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TMI Blog2021 (4) TMI 1078X X X X Extracts X X X X X X X X Extracts X X X X ..... /NCLT/AHM/2019 and IA/147(AHM)2021 in C.P. No. CIB) 848/7/NCLT/AHM/2019 - - - Dated:- 6-4-2021 - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Maulik Nanavati, Advocate For the Respondents : Arjun Sheth, Advocate ORDER Manorama Kumari, Member (J) 1. Ms. Nupur Tainwala, being authorised signatory, on behalf of Invesco Asset Management (India) Private Limited, filed this petition under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the Rules'') seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. 2. The applicant/financial creditor is an investment manager, incorporated on 20.05.2005, having its registered office at Mumbai, having identification No. 153471, is in the investment management business. 3. The respondent/corporate debtor - M/s. Sintex Industries Limited is a company incorporated under the Companies Act, 1956 on 1st June, 1931 having identification No. L17110GJ1931PLC000454 having its regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 2nd August, 2014, Deed of Modification and Confirmation dated 1st November, 2014 were also duly executed between the corporate debtor and one Debenture Trustee. That, the Financial Creditor is a beneficial owner under the said DTD. 8. The applicant has further stated that The Bombay Stock Exchange and National Stock Exchange were informed on 1st October, 2019 of the default by the corporate debtor which included the put option exercised by the applicant. 9. The applicant has further stated that by way of email dated 30th July, 2019 the corporate debtor was requested to acknowledge the exercise of put option and the corporate debtor acknowledged the exercise of put option on 1st August, 2019. That, on 3rd August, 2019 the financial creditor issued two notices to the corporate debtor, one for providing certain information and the other one to confirm in writing an unconditional undertaking pursuant to the exercise of the put option. That, on 14th August, 2019, the financial creditor received letter dated 25th July, 2019 from corporate debtor duly acknowledging the liability and showing its inability to pay the debts. 10. The applicant further submitted that on 1st Octo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Vice President-Legal of such Financial Creditor being Invesco Trustee Pvt. Ltd. and she does not hold any position in relation to the Applicant. In view of that, the instant application is required to be rejected. 16. It is further raised by way of objection that this kind of delegation of power, wherein, the Financial Creditor delegates its power to another person to file an insolvency application, is not permitted. 17. It is further objected by Respondent that IB Code is a complete code by itself. The provision of the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be done by a person in the manner as prescribed thereunder. Hence, the Power of Attorney holder is not competent to file the instant application. 18. Gone through the records also seen the documents. The only objection is raised by the corporate debtor is the authorization given to the Ms Nupur Tainwala. 19. On perusal of the record, it is found that on 18.10.2019 a board resolution was passed by Invesco Trustee Pvt. Ltd., whereby, Ms Nupur Tainwala, Assistant Vice President- Legal of Invesco Asset Management (India) Pvt. Ltd. is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 to the Applicant by which said letter the Respondent/Corporate Debtor has duly acknowledged its liability and also expressed its inability to pay its debts. The copy of the said letter dated 25.07.2019 is annexed by the Applicant as Annexure-W at Page No. 537. Vide said letter the Corporate Debtor stated inter alia that, SIL, over the years, has been regularly honouring all its debt service obligation to lenders. However, in the recent period, as already informed to you, the company is passing through financial stressful face and is facing severe liquidity problems due to which there has been delay in servicing debt obligation and further requested to support the company in its debt resolution efforts' . Thus, Respondent has admitted dues, as claimed by the Petitioner. 23. From the above, it is clear that there is debt and due and the default is occurred, which said debt has duly been acknowledged by the Corporate Debtor. This Adjudicating Authority is only required to consider whether there is any default and debt is due and payable. In the instant case the Applicant has placed on record enough documents evidencing the default. Hence, the present application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Central Government in consultation with any financial sector regulator. 29. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 30. The applicant/financial creditor has proposed the name of Mr. Pinakin Shah to act as Interim Resolution Professional. This Adjudicating Authority hereby appoint Mr. Pinakin Shah, A-201, Siddhi Vinayak Towers, b/h DCP office, next to Kataria House, Off. S.G. Highway, Makaraba, Ahmedabad-380051 ([email protected]) (Mobile 9227223377) having registration No. IBBI/IPA-002/IP-N00106/2017-2018/10248 to act as an interim resolution professional under Section 13(1)(c) of the Code. 31. This Petition is accordingly admitted. Communicate a copy of this order to the applicant, Corporate Debtor, Registrar of Companies and to the Interim Resolution Professional. 32. Registry is directed to inform the office of Registrar of Companies that the respondent company is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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