9911796707
TMI Blog2021 (2) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... ts Registered office at Somajiguda, Hyderabad, Telangana and corporate office at Mumbai, Maharashtra State is engaged in the business to lend or advance money either with or without security and to arrange or negotiate loans. Identification No. of the applicant company is U65910TG1998PLC088941. 3. The respondent/corporate debtor is an unlisted public limited company duly incorporated on 19th January, 2010, having identification No. U90000GJ2010PLC059257 and having its corporate office at Vadodara, Gujarat State. The respondent company is engaged in the business of waste management i.e. collecting, processing and selling of waste paper. Authorised share capital of the respondent company is 2,00,00,000/- and paid-up share capital is Rs. 2,00,00,000/-. 4. The applicant has submitted that after executing Facility Agreement dated 26-12-2014 (pages 111-177), the applicant had sanctioned working capital loan of Rs. 4,00,00,000/-(Rupees four crores only) to the respondent. That, the said term loan was required to be repaid within a period of 24 months along with interest @ 19.35% per annum on monthly basis. That, to secure the loan, financial debtor placed on record of the petition the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Board resolution dated 22-1-2019 authorising Mr. Chirag Desai, Company Secretary to sign the petition 48-49 5 Master Data and Memorandum of Association of respondent 5-67 6 Board resolution dated 18-12-2014 passed by respondent company to avail credit facility from petitioner 68-110 7 Facility agreement dated 26-12-2014 111-177 8 Deeds of personal guarantee, demand promissory note, drawdown request and bank statement 178-192 9 Application form dated 27-4-2015, term sheet dated 11-5-2015 and Board resolution dated 18-5-2015 193-201 10 Facility agreement dated 27-5-2015 202-262 11 Power of attorney dated 27-5-2015 executed by Mr. Paresh T. Parekh 263-273 12 Communication for closure of loan account of Rs. 4.00 crores 274-274B 13 Application form, facility agreement dated 17-6-2016 275-395 14 Legal notice sent by petitioner under section 138 of Negotiable Instruments Act, 1881 396-402 15 Complaint dated 28-7-2017 filed before the Metropolitan Magistrate, Mumbai 403-409 16 Notice sent by petitioner on various dates under the provisions of I & B Code 410-421 17 Copy of intimation received from Mr. Manish Shah to act as IRP 423-423 10. Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of repayment schedule, penal interest/charges or interest calculation are without any basis and/or justification are disputed between the parties. On perusal of records it is found that no document is produced by the respondent fortifying such claim. On the other hand, the petitioner has put on record (pages 25-30 of rebuttal documents) the repayment schedule duly sealed/signed and acknowledged/accepted by the respondent. That, the application is filed on 9th July, 2019. On perusal of the records it is found that from time to time the corporate debtor has made payments towards the outstanding loan and thus acknowledged the debt. That, the application filed by the financial creditor is well within limitation. That, the documents filed along with the application is sufficient to prove that there exists financial debt. 14. In view of the above discussions, the Adjudicating Authority is of the considered view that there is a debt due to "financial creditor" and there is default on the part of the corporate debtor. In view of the judgment of the Hon'ble Supreme Court in Innoventive Industries Ltd. v. ICICI Bank Ltd. [2017] 143 SCL 625, the Hon'ble Supreme Court while explain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... V and documents, records and evidence of default in part V. Under rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or sped post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt" which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is complete, in which case it may give notice to the applicant to rectify the defect within seven days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... registration No. IBBI/IPA-001/IP-P00094/2017-18/10194 to act as an interim resolution professional. Form 2 of the proposed interim resolution professional has been annexed and placed at page No. 423 of the application where declaration is made that no disciplinary proceeding is pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 21. In the aforesaid background and as also discussed above, the application under section 7 (2) of the IB Code is complete in all respects and there is debt due to the "financial Creditor" and there is default on the part of the "corporate debtor". Hence, there is no alternative but to admit the application in absence of any infirmity. 22. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of section 14 of the Code: - (i) 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; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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