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TMI Blog2020 (3) TMI 489X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, when occurrence of default is proved. Thus, this petition deserves to be admitted as it is clear that both 'debt' and 'default' are proved beyond doubt here. The application filed in the prescribed Form No. I is found to be complete. Application admitted - moratorium declared. - C.P. (IB) NO. 122 (CHD) HP/2019 - - - Dated:- 23-12-2019 - Chief Justice M.M. Kumar, President And Pradeep R. Sethi, Technical Member R.S. Bhatia, Adv. for the Petitioner. Rahul Bisht, Adv. for the Respondent. JUDGMENT Pradeep R. Sethi, The application in the prescribed Form No.1 is filed by Central Bank of India (hereinafter referred to as Bank) for initiation of Corporate Insolvency Resolution Process (CIRP) in the case of Luni Power Company Private Limited (hereinafter referred to as Corporate Debtor). The application is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (Rules). The application is signed by Shri Niranjan Biswal, Assistant General Manager, Central Bank of India, Camac Street Branch, Industry House, 10 Camac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring 1.01 hectare; assignment of development rights over 4.06 hectares of forest Government land. It is also stated that the loan was collectively secured by way of DSRA of ₹ 0.40 crore to be maintained by way of Bank Fixed Deposit and earlier to the Bank and pledge of shares in the name of Subhash Kabini Power Corporation Limited worth ₹ 48.89 lacs representing 36.23% shareholding in Corporate Debtor. The value of the mortgaged property is stated to be ₹ 44.43 crores. Copy of the details of security is attached as Annexure A/6 of the petition. Also, certificate of charge with the ROC is appended with the petition as Annexure A/7 of the petition. It is further stated that the loan is secured by personal guarantee of Shri Subhash Chand Sethi and corporate guarantee of Subhash Kabini Power Corporation Limited. Annexure A/16 is the copy of Credit Information Bureau India Limited (CIBIL) dated 04.12.2018, Annexure A/14 and Annexure A/15 are the copies of guarantee deeds (dated 28.06.2013), Annexure A/12 is the copy of debit balance confirmation dated 31.03.2016, Annexure A/9 is the copy of sanction (dated 16.11.2012), Annexure A/10 is the copy of resolution (dated 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged the receipt of ₹ 25,00,000/- made by the Corporate Debtor for regularisation of the loan account and the copy of the letter dated 02.02.2018 has been attached as Annexure C with the reply (Diary No.4455, dated 30.08.2019). It is also submitted that the market value of the immovable properties as mortgaged towards security for the loan far exceeds the claim of the Bank as stated in the petition. 10. We have carefully heard and considered the arguments of the learned counsel for the Bank and the Corporate Debtor and have also perused the record carefully. 11. Section 7(5)(a) of the Code is as follows:- (5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application. 12. In the present case, the occurrence of default is evidenced by the details furnished by the bank including report of CIBIL and the copies of statement of accounts duly certified under the Bankers Books Evidence Act 1891 placed at Annexures A/16 and A/17 of the petition respectively. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 18. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. 19. The order of moratorium shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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; (v) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; (vi) The Interim Resolution Professional shall after collation of all the claims received against the corporate debtor and the determination of the financial position of the corporate debtor constitute a committee of creditors and shall file a report, certifying constitution of the committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the committee within seven days of filing the report of constitution of the committee; and (vii) The Interim Resolution Professional is directed to send regular progress report to this Tribunal every fortnight. (viii) The Mi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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