9911796707
TMI Blog2020 (10) TMI 680X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount is shown at ₹ 29,96,364/- as per the last balance sheet which is purportedly on 31.03.2019, in page No. 50 of the typed set filed with the Application - Further, a perusal of the typed set of documents filed by the Corporate Applicant goes on to show that there are various discrepancies in the records, more particularly with respect to the Audited Balance Sheet as on 31.03.2018 and further Rule 7 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016, empowers this Adjudicating Authority to look into the documents which are being filed by the Corporate Applicant and to ascertain whether the said documents are in order. It must be noted here that this Adjudicating Authority is not a mere stampi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 10 of the Insolvency and Bankruptcy Code, 2016 ( I B Code, 2016 ) in the format as prescribed under Rule 7 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as AAA Rules ) by the Applicant viz., M/s. Pondicherry Extraction Industries Pvt. Ltd (hereinafter referred to as Petitioner Corporate Debtor ) consequent upon a default committed by M/s. J R Foods Limited (principal borrower) to Bank of Baroda, as the Corporate Applicant had guaranteed the repayment of amounts borrowed by M/s. J R Foods Limited to Bank of Baroda. 2. The Corporate Applicant seeks to initiate the Corporate Insolvency Resolution Process (CIRP) on its own, to declare moratorium and appoint Interim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Petitioner/Corporate Debtor has submitted the consolidated statement of dues in page No. 8 of their Application and the same is extracted hereunder: - Sl. No Category Amount (Rs.) 1 Financial Creditors 46,44,55,953 2 Operational Creditors 1,45,45,250 3 Statutory Dues 2,69,260 Total 47,92,70,463 7. As per Annexures-3 on the Application, the E-auction Sale Notice cum Statutory 30 days sale notice is seen to have been issued by Bank of Baroda expl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On the North-House belonging to Kasambu on the South -New proposed Road, On the East - 100 feet Road, on the West Land of Purushothaman 2 Card No. 1639 pt, 1640 pt, 16405/5pt, W H, Block-2, T S No. 7 and 10, RCC building 6974 sq.ft (East West) 148 ft 8 inches. Southern side 158 ft 2 inches and North-South 46 ft 3 inches Peter Nagar, Pudupalayam R V, Mudaliarpet, Commune, Pondicherry R D and Sub R D On the North -House belonging to Aharman Bunala, on the South - House belonging to Sundari, On the East - 100 feet Road, on the West land of Purushothaman 10. The Authorized Representative for the Corporate Applicant submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication is liable to be rejected. It is further alleged by the Financial Creditor that the Corporate Debtor with a sole intention to defeat the recovery of SARFAESI measures initiated by the Financial Creditor, has filed the present petition before this Authority. 15. It is further stated that in continuation of the SARFAESI measures initiated by the Financial Creditor, they have brought the Secured Assets for auction on 30.09.2019, since there were no bidders, auction is not taken place. 16. This Tribunal is well aware of the Judgment of the Hon'ble NCLAT in the matter of Unigreen Global Private Limited -Vs- Punjab National Bank and Ors., wherein it has been held that the Adjudicating Authority is not empowered to go beyond the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be enclosed under the prescribed form, namely Form 6 under the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 19. However, it is evident from the record or proceedings that the matters were initially reserved for orders on 08.11.2019 and thereafter, it was posted for clarifications on 18.11.2019 and to rectify the defects in the Application as per proviso the sub - section (4) of Section 10 of IBC, 2016. In spite of the same, the discrepancies in the documents still persist and the Corporate Applicant was unable to explain as to why there is a depletion in the amount of General Reserve as on 31.03.2018 as compared to 15.09.2019. The reason for drain in reserve could not be explained by the Applicant to the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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