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TMI Blog2020 (4) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... ty is satisfied that: (a) The Corporate Debtor availed the credit facilities from the Financial Creditor; (b) Existence of debt is above Rs. One Lakh; (c) Debt is due; (d) Default has occurred on 28-8-2014; (e) Petition has been filed within the limitation period as the Corporate Debtor has paid INR. 4,73,50,000.00 on various dates between 4-11-2016 to 25-1-2018 wherein this petition has been filed on 1-7-2019. (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Financial Creditor under section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor. Petition is admitted - moratorium declared. - C.P. (I.B.) NO. 463/7/NCLT/AHM/2019 - - - Dated:- 19-2-2020 - Harihar Prakash Chaturvedi, Judicial Member And Prasanta Kumar Mohanty, Technical Member For the Applicant : Baiju Bhagat, Adv. For the Respondent : Sunil Bhavsar, Adv. and A.W.H.R. Shah ORDER PRASANTA KUMAR MOHANTY, TECHNICAL MEMBER. The present IB Petition is filed by the Financial Creditor Reliance Asset Reconstructio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llisbridge, C. G. Road, Ahmedabad - 380 006, Gujarat. 8. The Corporate Debtor is engaged into manufacturing of Copper billets, Copper Tubes through scrap route. The copper scrap is melted and converted into copper billets, tubes as per customer specifications. 9. It is submitted that the Respondent Company Morakhia Copper and Alloys Private Limited (Formerly known as Morakhia Metal Alloys Private Limited) had availed various credit facilities to the tune of INR. 35.15 Crores vide sanction letter dated 18-6-2012 from Dena Bank with certain terms and conditions including collateral securities of properties. The Corporate Debtor availed the Loans executing various documents and some documents executed by the mortgagors/guarantors in favour of the Company binding themselves as liable to pay the loan facilities availed by the Corporate Debtor. Thus, total aggregate limits were sanctioned by the Petitioner vide sanction letter dated 18-6-2012 from the Dena Bank with certain terms and conditions including hypothecation of plant and machineries and mortgage of immovable properties which was duly accepted/acknowledged by the Corporate Debtor (Page Nos. 90 to 93 of the paper book) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or settlement of loan. (Page Nos. 129-130 of paper book) xii. Copy of sanction letter dated 9-1-2018. (Page Nos. 131-133 of paper book) xiii. Copy of letters dated 9-10-2018. (Page No. 134 of paper book) xiv. Copy of notice dated 24-10-2018. (Page Nos. 135-136 of paper book) xv. Copies of statement of account under Bankers Book Evidence Act. (Page Nos. 137-140 of paper book) 15. In the present matter, this Tribunal, vide its order dated 11-7-2019 had directed the Petitioner Bank to serve the notice of date of hearing to the Corporate Debtor and file the proof of service of notice before this Tribunal. Thereafter, the Respondent/Corporate Debtor appeared before this Tribunal on 29-8-2019 and sought time to file objections within two weeks. 16. In response to the present IB. Petition filed by the Financial Creditor, the Respondent has filed its Objections on 18-9-2019, hereby denies all the averments made in the Application under section 7 filed by the Petitioner Bank. 16.1 It is submitted that company namely Reliance Assets and Reconstruction company, who is claimed to be the financial creditor, however the said company has no locus standi to file the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 8-1-2020, the learned advocate appeared on behalf of the learned Senior Counsel had also informed to the Hon'ble Bench regarding possibility of the amicable settlement. 18.2 It is stated by the Corporate Debtor that without prejudice to the contentions raised and admitting any liabilities state that earlier the respondent company has been banking transactions with the Dena Bank, IFB Branch, Mumbai and litigations were also going on between the company and the Dena Bank. It is mentioned in the petition that the Dena Bank by virtue of the assignment agreement dated 9-12-2016 executed under section 5 of the SARFAESI Act and it is claimed by the applicant that by virtue of the said assignment, the applicant became the financial creditor of the respondent company. However, the respondent has challenged the locus standi of the applicant company to file this present petition. 19. The Financial Creditor has also submitted its written submission on 17-1-2020. 19.1 It is stated the after transfer of debts to the applicant under a transfer deed, the Corporate Debtor approached the applicant on 23-12-2017 (Page Nos. 129-130 of the petition) for OTS and in that response, the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 140 of paper book). 23.1 The various credit facilities were sanctioned and released by the Financial Creditor and the same were availed by Corporate Debtor Morakhia Copper and Alloys Private Limited. The Charges have been Modified and filed by the CD in favour of the Petitioner on 9-12-2016. 23.2 The CD has defaulted in making repayment of credit facilities to the Petitioner Bank and the date of default is 28-8-2014. The Statement of accounts submitted by the applicant confirms the default committed by the Corporate Debtor. 23.3 The Petitioner Bank has filed the petition within the period of limitation, as the date of payment of INR. 3,75,00,000.00 as on 25-1-2018 whereas this petition has been filed by the Financial Creditor on 1-7-2019. 23.4 The present I.B. Petition is filed by the duly authorised official of the Financial Creditor in a prescribed format under section 7 of the I.B. Code annexing copies of loan documents confirming the existence of debt due and defaulted and proposed a name of Resolution Professional to act as an Interim Resolution Professional (IRP). 23.5 The Corporate Debtor has paid INR. 4,73,50,000.00 during the period between 4-11-2016 to 25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uding 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. II. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium; III. The provisions of sub-section (1) shall not apply to (a) such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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