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TMI Blog2022 (5) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of "Financial Creditor" by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code) against 'Saisons Trade and Industry Private Limited' (hereinafter as 'Corporate Debtor'). 2. In the requisite Form-1, under the head "Particulars of Financial Debt" the amount claimed to be in default is Rs. 8,53,87,717/- with interest. The date of default is stated to be 20.04.2021. Brief Facts- 3. DBS Bank India Limited is a banking company incorporated in the Companies Act, 2013 having its Registered Office at Ground Floor Nos. 11 & 12 & First Floor Nos. 110 to 115 Capital Point, BKS Marg, Con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivables and cash flows of the Corporate Debtor. The said credit facilities were further secured by the personal guarantee of Mr. Ankit V. Shah and Mr. Siddharth Chimanlal Shah who had also mortgaged their respective immovable properties in favour of the Petitioner. 8. The Petitioner has enclosed the following documents in support of the Facility granted to the Corporate Debtor: (a) Copy of the Memorandum of entry dated 19.10.2015; (b) Copies of Memorandum of Entry creating recording of equitable mortgage fated 02.06.2016 along with declarations both dated 02.06.2016; (c) Copy of Deed of Hypothecation dated 30.07.2015; (d) Copy of supplemental Deed of Hypothecation dated 11.04.2016; (e) Copy of supplemental Deed of Hypothecation d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Copy of the facility letter bearing ref No. BSU/IBG 3/746/2020 dated 29.12.2020; (aa) Copy of the Supplemental Working Capital facility Agreement dated 29.12.2020; 9. The Corporate Debtor had issued two cheques bearing Cheque No. 033925 dated 24.03.2021(sic) for an amount of Rs. 4,80,00,000/- and Cheque No. 033926 dated 31.03.2021 for an amount of Rs. 3,70,00,000/- drawn on Dena Bank towards payment of the outstanding dues, when the cheques were deposited for the payment both the cheques were returned with the remark "funds insufficient". 10. On 03.05.2021 the Petitioner issued recall notice to the Corporate Debtor for the payment of the outstanding dues. However, there was no reply from the Corporate Debtor for the recall notice. 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord, it is understood that the Corporate Debtor has defaulted in repayment of debt and the Corporate Debtor failed to pay. 15. The above facts clearly reveal that the Corporate Debtor is liable to pay the Petitioner and defaulted in making the payment to the Petitioner. Considering the above facts, we come to conclusion that the nature of Debt is a "Financial Debt" as defined under section 5(8) of the Code. It has also been established that there is a "Default" as defined under section 3(12) of the Code on the part of the Debtor. The two essential qualifications, i.e., existence of 'debt' and 'default', for admission of a petition under section 7 of the I & B Code, have been met in this case. Besides, the Company Petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 19. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 20. That the Interim Resolution Professional shall perform the duties as assigned under Section 15 and Section 18 of the Code and inform the progress of the Resolution Process and the compliance of the directions of this Order within 30 days to this Bench. A liberty is granted to intimate even at an early date, if need b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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