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TMI Blog2020 (1) TMI 1392X X X X Extracts X X X X X X X X Extracts X X X X ..... on. Considering the material, papers filed by the Petitioner and the facts mentioned, this Adjudicating Authority is satisfied that, (a) The Corporate Debtor availed loan facilities from the Financial Creditor (AU SMALL FINANCE BANK LIMITED). (b) Existence of debt is above Rs. One Lac; (c) Debt is due; (d) Default has occurred on 31/05/2016 (e) Petition has been filed within the limitation period; (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank Under Section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The present IB Petition is admitted. - C. P. (I.B.) No. 370/7/NCLT/AHM/2018 - - - Dated:- 3-1-2020 - Harihar Prakash Chaturvedi, Member (J) And Prasanta Kumar Mohanty, Member (T) For the Appellant : Lalit M. Patel, Advocate For the Respondents : Vijayesh Atre, Advocate ORDER 1. The present I.B. Petition is filed by the Financial Creditor AU SMALL FINANCE BANK LIMITED under Section 7 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereby committed a default and consequent to such the loan account of the Respondent company was classified as NPA on 31.05.2016. 8. It is submitted that on 30.08.2016 petitioner issued a Demand Notice under Section 13(2) of the SARFAESI Act, to the Respondent and to the Mortgagors/Guarantors and called upon them to pay an amount of ₹ 4,70,34,931/- due as on 30.08.2016 within 60 days which was duly served upon them. However, the Respondent Company failed to make payment of the said amount within 60 days, therefore, the Petitioner Bank took symbolic possession of the aforesaid secured asset on 10.12.2016 and issued a sale notice dated 10.02.2017. Thereafter, being aggrieved by the said measures, the Borrowers and Co-Borrowers filed Securitization Application before the Hon'ble DRT Jabalpur bearing SA. No. 71/2017. 9. It is submitted that the Respondent Company/Guarantors approached the Petitioner Bank for settlement of the dues and agreed to pay an amount of ₹ 4.00 Crores against the total outstanding amount of ₹ 5.50 Crores due as on 20.05.2017 and accordingly Terms of Settlement were executed on 26.05.2017. However, the Respondent Company failed to make ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18, 26.10.2018, 07.12.2018, 08.01.2019, 08.02.2019, 09.04.2019, 01.05.2019, 19.07.2019, 23.08.2019, 12.09.2019, 27.09.2019, 23.10.2019 and 07.11.2019. The counsels of the petitioner and the Respondent were present and put forth their submissions before the Bench. 17. In response to the present I.B. Petition filed by the Petitioner Bank, the Respondent has filed its objections on 19/09/2018. 17.1 It is submitted that the application is not in the form Prescribed under the Insolvency and bankruptcy Code, 2016. The Statement of Account is not attached in accordance with the Banker's Book of 1 Evidence Act, 1891 and hence, the proceedings filed by the applicant before the Tribunal are not maintainable, 17.2 It is submitted that the Respondent No. 1 Company is not the sole borrower as there are two individual borrowers. Mr. Subhash Agarwal as well as Mrs. Gulab Agarwal are also the co-borrowers and therefore selected action against the corporate borrower is unjustified and unwarranted. 17.3 It is submitted that as on date, there is no security document executed in favour of the present petitioner for the alleged disputed claim and therefore, selected action against the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... teria made for triggering the C.I.R.P. process in respect of the Corporate Debtor are fulfilled so as to admit the present I.B. petition. In view of the above, the petitioner/financial creditor has fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted. BOSERVATIONS 19. It is found, that the Petitioner Bank has submitted the documents duly executed by the Corporate Debtor 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. 19.1 The Term Loan was sanctioned and released by the Petitioner Bank and the same was availed by the Corporate Debtor, SRK Devbuild Private Limited. 19.2 The CD has defaulted in making repayment of the Term Loan to the Petitioner Bank and the date of default is 31/05/2016. The Statement of accounts submitted by the applicant Bank confirm the default committed by the Corporate Debtor. 19.3 The last payment to the loan was came on 31/05/2017. The OTS proposal was executed on 26/05/2017 but the same was not honoured by the Corporate Debtor. 19.4 The Petitioner Bank has filed the petition on 02/08/2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orium with effect from today for prohibiting all of the following, namely:- I. (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal arbitration panel or other authority. (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein. (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. III. The provisions of sub-section (1) shall not apply to (a) such transactions as may be notified by the Central Government in consultatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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