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TMI Blog2018 (3) TMI 1911X X X X Extracts X X X X X X X X Extracts X X X X ..... the property belonging to Smt. Saroj Singhania was also mortgaged to the Bank under the same Loan Agreement on the basis of which the Financial Debt in question was sanctioned. It is, therefore, explained that since the property belonging to Smt. Singhania had already been mortgaged, therefore, to realize the Debt amount the said property is also to be liquidated. One more reason is that the total realizable value is about ₹ 4,68,15,000/- + ₹ 12,90,00,000/- totalling to ₹ 17,58,15,000/- if both the properties are liquidated. Otherwise, the realizable value of the Corporate Debtor is only ₹ 4,68,15,000/- against the Debt of ₹ 41,38,06,010/-. If the amount of ₹ 4,68,15,000/- is to be received then the Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ber (J) 1. An Order was passed u/s 7 dated 29.08.2017 of the Insolvency Code in respect of a Petition submitted by the Financial Creditor Punjab National Bank against the Corporate Debtor M/s. Vindhya Vasini Industries Ltd. On examination of the records it is noticed that the Loan Facility granted originally by Punjab National Bank was for an amount of ₹ 1883.73 Lakhs and by Central Bank of India of ₹ 1046.00 Lakhs + Interest thereon. It has also been brought to the notice that earlier a Demand Notice u/s 13(2) under SARFAESI Act was served upon the Borrower informing the nature of Facility granted and rate of Interest on the Loan amount. At that time, the consortium of the secured Creditors consisted of only two Banks i.e. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency Resolution Process but before confirmation of Resolution Plan, intimates the AA of the decision of the Committee of Creditors to Liquidate the Corporate Debtor the Adjudicating Authority shall pass a Liquidation Order as prescribed u/s 33 of The Code. It is intimated that after due deliberations the Committee of Creditors passed a Resolution for Liquidation of the Company with 100% Voting Share in favour of the said Resolution. 4. Valuers were appointed and submitted their reports, in brief as under :- As per your instruction, I am submitting the Valuation Report of the Property of 1) M/s Vindhya Vasini Industries Ltd. Director Smt. Saroj Singhania W/o Shri K.R. Singhania On Plot No. 502, 503, 504, 505, 506, 507 and 508 at Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned. It is, therefore, explained that since the property belonging to Smt. Singhania had already been mortgaged, therefore, to realize the Debt amount the said property is also to be liquidated. One more reason is that the total realizable value is about ₹ 4,68,15,000/- + ₹ 12,90,00,000/- totalling to ₹ 17,58,15,000/- if both the properties are liquidated. Otherwise, the realizable value of the Corporate Debtor is only ₹ 4,68,15,000/- against the Debt of ₹ 41,38,06,010/-. If the amount of ₹ 4,68,15,000/- is to be received then the Banks shall have a very high haircut by sacrificing about 89% of the Debt in question and the recovered amount shall be only 11% of the total Debt. Therefore, to avoid such h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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