9911796707
TMI Blog2019 (3) TMI 1925X X X X Extracts X X X X X X X X Extracts X X X X ..... at No.7D, 7th Floor, Hansalya Building, 15 Barakhamba Road, New Delhi - 110001. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. It is appropriate to mention that the applicant State Bank of India, is a body corporate constituted under the State Bank of India Act, 1955 having its Corporate Office at A/9, Vidhan Bavan Marg, State Bank Bhawan, Madame C am a Road, Nariman Point, Mumbai-4000211 and amongst other branches, a branch office at Stressed Assets Management Branch - II, SBI House, II & III Floor, 18/4, Arya Samaj Road, Karol Bagh New Delhi - 110005. 4. Shri Sunil Gupta, Assistant General Manager and authorized representative of the applicant bank, has preferred the present application on behalf of the applicant for initiation of corporate insolvency resolution process against the respondent corporate debtor in terms of the provisions of the Code. 5. It is seen from the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as follows: 1. CC A/c (1) No. 10324773672 Date of default: 15.09.2016 Amount in Default: Rs. 55, 17,82,290.00 2. CC A/c (2) No. 65110535857 Date of Default: 15.09.2016 Amount in Default: Rs. 19, 74,79,648.00 3. CC A/c (3) No. 67141869574 Date of Default: 15.09.2016 Amount of Default: Rs. 18, 78,94,377.18 4. TL-I A/c No. 65101980366 Date of Default: 15.09.2016 Amount of Default: Rs. 3,39,79,661.00 5. TL-IA/c No. 67136538877 Date of Default: 15.09.2016 Amount in Default: Rs. 2,91,63,439.00 10. It is the case of the applicant that at the request of respondent corporate debtor, the applicant State Bank of India had sanctioned various credit facilities to the tune of Rs. 9.20 Crores to the respondent corporate debtor. The respondent company along with its guarantors acknowledged and accepted the terms and conditions of the sanction letter dated 04.02.2003. Besides respondent corporate debtor had also executed following documents in order to secure the loan facility. A. Copy of Board Resolution of the respondent company dated 28.01.2003. B. Agreement of loan for overall limit dated 06.02.2003 executed by corporate debtor in favour of Petitioner Bank. C. Agreement of Hyp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the provisions of SARFAESI Act, 2002 as well as under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. 12. The petitioner has placed on record the relevant statement of accounts duly certified as per Bankers' Books Evidence Act and has claimed that as on 31.08.2018 a sum of Rs. 142,95,99,869.65 along with applicable interest is due and payable by the Respondent Corporate Debtor. 13. On the ground that huge amounts are outstanding, it is claimed that the respondent has become commercially insolvent and accordingly it is prayed for initiation of corporate insolvency resolution process against the respondent company by admitting the present application. 14. It is pertinent to mention here that the scheme of the Code provides for triggering the insolvency resolution process by three categories of persons namely, a) Financial creditor b) Operational creditor, and c) Corporate debtor itself. 15. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the "Financial Creditor" is delineated under Section 7 of the Code, wherein only "Financial Creditor" / "Financial Creditors" can file an application. As per Section 7(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the Code is maintainable. 21. It is seen that the applicant bank has placed various documents in relation to the disbursement of the loan to the respondent company. The materials on record and the loan documents clearly depict that the loan was sanctioned, disbursed and the loan agreements were properly executed. Respondent company utilized and enjoyed the loan facility from time to time. The applicant bank has placed on record several balance and security confirmation letters duly signed by the respondent company. Additionally, the applicant has also placed on record revival letters executed by the respondent company acknowledging the utilization of credit facilities. That apart the applicant has relied upon the letter of respondent company confirming creation of mortgage by deposit of title deeds in order to secure the loan. The charge certificate and the Master data of the respondent company, placed on record, supports the claim of creation and modification of charge to secure the loan facility availed from the applicant bank. 22. Besides applicant bank has placed on record CIBIL Report as a record of default in support of its contention of non-repayment of loan. The ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of JD 2C, 2nd Floor, Pitampura, New Delhi - 110034 with email - id [email protected]. is appointed as an Interim Resolution Professional. 29. In pursuance of Section 13 (2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency & Bankruptcy Code, 2016. 30. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: «(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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