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TMI Blog2020 (12) TMI 1252X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, 2016 [hereinafter referred to as "the IB Code"] read with Rule 4 of the insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016 (hereinafter referred to as "the Rules") for initiating corporate insolvency resolution process [hereinafter referred to as "CIRP") against M/s. Raghukul Cottex & Processing Pvt. Ltd., the Respondent company, the Corporate Debtor. 2. M/s. Raghukul Cottex & Processing Pvt. Ltd., the Corporate Debtor, a company incorporated under the provisions of the Companies Act, 1956 having its Registered Office at R.S. No. 318/1, Nr. Dhuadhar Khodiyar Temple, Jasdan-Ahemdabad Highway, Lilapur, Jasdan, Gujarat. The Company is engaged in the business activity of Cotton ginning or textile substances. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtificate issued under Banker's Book Evidence Act,1891 * Copy of Hypothecation cum Loan Agreement dated 31.03.2014 by the Corporate Debtor in favor of Applicant Bank * Copy of Memorandum of Entry dated 22.05.2014 executed by & between the Corporate Debtor and it's Mortgagors & Guarantors with Applicant Bank * Copy of Deed of Guarantee executed on 31.032014 by the Guarantors of the Corporate Debtor in favor of Applicant Bank * Copy of ROC search report dated 08.01.2019 issued by Company Secretary in respect of Corporate Debtor * Copies of Valuation Reports of Movable & Immovable Properties * Copy of Resolution passed in the meeting of the Board of Directors of the Corporate Debtor held on 04.05.2015, 08.06.2016 * CIBIL Repo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present insolvency application is barred by limitation. 11. The Petitioner filed an affidavit on 10.01.2020 enclosing Statement of Accounts of Corporate Debtor. Further, an Additional Affidavit is filed by the Petitioner on 05.10.2020 with a Copy of Acknowledgement of Debt dated 20/11/2018 _ signed by the two directors of the Corporate Debtor / Respondent. 12. Heard the Learned Counsels for both sides. 13. The counsel for the Respondent submitted that the said application is not filed by the authorized person competent to file the same. It is submitted by the counsel for the Respondent that the petition is required to be discarded. 14. It is noted that Shri Raj Kumar Gautam Chief Manager of Bank Of India who has filed the applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the additional affidavit filed by the petitioner should not be taken on record at such belated stage and stated the acknowledgment letter signed by Mr Kamlesh G. Pansuriya is forged and it was never signed by Mr. Kamlesh G. Pansuriya. The petitioner also enclosed a copy of the complaint sent to the police sub-Inspector by Post along with the Affidavit. However, it is noticed that the acknowledgment of the debt is signed by two directors and not one and on the face of it, the signature matches with that of the two directors who have signed the loan documents. Hence, the objections of the respondent is not sustainable. 18. During the pendency of the petition CP (IB) 380/2019, IA 248 of 2020 is filed by the Respondent. The averments in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(54 of 2002); (iv) the recovery of any property by an owner as lessor where such property is occupied by or in the possession of the Corporate Debtor. (2) The supply of goods and essential services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. (3) The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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