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TMI Blog2019 (11) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... after called as the "financial creditor") for initiation of the corporate insolvency resolution process (in short "CIRP") against M/s. Uthara Fashion Knitwear Ltd. (hereinafter called as the "corporate debtor") on the ground that it has defaulted in repaying an amount of Rs. 76,64,72,470 (principal Rs. 4,22,50,884, interest Rs. 11,83,06,579, Further Rs. 52,68,98,056 and liquidated damages Rs. 7,90,16,951) as on April 1, 2019. 2. Learned counsel for the financial creditor submitted that the Industrial Development Bank of India (IDBI), at request, granted financial assistance of Rs. 600 lakhs by way of a term loan agreement dated March 2, 2000 to the corporate debtor and the loan disbursed was primarily secured by hypothecation of plant and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets Enforcement of Security Interest Act, 2002 was issued to the corporate debtor. 2.3. On the application filed by the IDBI in O. A. No. 413 of 2007 before the hon'ble Debts Recovery Tribunal-II, Chennai, the application was allowed on August 31, 2009 and it was ordered for the recovery of Rs. 5,37,28,928 together with further interest at 17 per cent. per annum from October 21, 2003 till the date of realization. On November 30, 2012, the corporate debtor approached the hon'ble Debts Recovery Tribunal-I, Mumbai and filed Securitization Application No. 43 of 2011. It was argued that SASF (the financial creditor herein) had no authority to issue no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and interest to any kind whatsoever upon property, created in favour of the transferor and includes any mortgage, charge, hypothecation, assignment, pledge, guarantee and third party security" and confirmed the order dated April 22, 2015 passed by the Debts Recovery Tribunal-II, Chennai. 2.4. To support their claim, the financial creditor (SASF) has filed dates and events disclosing existence of debt and occurrence of default, which are as follows : S. No. Dates Events 1. 2-3-2000 The corporate debtor availed financial assistance from IDBI 2. 28-11-2002 IDBI invoked guarantee agreement 3. 16-10-2003 IDBI filed OA before the DRT-I, Chennai for recovery of Rs. 5.37 crores 4. 24-9-2004 IDBI executed trust deed and forme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egistered e-mail address of the respondent on October 3, 2019. Moreover, there was no representation on behalf of the corporate debtor side when the matter came up for hearing on September 25, 2019, October 9, 2019, October 15, 2019, October 18, 2019 and November 6, 2019 and they have not responded to the notice sent by the financial creditor and by this Tribunal. It appears that there is no defence on the part of the corporate debtor either to deny or dispute the total outstanding due. In view thereof, we hereby admit this application I. B. A. No. 895 of 2019 by appointing Mr. Ramakrishnan Sadasivan, as interim resolution professional (IRP) looking at the consent given by the said IRP with directions as follows : I. That moratorium is he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for liquidation of corporate debtor under section 33 of the IBC, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the IBC. VI. That this Bench hereby appoints Mr. Ramakrishnan Sadasivan, as Interim Resolution Professional, having (Regn. No. IBBI/IPA-001/IP-P00108/2017-18/10215), New No. 28, Old No. 22, Menod Street, Pura sawalkam, Chennai-600 007, E-mail : [email protected], Mobile : 9444455982 to carry out the functions as mentioned under the IBC. Fee payable to the IRP/RP shall be in compliance with the IBBI Regulations/ Circulars/Directions issued in this regard. 5. Accordingly, this application is admitted. 6. The regis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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