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TMI Blog2022 (5) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... e, 2016 (for brevity 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 as a Financial Creditor for initiation of Corporate Insolvency Resolution Process ('CIRP') against the 'YASHASVI YARNS LIMITED' (for brevity 'Corporate Debtor'). 2. The Applicant is a Public Sector Banking and Financial services statutory body constituted under the State Bank of India Act, 1955 on 01.07.1955 having its registered address at Corporate Centre: State Bank Bhawan, Madame Cama Road, Nariman Point, Mumbai -400021, with PAN No. AAACS8577K & TAN No. MUMB14834B acting through its Branch office at Stressed Assets Management Branch -I, The Arcade, 2nd Floor, World Trade Cen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quest of the Corporate Debtor, the said credit facilities were restructured in 2014/2015 under JLF mechanism by the SBI Consortium and the Corporate Debtor, and Third Supplemental Working Capital Consortium Agreement dated 01.07.2015 was executed between the Corporate Debtor and SBI consortium (State Bank of India, The Shamrao Vithal Co- operative Bank Limited, The South Indian Bank Ltd., Canara Bank). Total amount of debt granted by the applicant is Rs. 77.10 Crores. 7. The credit facilities granted by the Financial Creditor to the Corporate Debtor were secured inter alia by way of hypothecation/charge over the current assets and movable assets of the Corporate Debtor, by way of equitable mortgage of the immovable assets of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant in the manner reproduce below: "it is stated and submitted that owing to COVID-19 Pandemic, the Respondent is facing genuine financial difficulties and hence the Respondent has no objection if the captioned petition C.P. (LB.) No. 209 of 2021 is admitted and consequential actions are taken in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016." 11. The Applicant has filed its written submissions and also filed following documents in support of its claim which are: i. A Copy of revival letter dated 31.12.2016 giving details of the credit facilities with acknowledgement by the corporate debtor. ii. Annual Reports of Corporate Debtor for the Financial Years 2018-19 and 2019-20. iii. Copy of the ROC search ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddress at Eden I - 807, S G Highway, Godrej Garden City, Jagat Pura, Ahmadabad, Gujarat- 382470, as the Interim Resolution Professional whose consent in Form 2 under Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 stating therein that no disciplinary proceedings are pending against the named IRP, is on record. We appoint Mr. Ravindra Kumar Goyal as IRP of the Corporate Debtor under section 13 (1) (c) of the IB Code as IRP. 16. As a sequel to the application admitted under section 7 (5) of the IB Code, moratorium is declared for prohibiting all of the following in terms of Section 14(1) of the Code. a. the institution of suits or continuation of pending suits or proceedings against the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 17. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency & Bankruptcy Code, 2016, as the case may be. 18. The IRP shall perform all his functions as contemplated under various provisions of the Code. It is further made clear that all personnel connected with the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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