9911796707
TMI Blog2019 (5) TMI 1925X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank as a whole cannot be made to suffer. It is brought to notice that the Financial Creditor's claim is now being considered by the RP/CoC in the proceeding against the ESIL pending before the Adjudicating Authority at Ahmedabad. Be that as it may one fact is certain that IDBI Bank cannot file the same claim before the different Authorities but as on today there is nothing on record to show that IDBI's claims has been considered by the RP in that proceeding. Be that as it may in this case IDBI Bank has proved both crucial facts i.e. they owned financial debt against the Corporate Debtor and the Corporate Debtor committed default in paying the debt. The application filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Odisha Slurry Pipeline Infrastructure Limited is hereby admitted - moratorium declared. - TP No. 41/CTB/2019 and CP (IB) No. 352/KB/2018 - - - Dated:- 14-5-2019 - M.B. Gosavi, Member (J) For Appellant: V. Poliwal and P. Gokhale, Advocates For Respondents: Jishnu Saha, Sanjay Ginodia and B. Panigra ORDER M. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Pipe Line and its management to the Corporate Debtor. However, other creditors of ESIL did not give consent for the same. Hence, the Pipe Line could not be transferred in favour of the Corporate Debtor. The Financial Creditor has granted and disbursed the loan on the condition of transfer of the Pipe Line. The title of the Pipe Line still remain with ESIL. The loan was granted and disbursed only on the ground that the Corporate Debtor will earn rental on the Pipe Line and will as pay loan. Since the Pipe Line remains with ESIL. They are not liable to pay any loan amount. 5. It is further stated that, the State Bank of India is one of the creditors of the ESIL has filed proceeding under Section 7 of Insolvency and Bankruptcy Code, 2016 against the ESIL before the Adjudicating Authority at Ahmedabad. That application was allowed by learned Adjudicating Authority. The Financial Creditor i.e. IDBI Bank being one of the Financial Creditor of ESIL has lodged its claim with the RP in that proceeding. The claim is under the consideration of RP. In view of above peculiar facts this proceeding is not maintainable. 6. It is also contended that one M/s. SREI Infrastructure Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontroversy as appears from the materials on record and also in view of the submissions made at the Bar is that ESIL took a loan from various Financial Institutions by mortgaging the Pipe Line in dispute. The Corporate Debtor also sought the financial assistance from the IDBI Bank on the basis of deed of mortgage of the same Pipe Line. Learned Senior Counsel for the Corporate Debtor submitted that as the title of the Pipe Line is itself in dispute, the Corporate Debtor did not get any rent. The loan was granted on the basis of the condition that the loan is to be repaid from the rent received from that Pipe Line. Since the Corporate Debtor did not get possession of the Pipe Line and rent therefrom, how the Corporate Debtor can be made to repay loan. 11. Here, in this case I am not required to enter into controversy as to who is the owner of the Pipe Line. It is not within jurisdiction of this Authority. I have to see whether IDBI Bank (i.e. Financial Creditor) owned any debt to be paid by the Corporate Debtor and whether Corporate Debtor committed default in paying the debt of the Financial Creditor more than ₹ 1,00,000/-(One Lakh). 12. It is not the defence of the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Chhawchharia as IRP of Grant Thorton, 10C Hungerford Street, Kolkata, West Bengal - 700 017 having Registration No: IBBI/IPA-001/IP-P00294/2017-18/10538 and Email Id: [email protected]. There is nothing on record to show that any disciplinary proceeding is pending against proposed IRP. This application is defect free. Hence, I admit the same by following order. ORDER i) The application filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Odisha Slurry Pipeline Infrastructure Limited is hereby admitted. ii) I declare a moratorium and public announcement in accordance with Sections 13 and 15 of the Insolvency Bankruptcy Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in Clause (b) of sub-Section (1) of Section 15 of Insolvency Bankruptcy Code, 2016 shall be made immedi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
