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TMI Blog2019 (7) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... d, Cheema Chowk, Ludhiana who has been authorized by the competent authority for filing the petition against the respondent-corporate debtor under the provisions of the Code. The authority letter dated 04.10.2018 issued by the Zonal Office of PNB dated 04.10.2018 is at Annexure I/1. Power of Attorney dated 06.02.2017 of PNB authorizing Sh. Vishal Kumar Prasad is a part of Annexure I/1. 2. PNB has filed application in Form 1 as prescribed in Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules'). The corporate debtor was incorporated as a company on 18.06.2002, under the Companies Act, 1956. Its authorized and paid-up share capital is Rs.31 crores. The corporate debtor is stated to be a manufacturer of cotton yarn and terry towel. The corporate debtor has its registered office at Ludhiana and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Annexure I/2 is the master data of the respondent 3. It is stated that the corporate debtor was originally granted loan on 29.11.2007 and the last sanction was on 22.02.2017, when the following credit facilities were sanctioned:- Facility Lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the account as NPA on 31.03.2018 and the entire outstanding together with interest and other charges was demanded/recalled vide order dated 04.04.2018. The Demand Notice dated 01.05.2018 under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI 2002) is at Annexure I-32. Copy of the notices were also endorsed to the guarantors and directors of the company. 9. In Part IV of Form No.1, it is stated that the outstanding of the corporate debtor towards PNB is Rs.167,04,29,627.58/- as on 08.10.2018 and that the Bank Account statements maintainable as per Banker's Books Evidence Act, 1891 are Annexure I/3 (Colly). 10. When the matter was first listed on 10.12.2018, Mr. Shivam Malhotra, Advocate, appearing on behalf of the corporate debtor submitted on instructions that the respondent is not going to oppose this petition and has no objection if the petition is admitted. However, one opportunity was granted to the respondent-corporate debtor to file reply/objections, if any, and the matter was listed for 17.12.2018. 11. The respondent has filed the reply by way of affidavit of Mr. Suresh Gupta, General Manager of the corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the financial creditor has to move an application in the prescribed form which has been done in this case in Form 1 as prescribed in Rule 4(1) of the Rules. The petitioner has thus, been able to satisfy the requirement of Sub-section (1) and (2) of Section 7 of the Code. 17. Sub-Section (3) of Section 7 of the Code read as under:- "(3) The financial creditor shall, along with the application furnish- (a) record of the default recorded with the information utility or such other record or evidence of default as may be specified; (b) the name of the resolution professional proposed to act as an interim resolution professional; and (c) any other information as may be specified by the Board." 18. In the instant case, the petitioner-financial creditor adduced abundant evidence to show the default which has been committed by the respondent-corporate debtor and the same has not been disputed. The respondent-corporate debtor is also stated to have executed the balance confirmation letters dated 21.08.2017 are at Annexure I/31 (colly). There is no denial of the balance confirmation letters in the reply. The balance outstanding amount as on 08.10.2018 has also been stated in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterim Resolution Professional. 23. In Part III of the application Form No.1, the petitioner has proposed the name of Mr. Sumat Kumar Gupta a registered Resolution Professional proposed to be appointed as Interim Resolution Professional. The written communication in Form 2 furnished by Mr. Sumat Kumar Gupta is at Annexure II dated 29.08.2018 furnishing the required particulars. He is serving as a Resolution Professional in one proceedings under the Code so far. It is further certified that there are no disciplinary proceedings pending against Mr. Gupta with the Board or Indian Institute of Insolvency Professional of ICAI. We have perused Form No.2, the written communication furnished by the Resolution Professional which is found to be in order. The certificate of registration issued by the IBBI is at Page 1610(A) of the paper book. 24. In view of the above, we hold that the petition deserves to be admitted. Therefore, the petition is admitted and moratorium declared 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, decr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Section 18 (1) (f) of the 'Code'. The Interim Resolution Professional is directed to prepare a 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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