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TMI Blog2019 (11) TMI 1509X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and acting in its capacity as Trustee of IARC-BOB-01/07 Trust for the benefit of the holders of Security Receipts issued by the Trustee. The application has been filed by the duly authorised signatory, Shri P.K.R. Tilak, International Asset Reconstruction Co. Pvt. Ltd., Andheri East, Mumbai, Maharashtra - 400 093. 2. The Respondent Corporate Debtor (CD) Company, namely Jayant Vitamins Ltd was incorporated on 15.01.1971 with CIN: U2411MP1971PLC001088. 3. The nominal share capital of the Respondent (CD) Company is Rs. 25,00,00,000/- (Rupees: Twenty Five Crores Only) and the paid-up capital of the company is Rs. 17,77,23,800/- (Rupees Seventeen Crores Seventy Seven Lakhs Twenty Three Thousand Eight Hundred Only). The Registered Office of the Corporate Debtor Company is situated at: Dosigaon Industrial Area, Ratlam, Madhya Pradesh - 457 001. 4. It is submitted that initially the Respondent Company applied for various loan facilities from the Bank of Baroda and the same were originally disbursed in September' 1991 by the said Bank for total aggregate facilities of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the paper book. 8. The statements of accounts of the Corporate debtor have been filed and the Applicant has submitted a Certificate to this effect under Banker's Book of Evidence Act, 1891. (Page no. 113 of paper book). The Petitioner has claimed their dues of Rs. 103,49,90,511.35 Ps (Rupees: One Hundred Three Crores Forty Nine Lakhs Ninety Thousand Five Hundred Eleven and Thirty Five Paise Only) as on 30.11.2018 as computed in the page no. 3 of the paper book of the application. 9. The Petitioner Bank, in support of its contentions has annexed the details of Financial Debt, Records and evidences of default including copies of all the security documents, the workings showing the amount claimed to be in default and its calculation in tabular form as on 30.11.2018 along with Statement of Accounts and Certificate under the Bankers Books Evidence Act. 10. The Financial Creditor, to substantiate its claim, has enclosed following documents: - i. Copy of Deed of Assignment dated 08.02.2008 (Page no. 11 to 38 of paper book); ii. Copy of Memorandum of Entry dated 12.02.1982 (Page No. 39 to 49 of paper book); iii. Copy of the Declaration regarding deposit of title deeds by Prern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and has attained finality, hence the said decree is binding on the Corporate Debtor. 12.2 It is further submitted that Bank of Baroda entered into a Deed of Assignment dated 08.02.2008 with the Financial Creditor, whereby the debts due and payable by the Corporate Debtor were assigned in favour of the Financial Creditor herein. Therefore the present Financial Creditor was substituted in place of Bank of Baroda in the pending legal proceedings including the proceedings before the DRT-II, Mumbai and further there is no dispute in respect of the validity of the said Deed of Assignment. 12.3 It is further submitted that after the issuance of the order and judgment dtd 17.10.2005, the Recovery Proceedings commenced before the Recovery Officer in R.P. No.409 of 2005 before the DRT-II, Mumbai was transferred before DRT-I, Mumbai and renumbered as R.P. No.808 of 2016. It is also submitted that there is a continuous cause of action and hence there is no question of the present petition being barred by limitation and cited various judgements delivered by the Hon'ble Apex Courts. 12.4 Further, to bring the said petition within the period of limitation, it is submitted by the Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt filed the present petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The present Applicant substituted the original decree holder, Bank of Baroda in the pending decree proceedings. 15.5 The present Applicant International Asset Reconstruction Co. Pvt. Ltd., filed this Applicant under Section 7 of the Insolvency and Bankruptcy Code, 2016 on 31.01.2019 against the Corporate Debtor on default of payment of Rs. 103,49,90,511.35Ps i.e. decreed amount plus interest @12% from the date of filing of the Original Application before the Hon'ble High Court of Mumbai i.e. from 03.10.1996 to 30.11.2018. 15.6 Notice sent to the Corporate Debtor's registered officer were returned undelivered with remark 'firm has closed/left'. Paper publication was done, but the Corporate Debtor has not attended any day when the matter was taken up on 20.02.2019, 18.04.2019, 01.07.2019 & 14.08.2019. 16. Considering the points mentioned below, this Adjudicating Authority do not find any reasons to admit the case under Section 7 of Insolvency and Bankruptcy Code, 2016 for Corporate Insolvency Resolution Process. i. This Application is filed before this Adjudicating Authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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