriental Bank of Commerce being a financial creditor has filed this application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the 'Code') for initiating the insolvency resolution process against t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exure A/83 dated 05.06.2018 by which the Resolution passed by the Board of Directors of the financial creditor in the meeting held on 16.12.2017 making amendment in the Recovery Policy of the Bank pertaining to the initiation of the action under the Code was conveyed. The learned counsel for the petitioner also referred to Annexure A-84 attached with this application wherein there is specific reference to the proposal to name Mr. Vikram Kumar, registered Resolution Professional proposed as Interim Resolution Professional in the case of respondent-corporate debtor. 7. The petitioner had also impleaded the other financial creditors of the corporate debtor who were the members of joint lenders forum as respondents No.2 to 4. When the matter was listed on 11.09.2018, it was submitted for the petitioner that the instant is not a case of joint claim on behalf of the petitioner and respondents No.2 to 4. On the prayer made on behalf of petitioner the names of other financial creditors impleaded as respondent Nos.2 to 4 were deleted from the array of respondents. 8. On merits it is stated that the respondent-corporate debtor was granted fund Fund Based financial facilities to the tun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by resolution dated 10.08.2010 (Annexure A/25) and the documents at Annexure A/26 to A/29 respectively in respect of the Common Loan Agreement, Capital Facility Agreement, Deed of Hypothecation and Counter Indemnity/Guarantee. Apart from that an Undertaking by the corporate debtor in favour of Central Bank of Indian and Oriental Bank of India, at Annexure A/30, was also executed. 12. The corporate debtor had also sent the letter (Annexure A-33) dated 17.09.2010 as a Memorandum of Confirmation of Inter Creditor Agreement. Reference is also made to the transactions in which the other respondents and financial creditors were involved but that is not required to be discussed in the instant petition as those respondents have been given up and it is for the Interim Resolution Professional/Resolution Professional as the case may be determine the outstanding debt. It is also stated that the corporate debtor had executed the documents of loan renewal thereof from time to time. It would however be relevant to refer to the latest documents of loan executed by the corporate debtor. 13. It is stated that the Promoters of the respondent-corporate debtor had executed the counter Indemniti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relied upon copies of the statement of account of the respondent-corporate debtor (Annexure A/77) duly certified under the Bankers Books Evidence Act. 17. When the matter was listed on 11.09.2018, Mr. Vipul Joshi, Advocate who is one of the counsel representing the corporate debtor now, had submitted that the earlier directors who had issued the Power of Attorney in favour of Mr. Deepak Khurana, Advocate were no more the directors of the Company which was evident from the Master Data taken from the portal of Ministry of Corporate Affairs. The matter was adjourned to call upon Mr. Pankaj Tandon and Mr. Prabhat Kumar Shrivastava, who had earlier authorised Mr. Khurana, Advocate, to furnish their affidavits explaining the reasons. The same were filed and taken on record. 18. Reply has been filed by the respondent-corporate debtor vide diary No.3824 dated 05.10.2018. Along with the reply there is a copy of the resolution dated 01.10.2018 (Annexure R-3) passed by the shareholders of the respondent-corporate debtor in the Extraordinary General Meeting. By this resolution Ms. Kiran Sharma and Mr. Sanjay Sharma were appointed as directors of the corporate debtor and were authorised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord 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 resolution professional proposed to act as an interim resolution professional; and ( c) Any other information as may be specified by the Board. 22. In response of the contention that the respondent-corporate debtor has defaulted, reference has been made to various documents which are already referred while narrating the facts of the case. All the relevant documents regarding sanction of the loan facilities as well as execution of the documents by the respondent-corporate debtor have been relied upon. The learned counsel for the petitioner submits that loan has been secured by hypothecation of assets for which the documents have already been referred. In Part IV and V of Form No.1 the particulars of the amount of debt granted with date of disbursement are given in detail. The amount claimed to be defaulted and the date on which the default occurred are also mentioned in column No.2 of Part IV of the application. In Form -I statement of account of the respondent-corporate debtor for the period of 17.06.2015 to 31.01. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate applicant. 26. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until the Tribunal approves the resolution plan under sub-section (1) of Section 31 or pass an order for liquidation of corporate debtor under Section 33 as the case may be. 27. We also appoint Mr. Vikram Kumar, address; Sector B-1/1748, Vasant Kunj, New Delhi-110070, having Registration No. IBBI/IPA-001/IP-P 00082/2017-2018/10178 and email address is [email protected] as an Interim Resolution Profession with the following directions: (i) The term of appointment of Mr. Vikram Kumar, shall be in accordance with the provisions of Section 16(5) of the Code. (ii) In terms of Section 17 of 'the Code', from the date of this appointment, the powers of the Board of Directors shall stand suspen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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