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TMI Blog2020 (4) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount has come on 26/02/2016, when the petition has been filed on 30/11/2018 and Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank under section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The present IB Petition is admitted. The date of admission of this petition is 13/01/2020 - Application admitted - moratorium declared. - C.P. (I.B.) NO. 597/7/NCLT/AHM/2018 - - - Dated:- 13-1-2020 - Harihar Prakash Chaturvedi, Judicial Member And Prasanta Kumar Mohanty, Technical Member Raju Kothari, Adv. and Anip Gandhi for the Applicant. Ms. Archana Raval, Adv. and Pratik Thakkar for the Respondent. ORDER Prasanta Kumar Mohanty, 1. The present I.B. Petition is filed by the Financial-Creditor Bank of Baroda (erstwhile Dena Bank) under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as a Code ), seeking initiation of Corporate Insolvency Resolution Process ( CIRP in Short) against the Corporate Debtor Company namely, Riddhi Siddhi Cotton Ginning and P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor (page Nos. 40 to 56 of paper book). Mortgage of the property has been created on 22/10/2013 and 03/02/2015. 6. The Corporate Debtor has defaulted payment and the date of default is 30/09/2015 as stated by the Petitioner Bank (page No. 5 of paper book). 7. The statements of accounts of the Corporate debtor have been filed and the Petitioner Bank has submitted a Certificate to this effect under Banker's Book of Evidence Act, 1891. (Page Nos. 185 to 230 of paper book). The Petitioner Bank has claimed their dues of ₹ 27,56,18,408.00Ps (Rupees: Twenty Seven Crores Fifty Six Lakhs Eighteen Thousand Four Hundred Eight Only) as on 25-10-2018 as computed in the Page No. of the paper book which is given below: Particulars Outstanding (Principal + Interest + Penal Interest as on 25/10/2018 CCH ₹ 27,56,18,408.00/- Total ₹ 27,56,18,408.00/- 8. The Financial Creditor also filed an IA 445 of 2019 for substitu ting the name of Dena Bank with Bank of Baroda on account of the amalgamation of the Dena Bank with the Bank of Baroda vide the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the Guarantor dated 07/02/2015. (Page No. 179 of paper book) xv. Copy of CRIF Report. (Page Nos. 180 to 184 of paper book) xvi. Copy of Statement of Account under the Banker's Books Evidence. (Page Nos. 185 to 230 of paper book) 12. In the present matter, this Tribunal, vide its order dated 04/12/2018 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, on Paper Publication the Counsel of the, Corporate Debtor appeared before this Tribunal on 20/03/2019 and sought time to file objections and Prayer was granted to file objection within two weeks. 13. The Learned Lawyer of the Applicant Bank (FC) clarified their positions and put forth their arguments relying on the documents submitted by them, which were executed by the Corporate Debtor and the Mortgagors/Guarantors. The Learned Lawyer has also stated that the Principal Borrower and the Guarantors have failed to honour the terems and conditions of the credit facilities granted by the Applicant Bank and hence, the applicant Bank had classified the account as Non Performing Asset (NPA) on 31/12/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into the Account has come on 26/02/2016. 18.3 SARFAESI proceeding initiated on 11/03/2016, DRT proceedings started on 17/03/2016 vide O.A. No. 241 of 2016 filed before DRT-II, Ahmedabad. 18.4 The present LB. Petition is filed by the duly authorised official of the Applicant Bank in a prescribed format under section 7 of the LB. 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). ORDER 19. Considering the material, papers filed by the Petitioner Bank, arguments of both parties and the facts mentioned in the Para Nos. 18, 18.1, 18.2, 18.3, 18.4 18.5 this Adjudicating Authority is satisfied that, (a) The Corporate Debtor availed credit facilities from the Financial Creditor. (b) Existence of debt is above Rs. One Lakh; (c) Debt is due; (d) Default has occurred on 30/09/2015; (e) Petition has been filed within the limitation period as the last payment into the account has come on 26/02/2016, when the petition has been filed on 30/11/2018. (f) Copy of the Application filed before the Tribunal has been sent to the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 22. The IRP is hereby advised to adhere the time limit as stipulated for completion of the Corporate Insolvency Resolution Process ( CIRP in short) and perform the duties as specified under sections 17, 18, 20 and 21 of I.B Code. The Interim Resolution Professional shall perform all his functions contemplated, inter alia, in sections 15, 17, 18, 19, 20 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnels connected with the Corporate Debtor, its promoters or any other persons associated with the Management of the Corporate Debtor are under legal obligation under section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day-to-day affairs of the 'Corporate Debtor'. In case there is any violati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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