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TMI Blog2018 (10) TMI 1680X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess is ordered which shall ordinarily get completed within 180 days, reckoning from the day this order is passed - Ms.J.Karthiga, appointed as Interim Resolution Professional (IRP) as proposed by the Applicant - Moratorium declared - petition admitted. - CP/977/(IB)/2018 - - - Dated:- 26-10-2018 - S. Vijayaraghavan And B.S. V.Prakash Kumar, JJ. For the Applicant/FC : Shri.V.V.Sivakumar, Advocate (M/s.Dua Associates) For the CD : Ms.Sharon Elizabeth, Advocate (M/s.Ramasubramaniam Associates) ORDER S. Vijayaraghavan, Under consideration is a Company petition filed by M/S. International Asset Reconstruction Company Pvt Ltd (in short Applicant/Financial Creditor) against M/S. Solidaire India Limited (in short Corporate Debtor) under section 7 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code 2016) r/w rule 4 of Insolvency Bankruptcy (Application to Adjudicating Authority ) Rules, 2016 (for brevity, IB Rules 2016). 1. The Corporate Debtor is a public limited Company, formerly known as Ws.Hi-Beam Electronics Private Limited, incorporated under the Companies Act, 1956 on 27.06.1973 having its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gaged in favor of the Assignor of the Financial Creditor. The details of the movable and immovable properties of the Corporate Debtor are as follows: Particulars of the asset Hypothecation of movable assets, both present and future. Mortgage of immovable property situated at Lattice Bridge Road - Nallamuthu Ramamurthi Nagar, Thimvanmiyur, Madras, in the State of Tamil Nadu. Mortgage of immovable property situated at Door No. 14, First Main Road, Gandhi Nagar , Adayar, Madras, Tamil Nadu. Mortgage of immovable property situated at Developed plots Estate at Perungudi- Phase I, Madras in the State of Tamil Nadu. Mortgage of immovable property situated at Plot No. 13, Lal Bahadur Shastri Marg, Vikroli (west), Bombay in the Maharashtra. The Corporate Debtor has filed before the Registrar of Companies the necessary forms recording the charges and the creation of charge in favour of the Assignor of the Financial Creditor. (Annexure 9 to 11). 5. The Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was also duly affixed on the outer door at a conspicuous place of the properties. Annexure 33. 11.The Corporate Debtor filed an application S.A. No.61 of 2015 under Section 17 of the SARFAESI Act before the Debts Recovery Tribunal - Il at Chennai challenging the afore-said possession notice dated 06.02.2015 issued by the Financial Creditor. The DR T dismissed the said S.A vide its order dated 23.09.2015 and the claim of the Corporate Debtor that the debt due to the Financial Creditor was barred by limitation, was also rejected. Annexure 14. 12.The Corporate Debtor filed an appeal (AIR(SA) No.828/2015) against the afore-said order dated 23.09.2015 before the Debts Recovery Appellate Tribunal at Chennai was also dismissed and attained finality Annexure 15 13.The Financial Creditor had filed a suit in O.A. No. 119 00015 (O.A. No. 464 of 2002) on the file of DR T - Il at Chennai and enforcement proceedings under the provisions of SARFAESI Act to enforce payment of money secured by a mortgage charged upon immovable property within time. Article 62 of the Schedule to the Limitation Act is the relevant provision to show that the Financial Creditor's clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was responsible to pay. The FC has issued a demand notice dated 03.01.2014 for repayment of outstanding amount of and the DRT vide its order dated 23.09.2015 held that the CD is liable to pay the outstanding dues and that it is not barred by limitation. The amount claimed by the FC in this petition amounts to and the claim is not barred by limitation. Therefore, we are of the opinion that the FC has established that the amount in default committed by the Corporate Debtor is fact and it is supported by the documentary evidence placed before the Adjudicating Authority. 1. Therefore, the instant petition is admitted and we order commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed. 2. We appoint Ms.J.Karthiga, as Interim Resolution Professional (IRP) as proposed by the Applicant. There is no disciplinary proceeding pending against the IRP and the IRP's name is reflected in IBBI website. The IRP is directed to take charge of the Corporate Debtor's management immediately. The IRP is also directed to make public announcement as prescribed under Section 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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