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TMI Blog2020 (3) TMI 1267X X X X Extracts X X X X X X X X Extracts X X X X ..... tems Limited, for the default committed by the Corporate Debtor Company in making repayment of the unsecured loans availed from the Financial Creditors i.e. Applicant no. 1 to 3. The Applicant no. 1 to 3 (FCS), are individuals residing at 31, Vishwaketu Flats Part 1, Near Premchand Nagar, Vastrapur, Ahmedabad. The application has been filed by the duly authorised representative of the Financial Creditors, Shri HardikPradyumankumar Patel. 2. The Respondent Corporate Debtor Company, namely Polygold Pre-Cured Systems Limitedwas incorporated on 15.05.1998 with CIN: U251 IOGJ1998PTC034100. 3. The nominal share capital of the Respondent Corporate Debtor Company is and the paid-up capital of the Respondent Corporate Debtor Company is Rs. 1,54,49,400/-. The Registered Office of the Respondent Corporate Debtor Company is situated at:205, Adity, Near Urvasi Apartment, Navrangpura, Mithakhali Six Road, Ahmedabad - 380006, Gujarat 4. It is gathered from the records that the Applicant no. 1, 2 & 3 joined the Respondent company as Directors on 01.07.2002, 01.11.2000 & 10.04.2014 respectively and due to personal reasons resigned from the Board of Directors on 14.04.2017 by tendering resignatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Unsecured Loans, however, the Respondent Corporate Debtor Company failed to make any payment towards principal and interest since August' 2017 and also failed to provide the details of the interest credited to their accounts and TDS deducted on the same. It is also submitted that the Respondent Corporate Debtor Company started making payments to current Directors on the Board of the Respondent Corporate Debtor Company, but not clearing the dues of the Applicants. 8. The details of the unsecured loans given by the Applicants are as shown in tabular form annexed at Annexure C at page no.22 of the Application. Respondent Corporate Debtor Company admitted the debt and deducted 'TDS' on the interest payable on the debt. Applicant filed copy of Form No. 26AS showing the interest amount and TDS amount as annexed as Annexure-E at page no.31 to 33 A of the Application and also filed copy of Computation of the amount of interest due and particulars of the principal amount due as on 31.10.2019 at page no. 22 of the Application. 9. Inspite of repeated reminders, Respondent Company failed to pay an amount of Rs. 2,83,12,283.50/- from the date of default i.e. August, 2017. Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble. 13.2 It is submitted that the petitioners have suppressed the factum of execution of settlement deed dated 20.06.2018 between the petitioners and the directors of the Corporate Debtor and the Petitioners have received their share as per the settlement deed. It is submitted that as per clause 5 of the settlement deed, the Petitioners are not entitled to raise any claim from the Corporate Debtor much less the claim of so-called unsecured loan and also bound to withdraw any pending legal proceedings/ restrain from initiating any fresh proceedings against the Corporate Debtor. 13.3 It is also submitted that the present dispute also forms part of subject matter of CP No.56 of 2018 pending before this Adjudicating Authority by the same Petitioners against the Corporate Debtor and Directors of Corporate Debtor i.e. Bhupendrabhai D.Pate1 and Kirtibhai D. Patel, brothers of Applicant no. 1 and their family members alleging acts of oppression and mismanagement. Further, during the pendency of CP No.56 of 2018, the Petitioners and the Directors of the Corporate Debtor arrived at settlement by virtue of a Deed of Settlement amongst the brothers with consensus dated 20.06.2018. It is sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This Adjudicating Authority is not going to look into any settlement agreement entered into between the parties while disposing of the present petition filed under section 7 of the Code. 17.2 Respondent Corporate Debtor Company admitted the debt and deducted TDS on the interest payable on the Debt advanced to the Respondent Corporate Debtor Company by the Applicants. 17.3 The Respondent Corporate Debtor Company has been continuously maintaining in their Balance Sheets right from the F.Y. 2013-14 to 2016-17 Unsecured Loans from Directors and their relatives under the head "Long Term Borrowings" The Balance Sheet for the Respon ent Corporate Debtor Company for the F.Y 2016-17 Note No. 4 under the head "Long Term Borrowings", the amount received as Unsecured Loan from the Directors and their relatives at Rs. 5,62,84,700.00 which stood at Rs. 3,94 as on 31.03.2016. ORDER 18. Considering the material, papers filed by the Petitioner on record and the facts mentioned hereinabove along with the Points 17.1, 17.2 and 17.3, this Adjudicating Authority is satisfied that, a) Existence of debt is above Rs. One Lac; b) Debt is due and defaulted; c) Default has occurred on 31 st Augus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edabad - 380 006 with email id : [email protected]. Mr. Parag Sheth has submitted his written consent in Form 2. 21. Hence, this Adjudicating Authority hereby appoints Shri . Parag Sheth as the Resolution Professional in the present Petition. Mr. Parag Sheth, with Registration No. IBB1/1PA-002/1P-N00142/201718/ 10381 is having his office at 404, Sachet 2, Opp. GLS University, Maradia Plaza, C.G. Road, Ahmedabad 380 006 with email id [email protected]. The Interim Resolution Professional is further directed to make public announcement of moratorium in respect of the Respondent Corporate Debtor Company soon after receipt of an authenticated copy of this order and to act further as per the order/ direction issued by this Adjudicating Authority and to follow the provisions Section 13 and 14 and relevant provisions of the Insolvency and Bankruptcy Code. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, in Sections 15, 17, 18, 20 &21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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