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TMI Blog2019 (12) TMI 1325X X X X Extracts X X X X X X X X Extracts X X X X ..... or and certified that there are no disciplinary proceedings pending against him with the Board or IPA of ICAI. The instant case is a fit case to admit by initiating CIRP in respect of the Corporate Debtor, appointing IRP, imposing Moratorium etc., as per the Code - Application admitted - moratorium declared. - C.P. (IB) No.286/BB/2019 - - - Dated:- 17-12-2019 - Hon'ble Shri Rajeswara Rao Vittanala, Member (Judicial) And Hon'ble Shri Ashutosh Chandra, Member (Technical) For the Petitioner: Mr. M. Jagadeesh For the Respondent: Mr. Revanaradhya ORDER Rajeswara Rao Vittanala, 1. C.P. (1B) No.286/BB/2019 is filed by M/S. Pridhvi Asset Reconstruction and Securitisation Company Limited (hereinafter referred to as 'Petitioner/ Financial Creditor') under Section 7 of the I B Code, 2016 read with Rule 4 of the I B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/S. Alpine Wineries Private Limited (hereinafter referred to as 'Respondent/ Corporate Debtor') on the ground that it has committed default for a total amount of ₹ 115,63,16,587/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Agriculture Direct) on 20.11.2009 and subsequently rephrased/ renewed on 23.07.2011, b) Term Loan (Non priority) on 20.11.2009 and subsequently rephrased/ renewed on 23.07.2011, c) Funded Interest Term Loan (Agriculture Direct) on 30.10.2012 and d) Funded Interest Term Loan (Non priority) on 30.10.2012 and accounts were opened in books of account of Bank of Maharashtra. (6) The loan amount was renewed and rephrased as Term Loan (Agriculture Direct) for a sum of Rs. (Rupees Nineteen Crore Fifty Seven Lakhs Only) and Term Loan (nonpriority) for a sum of ₹ 25,34,00,000/- (Rupees Twenty Five Crore Thirty Four Lakhs Only). The Corporate Debtor also availed the Funded Interest Term Loan (Agriculture Direct) of a sum of ₹ 2.56 Crore and sum of ₹ 2.65 Crore, as detailed in Sanction letter dated 24.08.2012. (7) It is further stated that the Term Loan facility with BOM, comprising winery Term Loan-Non Agriculture amounting to ₹ 25.34 Crores, and vineyard Term Loan-Agricultural amounting to ₹ 19.57 Crores as per their Sanction/ Renewal letter dated 23.07.2011 and Term Loan - Non Agricultural of ₹ 2.65 Crores and Term Loan - Agricultural of ₹ 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der of the High Court, the said Bank couldn't confirm the sale in favour of the auction purchaser. (11) Subsequently, the debt of the Corporate Debtor was assigned to the Applicant vide Assignment Agreement dated 31.03.2017. The same was intimated by the Applicant to the Directors of the Corporate Debtor vide its letter dated 11.04.2017. (12) The Order dated 30.01.2017 in W.P. No.3317/2017 before the Hon 'ble High Court of Karnataka at Bengaluru, was modified permitting the Bank/ Applicant to finalize the sale transaction but observing that it shall be subject to the result of the Writ Petition. In view of this order also, the sale couldn't be confirmed. The interim Order was once again modified on 28.02.2018 permitting the Bank/Applicant to take possession of the Secured Asset and issue the Sale Certificate. Mr.T.Suresh Kumar, the lessee of the property and son of Mr.Thimmegowda, filed WP No. 12861/2018 before the Hon'ble High Court of Karnataka against taking possession of the Unit which was dismissed on 12.04.2018. Subsequently, Applicant issued notice to the property owner Smt.K.Savitramma on 30.06.2018 to collect the movable articles from the premises loc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urged the Adjudicating Authority to admit the case by initiating CIRP in respect of the Corporate Debtor. 6. The above facts and circumstances of the case clearly established that the debt and default in default in question. The Adjudicating Authority also has given several opportunities to the Respondent to settle the issue or to file their objection. However, they have failed to avail the opportunity and thus there is no other alternative for us except to consider the case as per merits. The instant Application/Petition is filed in accordance with law and a qualified Insolvency Professional namely Mr. Ravindranath N. having Regn. No.IBBI/IPA -001/1P-P00645/2017-2018/ 11099 is suggested to appoint him as IRP, who is prima facie eligible to be appointed as the Interim Resolution Professional and he has also filed his written consent in Form 2 dated 12.06.2019 by inter alia affirming that he is eligible to be appointed as a Resolution Professional in respect of the Corporate Debtor and certified that there are no disciplinary proceedings pending against him with the Board or IPA of ICAI. Therefore, we are of the considered opinion that the instant case is a fit case to admit by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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