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TMI Blog2022 (3) TMI 1171X X X X Extracts X X X X X X X X Extracts X X X X ..... is admitted. Petition admitted - moratorium declared. - CP. (IB) No. 21/GB/2021 - - - Dated:- 24-3-2022 - Hon ble Shri Rohit Kapoor, Member (J) And Hon ble Shri Prasanta Kumar Mohanty, Member (T) NONE - PETITIONER/FC PRESENT IN VIDEO NONE - RESPONDENT/CD CONFERENCE ORDER [Per se: Hon ble Shri Prasanta Kumar Mohanty, Member (T)] 1. The present petition has been preferred by the Petitioner/Financial Creditor, i.e. Indian Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as a Code ) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking for initiation of Corporate Insolvency Resolution Process ( CIRP in short) in respect of the Corporate Debtor namely, M/S. Guwahati Construction Private Limited. 2. The Petitioner/Financial Creditor namely, Indian Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Registered Head Office at Office No. 254-260, Avvai Shanmugam Salai, Royapettah, Chennai-600014 and carrying on its Banking business through diverse branches and in particular a branch n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greement and power of Attorney, along with Hypothecation of Construction Material at Site, also created equitable mortgage of a Residential Flat of the director Viz. Ashim Kr. Mandal at 2nd Floor, Rajat Enclave, Unit No. 2A, Lachit Nagar, Guwahati, measuring 1175 Sq. Ft. with a market value of ₹ 46.50 Lakhs and FSV of ₹ 40 Lakhs as per valuation also created equitable mortgage of a plot of land measuring 3 Kathas adjacent to the project and held under irrevocable Power of Attorney by the company in the name of Isha Biswas covered by Dag No. 175 and Patta No. 218. 6.3 The Credit Facility was secured by creation of equitable mortgage of land measuring 1 (One) Bigha 2 (Two) Kathas, covered by Dag No. 545(O)/1774(N) and 208(N) under K.P Patta No. 218(O)/516(N) of Village Gotanagar, Mouza Jalukbari in the District of Kamrup (M) Assam in the name of Smt. Rita Mandal. Land measuring 3(Three) Kathas covered by Dag No. 544 (Patta No. 70,79(O)/506/218(N) and after clubbing both the adjacent land the new demarcation stands as Dag No. 2017 of K.P Patta No. 199 of Village Gotanagar Mouza Jalukbari in the district of Kamrup(M) Assam in the name of Isha Biswas. 6.4 A residential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itially and reduced the amount to ₹ 390 Lakhs subsequently to the borrower M/s Guwahati Construction Pvt. Ltd. The term Loan facility is secured by creating equitable mortgage of following: a. Created equitable mortgage of property, a plot of land measuring 7 Kathas under Dag No. 545 (O) 208 (N) patta no. 218 (N) in Gotanagar, Jalukbari Mouza at B.G Coloney, Maligoan, Guwahati in the name of one of the director of borrower Ms. Rita Mandal which is developed by the company. The same has been annexed as marked as ANNEXURE No. IXII. b. Hypothecation of all the Construction Material at the construction site executed by the corporate debtor through authorized representative/director and the same has been annexed herewith and marked as ANNEXURE No. I-XI. c. Equitable mortgage of a residential Flat of the director Viz. Ashim Kr. Mandal at 2nd Floor, Rajat Enclave, Unit No. 2A, Lachit Nagar, Guwahati, measuring 1175 Sq. ft. with a market value of ₹ 46.50 Lakhs and FSV of ₹ 40 Lakhs as per valuation, the title documents have been annexed herewith and marked as ANNEXURE No. I-XXVI. d. Equitable mortgage of a plot of land measuring 3 Kathas adjacent to the projec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Isha Biswas in favor of M/s Guwahati Construction Pvt. Ltd. (ANNEXURE I-XXI) o. Deed of Agreement No. 7068 of 2011 executed by Smti. Isha Biswas in favor of M/s Guwahati Construction Pvt. Ltd. (ANNEXURE I-XXII) p. Sale Deed No. 13603 of 2009 executed by Smti Khudi Kumar in favor of Smti. Isha Biswas. (ANNEXURE No. I- XXIII) q. Letter dated 22.01.2015 executed by Smti. Isha Biswas confirming deposit of title document of her property (ANNEXURE I-XXIV) r. Recital of Mortgage (ANNEXURE I-XV) s. Deed of Sale vide no. 6139/12 dated 29.06.2012 executed by Mrs. Ravi Pronita Pillai in favour of Sri Ashim Kumar Mandal. (ANNEXURE IXXVI) t. NOC for construction from GMC dated 28.09.2004 (ANNEXURE IXXVII) u. Deed of Agreement being deed no. 16499/07 dated 10.12.2007 entered between Sri Baikuntha Nath Patowari and M/s Swarnali Construction. (ANNEXURE I-XXVIII) v. Trace Map. (ANNEXURE I-XXIX) w. Deed of Sale No. 5123/08 dated 01.04.2008 (ANNEXURE I-XXX) x. Certificate dated 08.06.2007 issued by M/s Swarnali Construction (ANNEXURE I-XXXI) y. Letter dated 22.01.2015 executed by Sri Ashim Kumar Mandal confirming deposit of title documents of his property. (ANNEXURE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted the details of the Loans disbursed, due date of repayment, default date of the loan and had prayed for admission of the Petition. The Counsel of the Petitioner had submitted that the Respondent was deliberately avoiding to appear before this Bench. Hence the Petition was heard ex-parte and order was reserved. 12. The Financial Creditor also has furnished the name of the Insolvency Resolution Professional to act as interim Resolution Professional ORDER 13. Heard the Counsel of the Applicant at length and perused the records/documents filed. Considering the materials made available by the Applicant Bank, arguments of the Counsel, this Adjudicating Authority is satisfied that: 13.1 The Corporate Debtor availed the loan/credit facilities from the Financial Creditor; 13.2 Existence of debt is above One Crore; 13.3 Debt is due, payable and defaulted; Credit Information reports as generated from Trans Union CIBIL has been filed. (Annexure No. XXXXVI). 13.4 Application has been filed within the limitation period, as the date of default is 27.12.2018, when the Application under Section 7 of the IBC has been filed by the FC i.e. Indian Bank on 23.09.2021; Debt Liab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -781001, Assam having IP Registration No. IBBI/IPA-001/IPP00487/ 2017-18/10875 as an Interim Resolution Professional. The Interim Resolution Professional is further directed to make public announcement of moratorium in respect of Corporate Debtor soon after receipt of an authenticated copy of this order and to act further as per the order/direction issued by this Adjudicating Authority and to follow the provisions under Section 13 and 14 and other relevant provisions of the Insolvency and Bankruptcy Code. The IRP has to submit the Assignment Declaration before the Registry within 2 days from today. 16. The IRP is hereby advised to adhere the time limit as stipulated for completion of the Corporate Insolvency Resolution Process ( CIRP ) and perform the duties as specified under Section 17, 18, 20 and 21 of IB Code. The IRP shall perform all his functions contemplated, inter-alia, in Sections 15, 17, 18, 19, 20 21 of the Code and transact proceedings with utmost 29 dedication, honesty and strictly in accordance with the provisions of the Code , Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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