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TMI Blog2017 (9) TMI 1779X X X X Extracts X X X X X X X X Extracts X X X X ..... of the loan amount-Financial Debt. In view of the above discussion, this Application deserves to be admitted and it is accordingly admitted under section 7(5) of the Code. - C.P. (IB) No. 89/7/NCLT/Ahm/2017 - - - Dated:- 12-9-2017 - Bikki Raveendra Babu, JUDICIAL MEMBER For the Appellant : Anip Gandhi, Ld. Adv. For the Respondent : Rakesh Sanjanwala, Ld. Sr. Adv. and Dignat Kakkad, On behalf of Yug Law Chambers, Ld. Adv. ORDER 1. Punjab National Bank, styling itself as 'Financial Creditor, filed this Application under section 7 of the Insolvency and Bankruptcy Code, 2016 [ IB Code for short] read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, ( IB Rules for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Applicant Bank was duly registered with the Registrar of Companies, Gujarat on 29-6-2013. 4. On the request of the Respondent, Applicant Bank held a meeting of Joint Lenders on 9.12.2014 and restructured the financial facilities. After the restructure of the financial facilities Respondent executed necessary loan and security documents, Deed of guarantee on 26.3.2015 in favour of the Applicant Bank. Pursuant to the fresh Sanction Letter dated 9.3.2015 the account of the Respondent Company became irregular since July 2015. Applicant classified the Respondent Company as 'Non Performing Asset' on 23.7.2015. Applicant issued notice under section 13(2) of the SARFAESI Act against the Respondent Company, its Directors and Guarantors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the Bankers' Books Evidence Act. 8. The objections filed by the Respondent contain the following; 8.1 Deponent, to the Applicant, Shri B. Tiwari is not holding valid Power of Attorney and the Power of Attorney is not sufficiently stamped. 8.2 The Application is signed by one Shri B. Tiwari, Chief Manager of the Punjab National Bank. Along with the Application Applicant filed copy of the Power of Attorney dated 28.7.1990 and Authority Letter dated 29.7.2017. A perusal of the Power of Attorney and the Authority Letter clearly goes to show that Shri B. Tiwari is properly authorised to file this Application. Therefore, this objection is not tenable. 8.3 Respondent denied the existence of default. But the documents filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the SARFAESI Act. Moreover, any breach committed in repayment of the loan amount enables the Bankers to treat the amount as 'NPA'. No material is placed on record by the Respondent to show that treating the Respondent as 'NPA' is against the terms of the Sanction. The objection, that the Statements of Account are not duly certified under the Bankers' Books Evidence Act, has been cleared by the Applicant by filing the Certificate under the Bankers' Books Evidence Act. 8.5 Respondent's learned Counsel stated that all the books of the Respondent Company were taken over by the Enforcement Directorate under the provisions of Prevention of Money Laundering Act, 2002 and therefore Respondent is handicapped in makin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional is hereby directed to cause public announcement of the initiation of 'Corporate Insolvency Resolution Process' and call for submission of claims under section 13(l)(b) read with section 15 of the Code and Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. This Adjudicating Authority hereby order moratorium under section 13(l)(a) of the IB Code prohibiting the following as referred to in section 14 of the Code; (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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