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TMI Blog2018 (10) TMI 1653X X X X Extracts X X X X X X X X Extracts X X X X ..... te, in my humble opinion, if the appointed IRP/ Resolution Professional shall also join with them in ascertaining the exact magnitude of default committed by this Debtor Company. It is worthwhile to express that all the agencies are expected to co-operate in investigation by exchanging the information gathered respectively by them. In that process the presence of the Resolution Professional is going to be very useful. One more aspect supporting the “Admission” of the Petition has been conveyed, prima-facie convincing, that the Government Agencies who have seized the assets of the Defaulters are being only protected from further damage. But ultimately those seized assets have to be distributed among the creditors, either Financial Creditor or Operational Creditor. That process of disbursement can only be possible under the newly enacted I&B Code 2016 - in a situation when Financial Debt has been ascertained and undisputedly the Debtor Company had defaulted in repayment of loan, therefore this is fit case for „Admission‟ under I& B Code. This CP (IB)-3585 (MB)/2018 stood “Admitted” - this CP (IB)-3585 (MB)/2018 stood “Admitted” - C.P. No.3585/I&BC/NCLT/MB/MAH/2018 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Applicant sanctioned a working capital loan of INR 325 Crores. 4. The Corporate Debtor had created the following securities (as per the applicant) :- i. First and exclusive charge over the Movable Fixed Assets (as described in Schedule C thereunder): ii. First and exclusive charge over the Current Assets (as described in Schedule B thereunder): and iii. First and exclusive charge over the residential flat being Flat No. 102, Kheni Towers, Village KoleKalyan, Manipada Road, Santacruz (East), Mumbai admeasuring 940 sq. ft (more particularly described in Schedule G thereunder). iv. Leasehold rights over non-agricultural land of 8.913 Hec. Situated at Village Taluka Panvel District Raighad, Maharashtra (more particularly described in Schedule F thereunder). 5. Through Decent Securities and Finance Private Limited mortgaged office premises at BKC, Mumbai admeasuring 354.39 sq. mts and 4 car parking on the ground floor in favour of the AllBank Finance Limited on first and exclusive charge basis. 6. Further Eureka Finstock Private Limited mortgaged office premises at BKC, Mumbai admeasuring 3844 sq. ft. carpet area open terrace and 13 car parking on the gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with the Petition. d. Deed of Hypothecation dated 24 October 2016 was executed by Asmi Jewellery India Limited, Spectrum Jewellery Limited and Nakshatra Brands Limited whereby the intellectual properties in relation to its trademark being Asmi‟ and Sangini‟ were granted, conveyed, assigned, assured and transferred to the Applicant on a first charge basis. A copy of the deed of Hypothecation is annexed with the petition. e. Power of Attorney executed by Asmi jewellery India Limited, Spectrum Jewellery Limited and Naskshatra Brands Limited whereby the Applicant, in terms of the Bilateral Agreement and the Deed of Hypothecation dated 24 October 2016 executed by Asmi Jewellery India Limited, Spectrum jewellery Limited and NakshatraBrands Limited, was granted rights (as more particularly detailed therein) in respect of the intellectual properties in the trademarks of AsmiJewellery India Limited, Spectrum Jewellery Limited and Nakshatra Brands Limited. Copies of the Power of Attorneys is annexed with the petition. f. Charge on brand created over Canadia‟ and Revv‟ owned by Jewellery Marketing Company, and Passion Stone‟ owned by Gitanjali USA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confirmation dated 24 October 2016 by Nakshatra Brands Limited in favour of the Applicant. A copy of the Deed of Adherence cum confirmation is annexed with the Petition . 12. One more event took place. A Renewal Credit Arrangement was executed vide a letter dated 1st September 2017 through which it was acknowledge that all debts and liabilities of GECL stood transferred and vested in GGL. Pursuant to the said letter working capital and EPC Limit was further enhanced to ₹506 crores. On 26th December 2017 a Supplemental Working Capital Consortium was executed between GGL and Consortium. It is very significant to place on record that earlier the consortium lenders were having the exposure of ₹5198 crores which was revise to ₹ 5218 Crores. This supplemental GGL facility agreement was also secured by Deed of Mortgage-cum- charge‟ dated 26th December 2016, Share Pledge Agreement dated 10th October 2014and 16th February 2015 duly executed by Mr. Mehul C. Choksi. It is informed that by the said Share Pledge Agreement the exposure of ICICI was to the tune of ₹70 crores. Contractual comfort to the Supplemental GGL Facility Agreement II was provided by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as NPA and the other evidenceii) Re-call notice dated 21st February 2018 of the loans. Even the ECB facility has also been withdrawn by Re-call notice dated 21st February 2018. Bank has also issued a Statutory Notice dated 7th May 2018 u/s 13 (2) of SARFAESI Act. Another notice was issued under the said act on 17th May 2018.Further, annexed with the Petition is a report of CRILC wherein status of GECL and GGL was declared as Moved to Default . Further a certificate under Banker‟s Books Evidence Act is annexed certifying the correctness of statements of accounts and other documents. From the above discussed factual matrix it is clearly established that the loans are granted to the Debtor Company under various Loan Agreement and on that basis undisputedly existence of Debt‟ is established as defined u/s 3(11) of the Code. The evidences such as classification of the Debtor as NPA and the issuance of Loan re-call notice have thus established that the Debtor is within the definition of Default as per section 3(12) of the Code. These are the basic requirement of admission of an application u/s 7 of the Code, duly complied. 18. During the course of hearing it has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A-002/IPN00359/2017-18/11060, Address: Flat No. 802, Tower 6, Unitech Escape Nirvana Country Golf Course Road Extension Sector 5, Gurugram Haryana - 122018, Email: [email protected]. The proposed IRP has furnished the requisite Certificate in form no.2 that no Disciplinary Proceedings is pending. On due consideration, the proposal of appointment of the IRP is hereby confirmed. 21. Upon Admission of the Application it is hereby pronounced the declaration of Moratorium as mandated in Section 14 of The Code. The declaration of Insolvency Process and commencement of Moratorium shall be made by public Announcement immediately as prescribed U/s. 13 read with Section 15 of The Code. The appointed IRP shall perform the duties as an Interim Resolution Profession as defined U/s. 18 of The Code i.e. Duties of Interim Resolution Professional and inform the progress of the Resolution plan and the compliance of the directions of this Order within 30 days to this Bench. A liberty is granted to intimate even at an early date, if need be. The IRP shall submit the Resolution plan‟ for approval as prescribed U/s. 31 of The Code on receiving Expression of Interest in res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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