9911796707
TMI Blog2021 (5) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... r. The material placed on record further confirms that FC had disbursed loan facilities to the principal borrowers in respect of which guarantees were issued by the CD. The principal borrowers had committed default in repayment of the outstanding financial debt. The FC has placed on record the guarantee agreement (tripartite agreement) executed by CD in favour of FC. The present application is complete in all respects and the FC is entitled to claim outstanding financial debts from the CD and that there has been default in payment of the financial debt - Petition admitted - moratorium declared. - IB-804/ND/2020 - - - Dated:- 15-4-2021 - Abni Ranjan Kumar Sinha , Member ( J ) And K. K. Vohra , Member ( T ) For the Appellant : Ekt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l borrower, Roshini Jewellers Pvt. Ltd., on 25.06.2013. Thereafter, a guarantee agreement (tripartite agreement) was executed by CD in favour of FC on 27.06.2013 for OD facility to Roshini Jewellers Pvt. Ltd. (pg. 89 of petition). b) FC sanctioned OD facility of ₹ 9.00 crore in favour of another principal borrower, J.B. Gold Pvt. Ltd., on the same day i.e., 25.06.2013. Thereafter, a guarantee agreement (tripartite agreement) was executed by CD in favour of FC on 27.06.2013 for OD facility to J.B. Gold Pvt. Ltd. (pg. 110A). c) Both the principal borrowers have failed to repay the loan amounts sanctioned by FC and the accounts of both the borrowers were declared NPAs on 16.06.2017 (Roshini Jewellers Pvt. Ltd.) and 30.09.2017 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record. It is seen that notice through Bench was also sent to CD vide email dated 23.09.2020 (pg. 3 of affidavit of service). Despite service, none appeared on behalf of the CD. Therefore, CD was proceeded ex-parte vide order dated 05.11.2020 and 26.11.2020. 8. Thereafter, the FC was directed to take steps to file a record of default before Information Utility. FC vide affidavit dated 17.03.2021 has filed reports of default issued by NeSL in respect of Roshini Jewellers Pvt. Ltd. and J.B. Gold Pvt. Ltd. It is seen that in respect of Roshini Jewellers Pvt. Ltd., the date of default is 16.06.2017 and amount of default is ₹ 10.98 crore (9 crore + interest) and in respect of J.B. Gold Pvt. Ltd. the date of default is 30.09.2017 and amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion under Sub-section (2) is complete, and there are no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or (b) default has not occurred or the application under Sub-section (2) is incomplete or any disciplinary proceeding is pending against the proposed resolution professional, it may, by order, reject such application. 12. If it is established that default has occurred and no disciplinary proceeding is pending against the IRP and application is complete, the Adjudicating Authority (AA) has no option but to admit the application; if any of the conditions is lacking, the application is liable to be rejected. 13. From the facts, it is seen that the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), (b), (c) (d) of the Code. Thus, the following prohibitions are imposed: a) the institution of suits or continuation of pending suits or proceedings against the CD 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 CD any of its asset or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the CD in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where ..... X X X X Extracts X X X X X X X X Extracts X X X X
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