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TMI Blog2019 (8) TMI 495X X X X Extracts X X X X X X X X Extracts X X X X ..... HAR PRAKASH CHATURVEDI, MEMBER (J) AND MS. MANORAMA KUMARI, MEMBER (J) For The Financial Creditor : Mr Anip Gandhi, Advocate For The Respondent-Corporate Debtor : None Present ORDER Per : Harihar Prakash Chaturvedi, Member (J) 1. The present Application is filed by Dena Bank (hereinafter referred to as Financial Creditor), through its Branch Manager Mr. Rameshchandra B. Chavda, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as I B Code) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [ Adjudication Rules for short] to trigger an Insolvency Resolution Process against M/s. Bhagya Diamond Jewellery Pvt. Ltd. [hereinafter called as Respondent/ Corporate Debtor ]. 2. The Petitioner-Financial Creditor i.e., Dena Bank, which is constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Act V of 1970) and having its registered office at Dena Bank Centre, C-10, G-Block, Bandra Kurla Complex, Mumbai-400 051 and a branch office amongst the other places, at Gandhi Road, Ahmedabad-380 001. 3. The Respondent-Corporate Debtor compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Documents, Records and Evidence of Default] are well mentioned. For the sake of convenience, the same are also being reproduced herein below; 1. Particulars of Security held, if any, the date of its creation, its estimated value as per the creditor. Primary Security Sl. No. Security Held Realizable Value (Rs. in Lacs) 1. Goods, Book-debts and other Movable Assets vide Agreement of Hypothecation. NIL Collateral Security Sr. No. Security Held Realizable Value (Rs. In Lacs) 1. Property of M/s. Bhagya Infrastructure Pvt. Ltd. Guarantor of Respondent: All that piece and parcel of the property of City Survey N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd parcel of the property of Floor No.33, Tower B-2 admeasuring about 75.00 Sq. Mtrs. situated in Scheme known as Amrapali Apartment which is developed by Urvashi Apartment Owners Association at Paldi, Ahmedabad on the land bearing T.P. Scheme No. 6, Final Plot No.461 Paiki and 462 Paiki, Sub-Plot Nos. 1 to 10 (Old Survey No. 146/1/1 and 146/2) situate lying and being at Village Paldi, Taluka Ahmedabad (West), District Ahmedabad in the registration District Ahmedabad and Sub-Registration District Paldi (Ahmedabad-4) is owned by Mr.Anantbhai Ashokbhai Shah. ₹ 37.00 Lakhs (As per Valuation Report dated 18.06.2016 given by Shri Akash Desai). Total ₹ 884.00 Lakhs Security Documents executed by the Corporate Borrower in favour of Financial Creditor 1. For Sanction Letter dated 29-09-2014 ( a ) Hypothecation Agreement dated 20-10-2014 executed by BHAGYA DIAMOND JEWELLERY PVT.LTD. in f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nexed to the application as Annexure-E (Colly.) 3. Record of Default with the information, if any. (attach a copy of such record). The applicant bank issued Notice under Section 13(2) of the Securitization Act, 2002, dated 09.02.2016. The applicant bank also issued Notice under Section 13(4) of the SARFAESI Act, 2002, dated 27.05.2016. The applicant bank filed an application before the Chief Metropolitan Magistrate for physical possession of the properties under Section 14 of the SARFAESI Act by way of Criminal Misc. Application No.230 of 2016 for the property of Flat No.33 situated at Ahmedabad and Criminal Misc. Application No.161/16/2017 of Flat No.203 for the property situated at Ahmedabad. Both the Applications are allowed and Bank is under process to execute the orders for taking physical possession of the properties. The Applicant Bank has also taken physical possession of Commercial Plot situated at City Survey Nos. 215, 331 and 219, Manekchowk, Ahmedabad. The property at City Survey No.214 (Third and Fifth Floor are not traceable). 7. The applicant has also annexed copy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in conformity with the provisions of Section 7 of the I B Code and Rules Applicable. Section 7 of the Code reads as under: 7. Initiation of Corporate Insolvency Resolution Process by Financial Creditor. (1) A financial creditor either by itself or jointly with other financial creditors may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. Explanation.-For the purposes of this sub-section, a default includes a default in respect of a financial debt owed not only to the applicant financial creditor but to any other financial creditor of the corporate debtor. (2) The financial creditor shall make an application under subsection (1) in such form and manner and accompanied with such fee as may be prescribed. (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 propo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and payable and is not repaid by the debtor or the corporate debtor, as the case may be. 12. The Financial Creditor has proposed the name of Shri Manoj Gangwal, having address at 719, The Summit Business Bay, Sir M.V.Road, Chakala, Andheri (East), Mumbai-400 093, Registration No.IBBI/IPA-001/IP-00l/IP-P00359/2017-18/10617, in the present Insolvency Application, which satisfied with the requirement of Section 7(3)(b) of the I B Code. However, the Financial Creditor has also annexed a Written Communication received from the proposed Interim Resolution Professional for giving consent in prescribed Form 2, wherein he has mentioned his Registration No. IBBI/IPA-001/IP-P00359/2017-18/10617 and there is no disciplinary proceeding pending against the proposed IRP. 13. Thus, it is established there is default of debts which comes to ₹ 9,90,00,000/- plus interest of ₹ 3,55,47,855.02ps. including penal interest of ₹ 44,80,911/-as on 30.11.2017 aggregating to ₹ 13,45,47,855.02ps. Hence, the present application can be considered for its Admission. 14. Having heard the submission of Mr.Anip Gandhi, Advocate for the Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Interim Resolution Professional shall perform all his functions strictly which are contemplated, inter alia, by Sections 17,18,20, 21 of the Code. It is further made clear that all the personnel connected with Corporate Debtor, its promoter or any other person associated with Management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the corporate debtor, its promoter or any other person required to assist or co-operate with IRP, does not assist or co-operate, IRP would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. (viii) The IRP shall be under duty to protect and preserve the value of the property of the Corporate Debtor company and manage the operations of the Corporate Debtor company as a going concern as a part of its obligation imposed by Section 20 of I B Code, 2016. (ix) The Financial Creditor is directed to communicate a copy of this order to the Interim Resolution Professional, the Respondent Corporate Debtor and the Registrar of Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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