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TMI Blog2022 (3) TMI 1224X X X X Extracts X X X X X X X X Extracts X X X X ..... petition and initiates CIRP on the Corporate Debtor with immediate effect - Application admitted - moratorium declared. - IB-204/(ND)/2021 - - - Dated:- 25-3-2022 - P.S.N. Prasad, Member (J) And Rahul Bhatnagar, Member (T) For the Appellant : Alok Kumar, Adv. For the Respondents : Kanishk Khetan, Adv. ORDER P.S.N. Prasad, Member (J) and Rahul Bhatnagar, Member (T) 1. This is an application filed by Union of India to initiate corporate insolvency resolution process ( CIRP ) against M/s. Supertech Ltd. under Section 7 of the Insolvency and Bankruptcy Code 2016 ( the Code ) for the alleged default on the part of the Respondent in settling an amount of ₹ 431,92,53,302 ( Four Hundred Thirty One Crore Ninety Two Lakhs Fifty Three Thousand Three Hundred and Two Rupees only) as on 31.01.2021. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: That the Corporate Debtor approached various financial institutions in 2013 including the Financial Creditor, to avail a credit facility of ₹ 350 Crores from a consortium of banks; out of which the exposure of the Financial Creditor i.e. the Lead ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Respondent failed to regularize both of its accounts with the Applicant. The repeated defaults in payment of principal amount or the interest component by the Respondent resulted in the classification of both Loan Accounts of the Respondent as Non-Performing Asset (NPA). That notice under Section 13(2) of SARFAESI Act dated 24.04.2019 (Term Loan-I) and 23.04.2019 (Term loan- II) was sent to Respondent but the Respondent not only failed to repay the outstanding debt but also abstained from making any effort for the same. 2. Consequent to the notice issued by this Tribunal, the Respondent filed its reply in which the following contentions were made: That the instant petition has been filed without proper authority. The Application is filed by the Financial Creditor through an officer/employee, namely Mr. Shakti Singh Yadav, Chief Manager of the Applicant. However, Mr. Shakti Singh Yadav is not authorized to file such petition. That the Form 1 filed by the Applicant is incomplete and not in accordance with the provisions of the IBC particularly Section 7 and Section 215 of the IBC. That as per Article IV, Clause 4.4, sub-clause (g) of the Inter Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 2A of the Bankers' Books Evidence Act, 1891. That the Claim Amount of the Applicant/Petitioner is completely substantiated by its Statement of Account and Balance Confirmation filed along with filing of Claim Form 4. We have gone through the documents filed by both the parties and heard the arguments made by the counsels. The applicant has claimed the default on part of the Respondent for the Loan amount of ₹ 431,92,53,302 ( Four Hundred Thirty One Crore Ninety Two Lakhs Fifty Three Thousand Three Hundred and Two Rupees only) as on 31.01.2021. 5. From the daily order dated 17.03.2022, it is clear that the Counsel for the Corporate Debtor has submitted that the One Time Settlement proposal submitted by the Corporate Debtor has not been accepted by the Financial Creditor. The counsel for the Corporate Debtor has therefore admitted the debt and default. 6. Mere plain reading of the provision under section 7 of IBC and decision (supra) shows that in order to initiate CIRP under Section 7 the applicant is required to establish that there is a financial debt and that a default has been committed in respect of that financial debt. 7. In the light of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is admitted. 14. Mr. Hitesh Goel, having Registration No. IBBI/IPA-001/IP-P-01405/2018-2019/12224 is appointed as an Interim Resolution Professional. 15. 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. 16. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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