9911796707
TMI Blog2017 (8) TMI 1543X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. A timely intervention is now required. The Management of the Corporate Debtor having the complete information of the financial affairs of the Corporate Debtor is directed and should cooperate in submitting the total data to IRP without fail because time is the essence in the proceedings to be initiated under IB Code. A Committee of Creditors to be constituted which shall comprise Financial Creditors. The application under section 10 of The Code is hereby Admitted - The Moratorium shall commence henceforth. X X X X Extracts X X X X X X X X Extracts X X X X ..... mala fide intention to obstruct the physical possession of the property at Vashi. The physical possession of the Factory, Land and Building was taken on 24.07.2017. The Bank Authority has also informed that against the said Order a Petition was moved before Hon'ble DRT, Mumbai for realisation of the debt amount of ₹ 4,88,97,293/- + interest thereon. At the time of taking over of the possession an Inventory of the Goods available at the Factory Premises have also been made. According to the Bank once a physical possession has been taken over then the Application has become redundant on the ground that 2 identical proceedings must not run side by side. 6. As far as the nature of the Loan and the debt amount is concerned, the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wings. In the Balance Sheet drawn as on 31st March 2016. The Trade Receivables and the amount of Short Term Loan were also within the range, as claimed in the Compilation. A provisional balance sheet is drawn as on 31st March 2017 wherein on one hand the Long Term Borrowings were shown as ₹ 4,41,33,630/-. Under the "other heads" such as Work in Progress, Inventories, Trade Receivable etc. the amount is by and large tallied with the past two Balance Sheets. (c) The purpose of this comparative study is to ascertain the scope of restructuring and rehabilitation of this Debtor Company. As per the arguments the Company being an ongoing Concern trading in Food Products it has substantial potential in the Market. It has also been pleaded t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave demonstrated that the Corporate Debtor have committed default in repayment of Debt to the Banks and the private investors. A timely intervention is now required. The Management of the Corporate Debtor having the complete information of the financial affairs of the Corporate Debtor is directed and should cooperate in submitting the total data to IRP without fail because time is the essence in the proceedings to be initiated under IB Code. A Committee of Creditors to be constituted which shall comprise Financial Creditors. It is also hereby clarified wherein a Creditor has assigned any debt to a Financial Creditor, the assignee shall be considered as an "Operational Creditor" to the extent of such assignment. These are some areas which ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmittee of Creditors can take all necessary steps to protect the interest of Bank of Baroda by liquidation of other assets, if at all required. It is worth while on the part of Bank of Baroda to co-operate with IRP towards realization of debt amount may be by auction of the assets of the Debtor Company, however, by fixing a minimum agreeable price. 12. The name of the IRP as proposed by the Applicant viz. Mr. S.K. Golla, Interim Resolution Professional, Address 1704, Tower-3, Raheja Tipco Heights Rani Sati Marg, Malad (East), Mumbah-400 097, Email: [email protected]. Registration No. IBBI/IPA-002/IP-N00095/2017-18/10238 is hereby approved. The IRP so appointed shall also take note of the formality prescribed under section 15 of The C ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
