9911796707
TMI Blog2022 (5) TMI 801X X X X Extracts X X X X X X X X Extracts X X X X ..... ity) Rules, 2016 by Mr. Raj Kumar Singla (hereinafter referred to as 'Petitioner/Financial Creditor') to initiate the Corporate Insolvency Resolution Process ('CIRP') against Amarprakash Rice Exports Pvt. Ltd. (hereinafter referred to as 'Respondent/Corporate Debtor'). The petition is signed by Mr. Raj Kumar Singla, Authorized Representative of guarantors of the Corporate Debtor and the affidavit verifying the contents of the application is on page 21 of the petition. The Authorisation by the Guarantors in favour of applicant is attached as Annexure-2 of the petition. 2. The master data of the corporate debtor is stated to be filed as Annexure-4 of the petition. The Corporate Debtor is stated to be incorporated on 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Guarantors were apprehensive of the coercive action of SBI. Thus, Applicant-Financial Creditors mutually agreed to settle the loan account on behalf of the CD with SBI and in this regard also met the officials of SBI at different intervals of time and offered settlement proposals. 3.5 In reference to above communications, the Applicant wrote a letter dated 17.03.2018 to SBI, whereby he offered an amount of Rs. 7.35 crores as full and final settlement of Corporate Debtor loan account (Annexure-9 of the petition). Accordingly, Guarantors of Corporate Debtor unanimously authorized the Applicant as their representative vide a Letter of Undertaking/Authorisation Letter dated 17.03.2018 (Annexure -11 of the petition). 3.6 It is contended that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan settlement amount of Rs. 6,11,45,000/- (principal). The total amount claimed to be in default is Rs. 7,33,85,264/- as on 01.03.2020. A table showing the computation of amount in default, including interest is attached as Annexure-16 of the petition. 6. The notice of this petition was accepted by learned counsel for respondent-corporate debtor as per order dated 01.12.2021 as to why this petition be not admitted. A reply on behalf of respondent-corporate debtor is submitted vide Diary No. 00617/01 Dated 21.12.2021 by Mr. Rupinder Pal and Narinder Kumar Director. The Directors are duly authorized by the Board to act on behalf of the respondent-corporate debtor and the Board Resolution, authorizing the respondent is attached at Page No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y financial creditor. (1) A financial creditor either by itself or jointly with [other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. [Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent of the total number of such credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 90 of the petition. Also, the Index of charges available on the MCA portal reflects the name of the Applicant as the charge holder which is at page 210 of the petition. The respondent-corporate debtor has also filed a reply wherein it has been admitted that the default mentioned in the petition is due towards the petitioner due to its incapacity to pay the liability. The application filed in the prescribed Form No. 1 is found to be complete. Another condition is that there are no disciplinary proceedings pending against proposed Resolution Professional. In the present case, in Part III of Form 1, Mr. Prem Kumar Garg has been proposed as Interim Resolution Professional. 13. The Law Research Associate of this Tribunal has checked the credent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the 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 cont ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
