9911796707
TMI Blog2019 (11) TMI 1509X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Corporate Debtor is not in sight, (a) when the suit was filed against the Corporate Debtor 22 years back in 1996; (b) the recovery proceedings is going on for last 14 years from 2005; (c) the Respondent Company's Registered Office/Corporate Office is closed/left; (d) notice could not be served to the Corporate Debtor and no one from Corporate Debtor appeared before this Adjudicating Authority despite paper publication. Petition disposed off. - C. P. (I.B.) No. 135/7/NCLT/AHM/2019 - - - Dated:- 8-11-2019 - Harihar Prakash Chaturvedi , Member ( J ) And Prasanta Kumar Mohanty , Member ( T ) For the Appellant : Tirth Nayak , Advocate ORDER Prasanta Kumar Mohanty , Member ( T ) 1. The present I.B. Petition is filed by the Financial Creditor International Asset Reconstruction Co. Pvt. Ltd., under Section 7 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as a Code ), seeking initiation of Corporate Insolvency Resolution Process ( CIRP in Short) against the Corporate Debtor Company namely, Jayant Vitamins Ltd., for the default committed by the Corporate Debtor in making repayment of the Loan/CC facility availed from the Financial Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,46,10,834.64 Cash Credit Hypothecation Facility 6,65,09,013.95 Guarantee Facility 1,82,50,000.00 Total 12,06,80,893.70 Thus, total aggregate limit of ₹ 12,06,80,893.70 Ps were sanctioned by the said Bank vide sanction letter with certain terms and conditions against the hypothecation of plant and machineries, book debts etc. in favour of the said Bank, which was duly executed by the Corporate Debtor (page no. 64 to 101 of the paper book). Mortgage of the properties has been created by deposit of title deeds on 11.02.1982 (page no. 50 to 63 of the paper book). The same was disbursed on in September' 1991. 6. The Corporate Debtor has defaulted payment and the date of default is 13.09.1996 as per the recall notice issued as stated by the Petitioner. The statement of accounts of the Corporate Debtor maintained by the Financial Creditor has been filed by the Applicant at page no.111 to 112 of the paper book, which confirms that the Account is in default. 7. It is submitted by the Financial Creditor that a Suit No.3920 of 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1891 (Page no. 111 to 113 of paper book) 11. In the present matter, this Tribunal, vide its order dated 20.02.2019 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. The Applicant's Advocate, Mr.Tirth Nayak was present, but the Respondent was not present on any occasion. Further, as per the affidavit filed by the Applicant on 02.04.2019 that the order/notice sent to the Respondent, Corporate Debtor's registered officer and corporate office by speed post were returned with remark 'firm has closed' and 'left', respectively. Notice was also published in newspaper and proof of publication has been filed. 12. The Applicant/Financial Creditor also filed its written submissions and reiterated the contents made in the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. 12.1 It is submitted that the Bank of Baroda had provided certain credit facilities to the Respondent, wherein the Respondent defaulted in making the payment. The Bank of Baroda filed Original Application no.283 of 2001 before the DRT-II, Mumbai for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lastly submitted that the present Petition deserves to be admitted. 13. The Applicant Bank has suggested the name of Insolvency Professional to be appointed, if this petition is allowed and the proposed I.R.P. has also given his affirmation/consent in writing, which is annexed with the present I.B. Petition. 14. It is also found, that the Petitioner Bank has submitted the documents duly executed by the Corporate Debtors and guarantors along with a Certificate under the Banker's Book of Evidence Act, 1891, in support of their IB Petition for initiation of C.I.R.P. 15. After going through the documents, materials and hearing ex-parte, it is observed that - 15.1 The documents being mortgage deed with inter-se agreement executed by the mortgagers, Jayant Vitamins Ltd., and the Lenders on 11.02.1982 and outstanding against the Corporate Debtor, Jayant Vitamins Ltd., as on 03.10.1996 was ₹ 28,28,56,282.49 Ps. 15.2 Corporate Debtor defaulted in making payments of dues to the Bank and the Bank of Baroda filed a suit in Hon'ble High Court of Mumbai Suit no. 3920 of 1996 for ₹ 28,74,02,722.88Ps. 15.3 The case was decreed in favour of the Applicant on 17. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made under Section 7 and Section 9 of the Insolvency and Bankruptcy Code, 2016 and not from the commencement of IBC Code, but from the date of the default or cause of action arose. Further, the Hon'ble Supreme Court in the case of Vashdeo R Bhojwani vs. Abhyudaya Co-operative Bank Ltd., held and reiterated the same view on the point of limitation. ii. This Adjudicating Authority is also of the view that this Tribunal is not for recovery of dues and the possibility of finding any Corporate Insolvency Resolution Plan for the Corporate Debtor is not in sight, (a) when the suit was filed against the Corporate Debtor 22 years back in 1996; (b) the recovery proceedings is going on for last 14 years from 2005; (c) the Respondent Company's Registered Office/Corporate Office is closed/left; (d) notice could not be served to the Corporate Debtor and no one from Corporate Debtor appeared before this Adjudicating Authority despite paper publication. 17. Thus the present I.B petition filed Under Section 7 of the IBC stands rejected. CP(IB) No. 135/7/NCLT/AHM/2019 is disposed of with the above observations and orders as to no costs. - - TaxTMI - TMITax - Insolvency & Bankrupt ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
