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TMI Blog2020 (3) TMI 760X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor committed default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt - 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'. The application under section 7 (2) of the IB Code is complete in all respects and there is debt due to the financial Creditor and there is default on the part of the corporate debtor . Hence, there is no alternative but to admit the application in absence of any infirmity - the petitioner/financial creditor having fulfilled all the requirements of section 7 of the Code, the instant petition deserves to be admitted. Petition admitted - moratorium declared. - C.P. (IB) NO. 522/7/NCLT/AHM/2018 - - - Dated:- 1-1-2020 - Ms. Manorama Kumari, Judicial Member And Chockalingam Thirunavukkarasu, Technical Member D.K. Nakrani Adv. for the Petitioner. ORDER Ms. Manorama Kumari, Mr. Ashish P. Shah, Chief Manager, being authorised signatory of Bank of Baroda, filed this petition under section 7 of the Insolvency and Bankrup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st the corporate debtor since it has lost its substratum and is unable to repay outstanding debt. That, the corporate debtor has already committed default of its debt towards the financial creditor by non-payment of instalment and/or interest of the various financial facilities availed through its Ashram Road Branch, Ahmedabad, Gujarat State. 8. The applicant bank has submitted copy of the following documents in support of their claim: - Sl. No. Particulars Page Nos. 1 Form 1 1-23 2 Letter of authority dated 29.08.2018 24 3 Loan sanction letter dated 23.03.2016 25-40 4 Agreement of hypothecation dated 18.04.2016 41-71 5 Certificate of charge issued by the ROC, Gujarat 72-85 6 Order of District Magistrate, Ahmedabad dated 05.07.2018 86-89 7 Notice u/s 13(2) dated 23.03.2017 and u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving number of opportunities the respondent has not filed any reply. On perusal of the records it is also found that the respondent appeared through concerned lawyer on 13.12.2018 and was allowed two weeks' time to file reply. That, on 01.05.2019, one of the directors of the respondent company appeared and requested for time to engage the lawyer, but, till date, neither he has filed reply nor engaged any lawyer and not taking any steps in the matter. Finding no alternative, the matter was heard in the absence of respondent. Heard learned lawyer appearing for .the financial creditor. 10. On perusal of the records it is found that the application filed by the financial creditor is well within limitation. That, the documents filed along with the application is sufficient to prove that there exists financial debt. That, the account statement issued by the financial creditor, is annexed to the application at page No. 301 showing the account position of the corporate debtor as on 26.09.2018. 11. On perusal of the records it is found that the letter of authority dated 29.08.2018 issued by General Manager of the applicant bank authorising Mr. Sunil Kumar Jha is proper and valid. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in part I, particulars of the corporate debtor in part II, particulars of the proposed interim resolution professional in part III, particulars of the financial debt in part IV and documents, records and evidence of default in part V. Under Rule 4 (3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of section 7 (5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the debt which may also include a dispute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebt'. 18. 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. Along with the application, the applicant proposed the name of the Resolution Professional namely Mr. Sanjay Gupta. The Adjudicating Authority hereby appoint Mr. Sanjay Gupta, E-10A, Kailash Colony, Greater Kailash-l, New Delhi 110 048 (Email ID [email protected]) having registration No. IBBI/IPA-001/IP-P00117/2017-18/10252 to act as an interim resolution professional. Form 2 of the proposed interim resolution professional has been annexed and placed at page No. 421-425 of the application where declaration is made that no disciplinary proceeding is pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 19. In the aforesaid background and as also discussed above, the application under section 7 (2) of the IB Code is complete in all respects and there is debt due to the financial Creditor and there is default on the part of the corporate debtor . Hence, there is no alternative but to admit the application in absenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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