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TMI Blog2019 (5) TMI 383X X X X Extracts X X X X X X X X Extracts X X X X ..... nary proceedings pending against him with the IBBI or ICAI or Insolvency Professionals Agency. He is appointed as the Resolution Professional in one case but not acting as Interim Resolution Professional/Liquidator in any other proceedings. The petition is liable to be admitted in terms of Clause (i) of Section 9(5) of the Code - The petition, therefore, is admitted and moratorium declared in terms of sub-section (1) of Section 14 of the code. - CP (IB) No. 381/Chd/Hry/2018 - - - Dated:- 13-2-2019 - MR R. P. NAGRATH, MEMBER (JUDICIAL) AND MR. PRADEEP R. SETHI, MEMBER (TECHNICAL) For The Petitioner : Mr. Manish Jain, Advocate And Ms. Divya Sharma, Advocate For The Respondent : Mr. Mayur Kanwar, Advocate JUDGMENT This petition has been filed by the petitioner as financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating the Corporate Insolvency Resolution Process against the respondent-corporate debtor. The application has been filed in Form 1 as prescribed in Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cost of equipments to the tune of ₹79.40 lacs. In the said year, the respondent-corporate debtor again approached IFCI Ltd., seeking Rupee Term Loan for Modernization-cum- Expansion Scheme of the existing project and a loan of ₹430 lacs was granted. 6. The respondent-corporate debtor executed the Equipment Credit Agreement Annexure 22, Deeds of the Personal Guarantee of the Promoters Annexure 23 and the Deed of Hypothecation dated 06.08.1993 (Annexure 24). 7. In the year 1994, the respondent-corporate debtor again executed similar documents dated 22.03.1994 which are from Annexure 25 to Annexure 27. 8. Further loan documents dated 29.11.1994 comprising of Loan Agreement (Annexure 28), Hypothecation Deed (Annexure 29) and Deed of Undertaking (Annexure 30) were executed. 9. It is stated that the corporate debtor failed to abide by the terms of loan and defaulted. IFCI Ltd. issued a notice dated 19.11.1999 recalling the entire principal amount disbursed to the corporate debtor including the interest and other amounts and called upon the corporate debtor to pay an amount of ₹4,40,90,557/- together ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer on 10.10.2015. While taking the properties to task the Recovery Officer shall also issue a notice to the Official Liquidator who has filed the status report and defendant Nos. 4 and 5. The defendant No.4 has claimed that the charges created by defendant No.1 rank pari passu with the charges created by it in favour of IFCI without priority of one over the other. The Recovery Officer shall take into consideration while distributing the amounts realized. The applicant shall file the revised statement of account before the Recovery Officer. 12. Recovery Certificate dated 02.09.2015 was issued by DRT-I for a sum of ₹5,07,76,772/- (Page 11). DRT-I further directed that DRT-I granted pendent-lite interest @ 21% per annum and liquidated damages @ 3.0612% per annum on a sum of ₹37,23,302/- and pendent-lite and future interest @ 16.50% per annum and liquidated damages @ 2.10% per annum on a sum of ₹4,69,03,470/- from the date of filing of the OA till realization of amount in favour of the (Financial Creditor herein) and against the corporate debtor and other defendants in the OA. The recovery Certificate is Annexure 11. 13. It is fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y seven only) by the defendants to the applicant bank alongwith pendentelite and furture interest thereon @ 12% per annum with quarterly rests on the said amount from the date of filing of suit i.e. 18/05/99 till the date of its full realization. This amount shall be recovered from the sale of hypothecated goods and the mortgaged property(ies) and the balance amount, if any, shall be recovered from the personal assets of the defendants, as per law. Accordingly, the recovery certificate Annexure 17 was issued. 16. After the assignment of the debt due to IFCI Ltd. and Yes Bank in favour of the petitioner (financial creditor herein) a demand notice dated 17.07.2008 was issued under Section 13(2) of the SARFAESI Act, 2002 calling upon the corporate debtor to pay the entire dues to the financial creditor. The copy of the notice is at Annexure 18. The corporate debtor having failed to pay the amount, the financial creditor took physical possession of the property of the corporate debtor under Section 13(4) of the SARFAESI Act, on 28.11.2008. Copy of each of the notices under Section 13(4) of the SARFAESI Act alongwith the copy of the publication in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be specified by the Board. 21. To fulfill Clause (a) of Section 7(3) of the Code, the petitioner has brought enough evidence while narrating the facts of the case and the most prominent as the decree passed by the Debt Recovery Tribunals in two OAs filed by the petitioner. There is no arguments raised for the corporate debtor that the applicant in Form 1 lacks any particulars. Rather the contention raised was that the respondent-corporate debtor is not to file any objections/reply to the petition. 22. To comply with the requirement of Clause (b) of Section 7(3) of the Code the petitioner-financial creditor in Part-III of the application proposed the name of Mr. Arunava Sikdar a registered Resolution Professional to be appointed as Interim Resolution Professional in case the application is admitted. The Resolution Professional has furnished the written communication in Form 2 as prescribed in Rule 9(1) of the Rules, which is at Annexure 6. All the necessary particulars as required in the Form have been furnished. It is certified that there are no disciplinary proceedings pending against him with the IBBI or ICAI or Insolvency Professionals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Professional:- i) Appoint Mr. Arunava Sikdar, registered insolvency professional bearing Registration No. IBBI/IPA-001/IP-P00022/2016-17/10047, Mobile No. 98100-63161, email ID: [email protected] as Interim Resolution Professional. ii) The term of appointment of Mr. Arunava Sikdar shall be in accordance with the provisions of Section 16(5) of the Code; iii) In terms of Section 17 of the Code , from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code , including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Sectio ..... 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