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TMI Blog2019 (11) TMI 1576X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 7 of the IBC stands admitted - C.P. (IB) NO. 497/7/NCLT/AHM/2019 - - - Dated:- 6-11-2019 - Harihar Prakash Chaturvedi, Judicial Member And Prasanta Kumar Mohanty, Technical Member For the Applicant : Arjun Seth, Adv. For the Respondent : Vimal A. Purohit and Dipen A. Sankeresur, Advs. ORDER PRASANTA KUMAR MOHANTY, TECHNICAL MEMBER 1. The present I.B. Petition is filed by the Financial-Creditor Dena Bank under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as a Code ), seeking initiation of Corporate Insolvency Resolution Process ( CIRP in Short) against the Corporate-Debtor-Company namely, Alps Pharmaceuticals Private Limited for the default committed by the Corporate Debtor in making repayment of the Loan/CC facility availed from the Bank. The Applicant (FC), Dena Bank (DB) is a Bank, incorporated under the provisions of the Banking Companies (Acquisition Transfer of Undertakings) Act, 1970. The application has been filed by the duly authorised officer, Shri Arvindkumar Purushottamdas Parmar, Chief Manager at Dena Bank, Zonal Office Gandhinagar, Plot No. 320-321, Sector-16, Gandhinagar, Gujarat - 382016. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIBIL Report (page Nos. 248 to 315 of the paper book) has been filed by the Bank which confirms that the Account is in default. 7. The statements of accounts of the Corporate debtor have been filed and the Petitioner Bank has submitted a Certificate to this effect under Banker's Book of Evidence Act, 1891. (Page Nos. 212-224 and 246-247 of paper book). 8. The Financial Creditor also filed an IA 248/19 for substituting the name of Dena Bank with Bank of Baroda on account of the amalgamation of the Dena Bank with the Bank of Baroda vide the notification of the Government of India dated 20-1-2019. Thus, the IA filed has been admitted and the name of the Dena Bank is substituted with the Bank of Baroda. 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 sanction letters, the workings showing the amount claimed to be in default and its calculation in tabular form as on 12-8-2015 along with Valuation reports including the Affidavit dated 12-7-2019 in support of its Application filed. 10. The present application has been filed by the Financial Creditor under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strat, Almora, Uttrakhand (Page Nos. 163 to 186 of paper book) xvii. Copy of letter Acknowledgement debts and security dated 31-12-2015 (Page Nos. 187 of paper book) xviii. Copy of Demand notice dated 13-6-2015 by Applicant u/s 13(2) of the SARFAESI Act, 2002. (Page Nos. 188 to 191 of paper book) xix. Copy of extract of Ledger/statement of accounts certified to be true under the Banker's Books of Evidence Act, 1891 (Account No, 042613001014) (Page Nos. 212 to 224 of paper book) xx. Copy of extract of Ledger/statement of accounts certified to be true under the Banker's Books of Evidence Act, 1891 (Account No. 1351OIB00011) (Page Nos. 225 of paper book) xxi. Copy of Interest Certificate under the Banker's Books of Evidence Act, 1891 (Page no. 226 of paper book) xxii. CIB1L report (Page Nos. 246 to 315 of paper book) 12. In the present matter, this Tribunal, vide its order dated 23-10-2018 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. Thereafter, the Respondent, Corporate Debtor appeared before this Tribunal on 10-12-2018 and sought time to f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank that very good amount of deposits/repayments have been made by the Corporate Debtor from 2-3-2015 to 15-9-2018 (in 10 pages of Credits transactions) as a result the debit balance in Cash Credit account has come down from ₹ 25.29 Crores to ₹ 19.78 Crores during the NPA period of Three and half years when the account has been declared NPA on 12-8-2015 and the petition under section 7 of IBC is filed on 27-9-2018. 19.2 The Contention of the Financial Creditor is that they have not considered the request of the Corporate Debtor for restructuring the account on the ground that the account is NPA. This statement is appeared to be not correct and Prudential Norms/RBI Guidelines do not prevent the Financial Creditor from restructuring a going concern NPA account, if otherwise in order, with or without pumping additional funds into the Corporate Debtor. In the process the chance of the upgradation/rehabilitation is lost. 19.3 The CD has defaulted in making repayment of loan/credit facilities to the Petitioner Bank and the date of defaults 12-8-2015. The Statement of accounts and the CIBIL Reports submitted by the applicant Bank confirm the default committed by the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a as an Interim-Resolution Professional. The Interim Resolution Professional is further directed to make public announcement of moratorium in respect of Corporate Debtor 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 under sections 13 and 14 and other relevant provisions of the Insolvency and Bankruptcy Code. 22. As per the provisions of sections 13 and 14 of the IB. Code on the date of commencement of insolvency, this Adjudicating Authority declares moratorium 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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