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TMI Blog2022 (2) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... rises and unable to make payment to the petitioner. The application filed in the prescribed Form No. 1 is found to be complete - the present petition being complete and having established the default in payment of the Financial Debt for the default amount being above the threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. Application allowed. - CP (IB) No. 315/Chd/Hry/2019 - - - Dated:- 2-2-2022 - Harnam Singh Thakur, Member (J) And Subrata Kumar Dash, Member (T) For the Appellant : Vaibhav Gupta, Advocate For the Respondents : Vaibhav Sahni, Advocate JUDGMENT Harnam Singh Thakur, Member (J) 1. The present petition is filed, under the Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC'/'Code') by Bank of India through its Authorized Representative Mr. Pawan Kumar (hereinafter referred to as Petitioner) to initiate the Corporate Insolvency Resolution Process ('CIRP') against M/s. Vikas WSP Limited (hereinafter referred to as 'Corporate Debtor'). Authorization letter dated 10.05.2019 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charge created under charge ID 10379510 dated 12.09.2012 to record the addition of property situated at SP-82, IGC Khara, Bikaner measuring 33340 sq. mtr. as collateral in favour of PNB lead bank- Annexure 11. i) Copy of sanction letter with Ref. No. NDLCB/AK/2011-12/1721 dated 24.10.2011 issued by the Financial Creditor to the Corporate Debtor along with the copy of letter dated 01.11.2011 of the Corporate Debtor confirming the sanction letter dated 24.10.2011-Annexure 12. j) Copy of letter with Ref. No. NDLCB/AK/2011-12/1767 dated 08.11.2011 issued by the Financial Creditor to the Corporate Debtor modifying the sanction letter dated 24.10.2011 along with the copy of below mentioned documents all dated 09.11.2011-Annexure 13. k) Copy of the resolution passed in board meeting dated 25.03.2012 of the Corporate Debtor accepting the said sanction letter-Annexure 14. l) Copy of letter with Ref. No. NDLCB:AK:2012- 13:5 dated 03.04.2012 of the Financial Creditor ceding Pari-passu charge in favour of UBI and PNB-Annexure 15. m) Copy of Inter se Agreement dated 12.09.2012-Annexure 16. n) Copy of the Letter of Authority dated 12.09.2012 given by the Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of 60 days from the date of the Notice-Annexure 33. ee) Copy of the minutes of the consortium meeting dated 07.09.2017-Annexure 34. ff) Copy of Recall Letter dated 15.12.2017 issued by the Financial Creditor recalling of sanctioned loan from the Corporate Debtor-Annexure 35. gg) Copy of the minutes of the consortium meeting dated 29.01.2018-Annexure 36. hh) Copy of letter dated 13.02.2019 offered to the Financial Creditor for 'One-time settlement' towards the entire outstanding as on date and propose to pay ₹ 45 Crores as full and final settlement-Annexure 37. ii) Copy of an e-mail dated 13.02.2019 sent by the Financial Creditor advising the Corporate Debtor to improve its offer at least at the outstanding level along with 10% amount of the outstanding balance as on date (to keep in no lien accounts) to enable to initiate the process of Compromise-Annexure 38. jj) Copy of letter dated 20.02.2019 offered to the Financial Creditor for 'One-time settlement' towards the entire outstanding as on date and propose to pay ₹ 46 Crores as full and final settlement Annexure 39. kk) Copy of an e-mail dated 02.03.2019 sent b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate debtor is attached as Annexure-Y with the affidavit. As per the said speed post tracking report, the corporate debtor has been duly served and also it is further submitted and affirmed that the email sent on the email address of the corporate debtor as per the master data, the said email has not bounced back. 8. In reply on behalf of the corporate debtor vide Diary No. 00638/01 dated 06.01.2022 submitted that the affairs of the corporate debtor were managed by Late Sh. Bajrang Das Aggarwal and during the pendency of the petition Sh. Bajrang Das Aggarwal expired on 21.09.2020 and he was solely looking after the affairs of the company being the Managing Director and the chairman of the corporate debtor. It is further submitted that the corporate debtor is not in a position to carry out the functioning and to meet its day to day expenses and was solely relying upon the investments to be made by the strategic investor for settling the dues of the financial creditor. 9. It is further submitted by the corporate debtor in its reply that the corporate debtor has been experiencing a severe financial crisis owing to the said demise of Late Sh. Bajrang Das Aggarwal, losses incu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity; (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 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; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. (e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. (f) The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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