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TMI Blog2019 (5) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 33 and other applicable provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as Code ) and Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as Rules ). The application in Form 1 is filed by M/s Hero Fincorp Limited ( financial creditor ) for initiation of Corporate Insolvency Resolution Process ( CIRP ) in the case of M/s Agri Best India Ltd. ( corporate debtor ). The petition is submitted on behalf of the Financial Creditor by Shri Jaspreet Singh Chawla, Associate-Legal Secretarial. A copy of the Board Resolution dated 29.01.2018, authorizing Shri Vivek Pathak and subsequent letter of authority dated 20.04.2018, authorizing Shri Jaspreet Singh Chawla to submit the petition on behalf of the financial creditor is annexed as Annexure P-3 of the petition. 2. As per master data available at Annexure P-4 of the petition, the CIN of the corporate debtor is U01400HR2010FLC041224, date of incorporation is 15.09.2010 and the registered address is SCF-166, Second Floor, Sector 9, Faridabad- 121006. Therefore, the territorial jurisdiction lies with this Bench of the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r for representing the corporate debtor before the Tribunal and the same was taken on record. During the course of hearing on that date Shri Gopal Sharma, Director, referred to the bill register dated 23.03.2018 (Annexure P-7 of the petition) and stated that all the amounts of bill discounting were not received by the corporate debtor. However, Shri Gopal Sharma, Director, could not produce any detail of the amounts claimed to be not received. Mr. Gopal Sharma, Director, also submitted that they are trying to reconcile the account with the financial creditor, but this contention was opposed by the learned counsel for the financial creditor. It is stated in the order dated 14.11.2018 that there are no grounds for further adjournments. Arguments were heard and the order was reserved. 6. Thereafter, it came to notice that the letter of authority dated 20.04.2018 (Annexure P-3 of the petition) of Shri Vivek Pathak, Manager Legal of the financial creditor, authorizing Shri Jaspreet Singh Chawla, did not give any authorization for filing the application before this Tribunal. By order dated 05.12.2018, the matter was listed for re-hearing. Diary No.4860 dated 11.12.2018 wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y duly authorized person of the financial creditor. 10. Section 7(5) of the Code provides for admission of the application where the Adjudicating Authority is satisfied that (a) a default has occurred; (b) the application under sub-section (2) of Section 7 is complete; (c) there is no disciplinary proceedings pending against the proposed Resolution Professional. The satisfaction of the three conditions is being examined below. 11. The first condition is that a default has occurred. We find that the financial creditor has brought on record sanction letters dated 23.07.2015 and 29.01.2016, granting financial assistance of ₹2.5 Crores initially and subsequently enhancing the limit to ₹7.5 Crores. The relevant Master Facility Agreement and Supplementary Agreement, were executed firstly on 11.08.2015 and thereafter, on 29.01.2016 and are enclosed as Annexures P- 9 to P-12 of the petition. The copy of the bill register dated 23.03.2018, showing disbursement in favour of the corporate debtor, has been filed as Annexure P-7 of the petition. Certificate under Section 65B(4) of the Indian Evidence Act, 1872, dated 20.04.2018, has been filed at Page ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional of ICAI. He has also affirmed that he is eligible to be appointed as a Resolution Professional in respect of the corporate debtor in accordance with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporation Persons) Regulations, 2016. 14. In view of the satisfaction of the conditions provided for in Sections 7(5) of the Code, the petition for initiation of CIRP in the case of M/s Agri Best Limited is admitted 15. We declare the moratorium in terms of sub-section (1) of Section 14 of the Code, as under:- 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 Securitization and Reconstruction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... complete list of inventory of assets of the Corporate Debtor; iv.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; v.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; vi.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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