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TMI Blog2019 (4) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... orm No. 6 are complete then it is to be admitted if otherwise not ineligible under Section 11. It is well settled that pendency of proceedings and initiation of action under SARFAESI Act cannot be an impediment or bar to initiate the Corporate Insolvency Resolution Process under Section 7 of the Code nor it can be a ground to reject the Resolution Petition - A perusal of the petition goes to show that it is complete in all respects. Further, admittedly, M/S. Hardik Industrial Corporation Private Limited is liable to pay financial debts to its Financial Creditors. No other objection has been raised by the Financial Creditors or by any other person. The materials on record clearly establish that financial debt is due from the Corporate Debtor to the Financial Creditors and there is occurrence of debt by the Corporate Debtor in repayment of financial debt. This Adjudicating Authority is of the considered view that this is a fit case to admit the petition triggering Corporate Insolvency Resolution Process and accordingly this petition is admitted under Section 10(4)(a) of the Code. - C.P. No.(IB) 78/10/NCLT/AHM/2018 - - - Dated:- 19-2-2019 - Mr. Harihar Prakash Chaturvedi A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) Name and address of the operational creditors; (d) ledger account of the financial creditors evidencing the liabilities; (e) ledger account of the operational creditors evidencing the liabilities; (f) particulars of security held, date of its creation, its estimated value as per the creditor; (g) copy of ROC record confirming the charges of financial creditors; (h) details of statutory liabilities; (i) copy of notice u/s 13(2) SARFAESI Act, 2002 and possession notices issued by the financial creditors; (j) copy of demand notice issued by Income Tax Department; (k) details of debts with associate parties; (l) details of contingent liabilities; (m) proof of serving of application to secured creditors/respondents (n) audited balance sheet for the financial year 2015-16 2016-17; (o) provisional financial statements for the current financial year made up to date not earlier than fourteen days from the date of application. 8. The petitioner company has filed ledger account of the financial creditors at page No. 56A-56B marked Annexure - 9 and ledger account of the operational creditors at page No. 57-88 marked Annexure - 9A evidencing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;ble Debts Recovery Tribunal - 1 (DRT-I), Mumbai against the corporate applicant and its guarantors for debt-claim of ₹ 10,19,75,426.09 that had been adjudicated in favour of respondent No. 1. It is further submitted that in order to frustrate lawful action pursued by respondent No. 1 for recovery of huge amounts defaulted since long time by inter-connected and inter related group of debtors. That, Corporate applicant has filed this application collectively and has initiated simultaneous proceedings before this Adjudicating Authority: - (i) Company Petition (1B) No. 75/2018 filed by M/S. UIC Corporation Private Limited (ii) Company Petition (1B) No. 76/2018 filed by M/S. VHCL Industries Limited (iii) Company Petition (1B) No. 77/2018 filed by M/S. A.P.I. Industries Private Limited 14. Heard both the sides at length. Also perused the documents filed by the Corporate Debtor/applicant. On perusal of the petition goes to show that it is complete in all respect. Further, admittedly, M/S. Hardik Industrial Corporation Private Limited is liable to pay financial debt to its financial creditors State Bank of India. No other objection has been raised by the financial cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e granted time to rectify the defects. 22. Section 10 does not empower the adjudicating authority to go beyond the records as prescribed under section 10 and the information as required to be submitted in Form 6 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 subject to ineligibility prescribed under Section 11. If all information are provided by an applicant as required under Section 10 and Form 6 and if the corporate applicant is otherwise not ineligible under Section Il, the adjudicating authority is bound to admit the application and cannot reject the application on any other ground. 23. Any fact unrelated or beyond the requirement under I B Code or Forms prescribed under Adjudicating Authority Rules (Form 6 in the present case) are not required to be stated or pleaded. Non-disclosure of any fact, unrelated to Section 10 and form 6 cannot be termed to be suppression of facts or to hold that the corporate applicant has not come with clean hand except the application where the corporate applicant has not disclosed disqualification, if any, under Section 11. Non-disclosure of facts, such as that the corporate debtor is undergoing a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is well settled that pendency of proceedings and initiation of action under SARFAESI Act cannot be an impediment or bar to initiate the Corporate Insolvency Resolution Process under Section 7 of the Code nor it can be a ground to reject the Resolution Petition. 18. That the petitioner/corporate debtor in compliance to order of this Tribunal dated 22.06.2018, filed reply dated 23.08.2018 inter alia clarifying that in the instant petition the corporate debtor is not required to file the special resolution of its shareholders in view of the fact that the application under Section 10 of the Code was filed much before the above Ordinance i.e. on 02.02.2018 and at that time the said ordinance was not in force and it has come into force only on 06.06.2018. 19. A perusal of the petition goes to show that it is complete in all respects. Further, admittedly, M/S. Hardik Industrial Corporation Private Limited is liable to pay financial debts to its Financial Creditors. No other objection has been raised by the Financial Creditors or by any other person. The materials on record clearly establish that financial debt is due from the Corporate Debtor to the Financial Creditors and there is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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