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TMI Blog2019 (12) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... Member Kuldeep K. Adesara, Adv. and Ketan Parikh, Adv. for the Applicant. Sandeep C. Bhatt, Adv. for the Respondent. ORDER Ms. Manorama Kumari, Mr. Priyaranjan Kumar, Chief Manager, Bank of India, Ahmedabad filed this petition under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the Rules ) seeking reliefs under Section 7(5)(a) and Section 13(l)(a)(b)(c) of the Code. 2. That the applicant/financial creditor incorporated on 19.07.1969, having identification No. PAN No. AAACB0472C and having registered office at Bandra Kurla Complex, Star House, Bandra (E), Mumbai 400 051 3 . M/s. Khushbu Vinyl Private Limited is a company incorporated under the Companies Act, 1956 on 22nd May, 1996, having identification No. U51100GJ1996PTC029716, having its registered office at Block No. 28, Village Ujeti, Baska Ujeti Road, Halol, Dist. Panchmahal, Gujarat State. That, Authorised share capital of the respondent company is ₹ 3,00,00,000/- and pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. The applicant has submitted copy of the following documents in support of their claim:- Sl. No. Particulars Page Nos. 1 Application u/s 7 of IB Code 1-24 2 POA dated 26.07.2017 given by Board of Directors of the applicant 25-44 3 Memorandum of association and articles of association of corporate debtor 45-78 4 Form - 2 - consent form of the IRP 79-81 5 . Sanction letters 82-125 6 Working showing amount claimed to be in default and its calculation in tabular form together with the principal amounts, accrued interest and penal Interest, as applicable as on 13.11.2018 126-132 7 Statement of accounts of the corporate debtor maintained by BOI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.04.2013 by corporate debtor in favour of Bank of India 337-344 20 Term loan agreement executed on 03.04.2013 between corporate debtor and financial creditor 345-351 21 Credit facility agreement entered on 03.04.2013 between the corporate debtor and financial creditor 352-389 22 Supplemental memorandum of entry registered at serial No. 2636 executed on 26.04.2013 between corporate debtor and its mortgagors in favour of financial creditor 390-439 23 Copy of extract from the minutes of meeting of the Board of Directors of corporate debtor held on 05.05.2014 440-448 24 Copy of form of guarantee for letters of credit where more persons than one guarantee dated 08.05.2014 449-455 25 Second supplemental agreement of loan and hypothecation of plant and machinery, stocks ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 36 Inter se agreement amongst Syndicate Bank and Bank of India as members of Syndicate Bank consortium executed on 20.06.2015 759-775 37 Deed of hypothecation executed on 20.06.2015 by corporate debtor in favour of Syndicate Bank and Bank of India 776-796 38 Working capital consortium agreement executed on 20.06.2015 between corporate debtor in favour of SB Consortium consisting of Syndicate bank and Bank of India 797-838 39 Deed of guarantee executed on 20.06.2015 by the guarantors of Corporate debtor in favour of Syndicate Bank and Bank of India 839-849 40 Deed of guarantee executed on 20.06.2015 by Binita Nesvi Infra P. Ltd. - corporate guarantor in favour of SB Consortium consisting of Syndicate Bank and Bank of India 850-861 41 Latest ROC search report dated 01.09.2018 issued by Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt by way of affidavit. 12. In the instant case, the documents produced by the Financial Creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'financial debt'. 13. There is no dispute in the case that the petitioner is the financial creditor. The application is also furnished in the prescribed Form - 1 of the Rules and the prescribed fee has also been paid. Moreover, Director of the respondent company has filed affidavit in reply inter alia admitting the debt. 14. Along with the application, the applicant proposed the name of the Resolution Professional namely Shri Chandra Prakash Jain, D-501, Ganesh Meridian, Opp. Gujarat High Court, Ahmedabad 380 060 (Email ID [email protected] Mobile : 9824036127) having registration No. IBBI/IPA-001/IP-P00147/2017-18/10311 to act as an interim resolution professional. Form 2 of the proposed interim resolution professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X
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