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TMI Blog2021 (5) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of Respondent Company, DMC Infrastructure Pvt. Ltd., referred to as the Corporate Debtor (CD) being corporate guarantor of two principal borrowers namely, J.B. Gold Private Limited and Roshini Jewellers Private Limited. 2. FC is a body corporate constituted under Banking Companies (Acquisition & Transfer of Undertaking) Act, 1980 having its Head Office at Mangla Devi Temple Road Mangalore, Karnataka. 3. DMC Infrastructure Pvt. Ltd. (CD) (CIN No. U454 00DL 2008 PTC 178327) against whom initiation of CIRP has been prayed for, was incorporated on 19.05.2008 having its registered office at 8356, W.N. 14, Model Basti Bara, Hindu Rao Filmistan Cinema Building, Delhi-110005, within the territorial jurisdiction of this Bench. 4. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the guarantor of both the borrowers. 5. FC has filed documents of securities in favour of FC, i.e., deeds of guarantee (duly signed by FC, principal borrower and guarantor i.e., CD), deposit of title deed dated 27.06.2013 (pg. 93 and 114) and copies of summons issued by DRT, Delhi, against aforesaid two principal borrowers. In addition, FC has also given detailed particulars of 'financial debt' including records and evidence of default as required under Sub-section 3(a) of Section 7 of the Code (pg. 3 and 10 of Additional Affidavit dt. 17.03.21). 6. In terms of the Sub-section (3)(b) of Section 7 of the Code, the FC has proposed the name of Mr. Ashok Kumar Dewan for appointment as Interim Resolution Professional (IRP). Mr. Dewan h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 021. 9. In terms of Section 5(8)(i) of the Code, "financial debt" includes the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clauses (a) to (h). Section 5(8)(i) has been reproduced below: "(8) "financial debt" means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes- ... ... ... ... ... (i) the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clause (a) to (h) of this clause;" 10. In the present matter, CD has signed deeds of guarantee in favour of FC for the OD facilities sanctioned to the two principal borrowers. In terms of the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sent 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. Consent of the TRP is enclosed with Petition. The defaulted amount is more than Rs. 1,00,000, being the minimum threshold limit fixed by the Code. Under such circumstances, this Adjudicating Authority is inclined to admit this petition and initiate CIRP against the respondent. Accordingly, this petition is admitted. 15. Mr. Ashok Kumar Dewan is hereby appointed as IRP having registration number IBBI/IPA-0001/IP-P00603/2017-18/11054 with email id: [email protected]. 16. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply to the surely in a contract of guarantee to the CD in terms of Section 14(3)(b) of the Code. 19. The IRP shall perform all his functions contemplated, inter-alia, by Sections 17, 18 and 21 of the Code and conduct proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations and shall file reports before the AA. It is further made clear that all the personnel connected with the CD, its promoters or any other persons associated with the Management of the CD are under legal obligation as per Section 19 of the Code to extend every assistance and cooperation to the IRP as may be required by him in managing the day-to-day affairs of the CD. The IRP shall be under duty to protect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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