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TMI Blog2019 (8) TMI 1503X X X X Extracts X X X X X X X X Extracts X X X X ..... ectors of the Bank vide Board Resolution No. A24 dated 16-12-2017 to file and pursue the proceedings before this Tribunal against the Corporate Debtor herein above. 2. It is submitted in the application by the Financial Creditor that the Financial Creditor had granted Term Loan of Rs. 23,00,00,000/-(Rupees Twenty Three Crores Only) to the Corporate Debtor vide sanction letter dated 17th April, 2007 which was issued to the Corporate Debtor subject to all the terms and conditions which were duly received and accepted by the Corporate Debtor. By way of a Resolution passed by the Board of Directors of the Corporate Debtor, the above said Term Loan of Rs. 23.00 crores was accepted by the Corporate Debtor on 20th April, 2007 whereby it was also resolved to pledge the shares of 3 Companies viz., M/s. Gunwate Properties Pvt. Ltd., (150000 shares), M/s. Calcutta Nursing Private Limited (140000 shares) & M/s. Anurashi Commotrade Pvt. Ltd. (155000 shares) held by the Corporate Debtor as additional security to the bank to secure the overall credit limit of Rs. 23.00 crores. 3. The Corporate Debtor had created equitable mortgage on the entire fixed assets by simply depositing title deeds of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olkata in respect of the Corporate Debtor as on 2nd November, 2015 which confirms the charge on the mortgaged properties of the Corporate Debtor. 5. The Financial Creditor has also filed the Bank Statement in respect of the Corporate Debtor indicating payment of Rs. 39,40,000/-(Rupees Thirty Nine Lacs Forty Thousand Only) deposited in the account towards loan recovery on 21st March, 2017 and another Rs. 30 lakhs deposited towards loan recovery on 23rd March, 2017. A similar entry of loan recovery of Rs. 99,000/- is dated 29th July, 2017. It also reflects an outstanding of Rs. 7,61,41,451/- as on 31st October, 2018. 6. The Financial Creditor has also enclosed all the letters/correspondences exchanged with the Financial Creditor and the Corporate Debtor with regard to the credit facilities/limits and terms and conditions therefor issued to the various companies for which the Corporate Debtor stood guarantee and mortgaged its assets. In reply to the petition, one of the Directors of the Corporate Debtor Mr. Saurav Mukherjee filed a reply affidavit and submitted that the present application under section 7 is not maintainable in law as no default has been committed as the Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that Sri Pankaj Kumar Verma, Chief Manager had been authorized by Mr. Shashi Jain, General Manager on the strength of authority derieved from Board Resolution No. A-24 on 16th December, 2017 and he was delegated the powers to engage counsel/s and to file application, sign and verify Form-I, written statement, applications, affidavits and/or any other pleadings. 10. It is submitted that the Corporate Debtor in para 3 (d) of the reply has admitted the debt for 6 (Six) Companies aggregating to Rs. 19,04,12,812.21 (Rupees Nineteen Crores Four Lacs Twelve Thousand Eight Hundred Twelve and Paise Twenty One only) which is substantiated by statement of accounts duly certified under Banker's Book Evidence Act. The Financial Creditor has further submitted that it is based on documentary evidence that no part of claim in this accounts as mentioned in Page No. 5 part (iv) of Form No. 1, volume 1 is barred by the laws of limitation. It clearly shows that M/s. RDH Technologies Private Limited borrowed money from the Financial Creditor and extended as charge on the mortgage properties of the company guaranteeing to secure the loan and advances of other five companies viz., Rameshw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ICSI Insolvency Professionals Agency. 15. In the aforesaid facts and circumstances and the documents placed on record by both the parties we are fully convinced that the Financial Creditor has successfully proved that the amount outstanding has not been paid as per the agreed terms by the Corporate Debtor and a default has in fact occurred which prompts us to admit the petition which is otherwise completed. We, therefore, pass the following Orders:- ORDERS (i) The application filed by the Financial Creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. RDH Technologies Private Limited is hereby admitted. (ii) Moratorium is declared for the purposes referred to in section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under section 15. (iii) Moratorium under section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following:- (a) The institution of suits or continuation of pending suits or proceedings against the corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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