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TMI Blog2021 (5) TMI 612X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited, the original lender, which was amalgamated with the Petitioner then known as Piramal Housing Finance Limited vide merger Order dated 06.04.2018 and later the name was changed to Piramal Capital & Housing Finance Limited. (b) Piramal Finance Limited sanctioned the term loan of Rs. 47,00,00,000/- (Rupees Forty Seven Crore only) to the Respondent and Rs. 15,00,00,000/- (Rupees Fifteen Crore only) to its sister concern one SK Wheels Private Limited, on 29.08.2017, pursuant to Sanction Letter dated 12.07.2017 and addendum to Sanction Letter dated 23.08.2017 and a Facility Agreement. Both the Companies i.e., the Respondent herein and SK Wheels Private Limited are jointly and severally liable for the repayment of the loan as co-obligors. (c) On 24.08.2017, a Deed of Mortgage bearing registration No. 11046 of 2017 was executed between the Respondent (Security Provider) and the Petitioner (formerly known as Piramal Finance Limited) under which the Respondent granted, conveyed, assigned, assured and transferred in favour of the Petitioner by way of first ranking mortgage. (d) In addition to the aforesaid mortgage, certain additional securities were also created by the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioner on various dates:- (i) Rs. 3,35,66,751/- (Rupees Three Crore Thirty Five Lakhs Sixty Six Thousand Seven Hundred and Fifty One only) towards net overdue interest calculated till 04.04.2019, (ii) Rs. 11,11,522/- (Rupees Eleven Lakh Eleven Thousand Five Hundred and Twenty Two only) towards total net accrued interest calculated from 05.04.2019 till 10.04.2019, (iii) Rs. 20,66,887/- (Rupees Twenty Lakh Sixty Six Thousand Eight Hundred and Eighty Seven only) towards net default calculated till 10.04.2019. (o) The Petitioner vide its Written Submissions dated 03.03.2021 submits that the Respondent has admitted the existence of the debt and default. The liability of the Respondent as well as its default has effectively confirmed and adjudicated in collateral proceedings by the Hon'ble Bombay High Court in the summons for Judgment No. 54 of 2019 in Commercial Summary Suit No. 1060 of 2019 vide its Judgment and order dated 20.03.2020. The said Summary Suit has been filed by the Petitioner against the Promoters of the Respondent who acted as guarantors of the loan facility. 4. In its reply dated 06.11.2019, the Respondent has set up the following defence:- (a) The Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SK Wheels Private Limited. The Petitioner has filed multiple claims thereby causing multiplicity of proceedings. (f) The Petitioner has also filed a Commercial Summary Suit before the Hon'ble High Court of Bombay against the guarantors of the Facility Agreement claiming an amount of Rs. 67,92,29,900/- which is pending. (g) The Respondent further submits that SK Wheels Private Limited had initially borrowed money from Punjab National Bank to the tune of Rs. 40,00,00,000/-. Thereafter, Piramal Realty Private Limited approached the promoters of the SK Wheels Private Limited, who are also the promoters of the present Respondent, an offer to provide finance to the Respondent on relaxed terms and conditions. The Respondent was in the process of expansion and hence was in need of finance. (h) In February, 2018 the Respondent was in need of finance and as per the agreed undertaking, the Respondent requested the Petitioner for additional facility of Rs. 20 Crore. The Petitioner refused to lend the facility. Hence the Respondent had no option but to approach other institutions for availing the finance. 5. The Petitioner has proposed the name of Mr.Arun Kapoor, Registration No. IB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther as per the agreement, various documents, terms and conditions the loan is to be repaid jointly and severally by the Respondent and SK Wheels Private Limited. 11. It is noted from the file that on various occasions the Respondent submitted that the matter would be settled and sought time. Considering the submissions of the Ld. Senior Counsel for the Respondent, time was granted. The Respondent also submitted that it is in the process of selling the assets/building of the Respondent, is the interest of amicable settlement/due diligence process is being carried out by reputed Companies and expressed their interest to buy the buildings/assets of the Respondent which is situated in Navi Mumbai. On the pretext of due diligence, valuation few adjournments were taken. However, despite providing various opportunities, nothing seems to have been fructified and the Respondent is not in a position to pay the outstanding dues of the Petitioner. 12. Ld. Senior Counsel for the Petitioner submitted that assets of the Respondent have been pledged, mortgaged to the Petitioner and without their consent/permission in writing, the Respondent cannot sell the assets to the third-party. Ld. Senior ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dmits the Petition No. CP (IB) 1474/MB/2019 and initiates CIRP proceedings against the Respondent and declares moratorium as under section 14 of the IBC and appoints IRP of the Respondent. Respondent. 16. It is, accordingly, hereby ordered as follows:- (a) The petition bearing CP(IB)-1474/MB/2019 filed by Piramal Capital and Housing Finance Limited, the Petitioner, under section 7 of the IBC read with rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against SK Elite Industries (India) Limited [CIN: U74900MH1996PLC118908], the Respondent, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Respondent 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 Respondent any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security inte ..... 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