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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 ..... LAW APPELLATE TRIBUNAL, NEW DELHI ] the application filed under section 7 of IB Code filed on 06.06.2019 is within time. In an affidavit filed on 08.10.2020 the respondent -Corporate Debtor has submitted that 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 - 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Cotton ginning or textile substances. 3. The Authorised Share Capital of the Respondent Company is ₹ 90,00,00,000/-. The Paid-Up Share Capital is ₹ 47,50,000/-. 4. As per Part IV of the application, the total amount of debt sanctioned by the Bank of India, the Financial Creditor to the Corporate Debtor amounted to ₹ 1485 lacs (Term Loan of ₹ 185 lacs and Cash Credit i.e. Hypothecation of Stock ₹ 1300 lacs). It is further stated that the defaulted amount as of 04.06.2019 is ₹ 23,07,58,224.09. The date of NPA is 07.06.2016. The date of default is 07.06.2016. 5. The Applicant Bank classified the account of the Respondent Company as NPA on 07.06.2016 and issued a notice under Section 13(2) of the SA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tors of the Corporate Debtor held on 04.05.2015, 08.06.2016 CIBIL Report dated 08.01.2019 Copies of Demand Notices u/s. 13(2) of the SARFAESI Act,2002 dated 08.06.2016 issued by the Financial Creditor to its Corporate Debtor and its Guarantors Copy of Power of Attorney dated 03.02.2018 8. The Respondent Company has contended that the date of default has been stated by the Applicant bank to be 07.06.2016 which is denied. The Respondent further stated that on 07.06.2016, the Applicant bank had declared the account of the Respondent as NPA, the date of NPA cannot be the same as the date of default. It is further stated that from the statement of accounts produced by the Applicant Bank the installment of January 2016 remains unpai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that Shri Raj Kumar Gautam Chief Manager of Bank Of India who has filed the application, has the power to make advances, grant loans, to take bankruptcy or insolvency or liquidation proceedings for any debt due to the Bank. Hence, in line with the decisions of Hon ble NCLAT in Palogix case and in Gouri Prasad Goenka Vs. Punjab National Bank Case, Shri Rajkumar Gautam has the authorization to file this application. 15. The second contention put forth by the Corporate Debtor that the present petition is barred by limitation and not maintainable. The respondent Corporate Debtor also argued that the affidavit filed on 05-10-2020 with a copy of the acknowledgment of debt should not be considered at this stage and it will not extend the limita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion CP (IB) 380/2019, IA 248 of 2020 is filed by the Respondent. The averments in the IA are similar to the objections filed by the Respondent and hence do not require detailed deliberation. The IA 248 of 2020 is dismissed as not maintainable. 19. The Petitioner has proposed the name of Mr. Shalabh Kumar Daga having Registration No. IBBI/IPA-001/IP-POOO71/2017-18/10157 to act as IRP under Section 13(1)(b) of the IB Code and written communication in Form2 of IBIBI has been filed by the proposed IRP. 20. From the documents placed on record, this Adjudicating Authority is satisfied that default has been committed by the Corporate Debtor in repayment of loan amount to the Bank. The petition is complete. As a consequence, the instant petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of receipt of an authenticated copy of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, as the case may be. 21. This Adjudicating Authority hereby appoints Mr. Shalabh Kumar Daga having Registration No. IBBI/IPA-001/IP-PO0071/2017-18/10157 to act as Interim Insolvency Resolution Professional under Section 13(1)(b) of the IB Code. 22. The petition CP(IB) 380 of 2019 along with IA No. 248 of 2020 stands disposed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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