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TMI Blog2019 (5) TMI 1047X X X X Extracts X X X X X X X X Extracts X X X X ..... weiss Asset Reconstruction Company Ltd.(EARC Trust), the assignee of UCO Bank (in short, "Financial Creditor'') against M/s. Scope Properties Private Limited (for brevity, "Corporate Debtor") for initiation of Corporate Insolvency Resolution Process (CIRP) against Corporate Debtor on the ground that it has defaulted repaying an amount of Rs. 7,06,55,986 (Rupees Seven Crore Six Lakh Fifty Five Thousand Nine Hundred Eighty Six) as on 17.07.2018. 2. The Financial Creditor is incorporated on 05.10.2007 under the Companies Act, 1956 and registered as an Asset Reconstruction Company pursuant to Section 3 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 under the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor stood as personal guarantors by virtue of Guarantee Agreements dated 23.08.2008 and 16.04.2009. 5. Estimated value of the securities held by the Financial Creditor, as per Valuation Report dated 13.10.2017 was for Rs. 26.77 crores. The Corporate Debtor acknowledged Debt-Cum-Security on 25.01.2011 (Page 256 to 263). Certificate of Registration for Modification of Charge was issued on 30.06.2014 in accordance with the provisions of Section 79(b) of the Companies Act, 2013 and sub-rule (2) of rule 6 of the Companies (Registration of Charges) Rules, 2014. Since the Corporate Debtor has committed default in repaying the amount due, the loan account has been classified as Non-Performing Asset (NPA) with effect from 31.03.2011. Detailed sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing financial credit from the Financial Creditor. Certificate in relation to the present debt issued by the Credit Information Bureau (India) Limited, copy of entries in the Bankers' Book, Annual report of the Corporate Debtor for the financial year 2013 whereby Corporate Debtor has admitted liability (page 270 to 274). The Financial Creditor has also proposed the name of IRP in Form-2. 8. The learned counsel appearing on behalf of the Corporate Debtor in reply notice dated 11.08.2017 stated that they had incurred more than Rs. 3 crores for repairs/replacements of gear box and turbine parts to keep their flagship company M/s. Sagar Power (Neerukatte) Pvt. Ltd. Operational and that the over dues would be cleared within four months. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the Tribunal's order has been submitted. 10. On perusal of records, it is seen that the Financial Creditor had given a proposal for restructuring of financial assistance availed by the Corporate Debtor on 30.12.2014 (page 275) on terms and conditions as mentioned in para 14 ( page 278): "Events of continuing default:- In the event of default by Scope Properties Private Limited (SPPL), SPPL will have 60 days for making good the default along with default interest. In the event that the default is not cured within the period of 60 days, this restructuring may be revoked unilaterally by EARC. (a) On exercising such option of revocation of restructuring the entire existing liability shall become due and payable and EARC shall beco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al (IRP) as proposed by the Financial Creditor. The IRP is directed to take charge of the Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 15. We declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process for the purposes referred to in Section 14 of the I&B Code, 2016. We order to prohibit all of the following, namely: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gation imposed under section 20 of the IB Code 2016 and perform all his duties strictly in accordance with the provisions of the IB Code 2016. 19. The Petitioner/FC as well as the Registry is directed to send the copy of this Order to IRP so that he could take charge of the Corporate Debtor's assets etc. and make compliance with this Order as per the provisions of I&B Code, 2016. 20. The Registry is also directed to communicate this Order to the Financial Creditor and the Corporate Debtor. 21. The address details of the Insolvency Resolution Professional are as follows: - Mr. Pankar Shrivastav Regn. No: IBBI/IPA-001/IP-P00425/2017-2018/10474 Ashirvad, No. 4 & 5, 5th Cross Road, Nvya Nagar Jakkur, Yelahankar, Bangalore-560064 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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