9911796707
TMI Blog2017 (11) TMI 1992X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is the case of the applicant that the corporate applicant has availed the loan from Financial Creditor, i.e. Karnataka Bank which was renewed from time to time and finally ₹ 3,50,00,000/- in the form of cash credit and ₹ 2,50,00,000/- as Term loan facility were sanctioned. It is submitted that the applicant company has suffered a huge loss of ₹ 42,36,135/- in financial year 2015-2016, ₹ 60,68,254.98/- in the financial year 2016- 2017 and ₹ 15,006,394.78/- in the current financial year - A copy of notice dated 19.06.2017 issued by financial creditor under Section 13(2) of SARFAESI Act has also been placed on record. It is contended that the applicant company has failed to make payment of the bank dues because of which the Karnataka Bank Limited has declared the account of the applicant company as NPA on 25.01.2017. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the Corporate Debtor is delineated under Section 10 of Code, wherein the Corporate Debtor is required to furnish information in accordance with Form-6 of the Rules. Under Form-6, the Corporate Debtor is required to disclose as amongst others, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Realtor Private Limited is a company incorporated under the companies Act, 1956 bearing CIN No. U45200DL2007PTC60911. The Applicant Company was incorporated on 21/03/2007 having its registered office at 102 A, Manglam Paradise, Plot 8 Manglam Place, Sector 3, Rohini 110085. Since the registered office of the respondent company is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of applicant corporate debtor under sub-section (1) of Section 60 of the Code. 3. The present application has been filed by one Manish Jain, Director of the applicant company for and on behalf of the applicant, M/s Dream Land Realtor Private Limited. Certified copy of the Board resolution dated 01.08.2017 of the applicant, M/s Dream Land Realtor Private Limited, has been filed, wherein Mr. Manish Jain, Director was authorised to file the present application under Section 10 of the Code. 4. On commission of default a corporate applicant can file an application with the adjudicating authority under Section 10 of the Code for initiation of Corporate Insolven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Creditor, i.e. Karnataka Bank which was renewed from time to time and finally ₹ 3,50,00,000/- in the form of cash credit and ₹ 2,50,00,000/- as Term loan facility were sanctioned. It is submitted that the applicant company has suffered a huge loss of ₹ 42,36,135/- in financial year 2015-2016, ₹ 60,68,254.98/- in the financial year 2016- 2017 and ₹ 15,006,394.78/- in the current financial year. The Karnataka Bank Limited has also issued a notice under section 13(2) of SARFAESI dated 19.06.2017 demanding payment of ₹ 60,170,086.70 within 60 days. The Applicant has filed details of sanction letters, financial and operational creditors, amount of default, list of securities and charges etc. A copy of notice dated 19.06.2017 issued by financial creditor under Section 13(2) of SARFAESI Act has also been placed on record. It is contended that the applicant company has failed to make payment of the bank dues because of which the Karnataka Bank Limited has declared the account of the applicant company as NPA on 25.01.2017. 9. There is thus no dispute that the applicant company has admittedly committed default and therefore is entitled to file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion raised by the financial creditor in this regard cannot sustain. 16. The provisions of Insolvency Bankruptcy Code, 2016 have been notified by the Central Government on 01.12.2016 for the objects as can be gleaned from the Statement of Objects and Reasons as given below: An act to consolidate and amend the laws relating to reorganisation and in-solvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith of incidental thereto . 17. A perusal of the above object discloses that the provisions of IBC, 2016 have predominantly been brought into force for the re-organisation and insolvency resolution of corporate persons and that too in a time bound manner for the maximization of value of assets of such persons to promote entrepreneurship and balance the interest of all stake holders involved in relation to the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s all the statutory requirements. Therefore, we are inclined to admit the application. 21. In view of the above, we are satisfied that the present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present application is admitted under section 10 (4) (a) of the Code. The corporate insolvency resolution process shall commence from the date of this order under sub-section 5 of section 10 of the Code. 22. A moratorium in terms of section 14 of the Code is being issued prohibiting the following: 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; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Secur ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
