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TMI Blog2022 (5) TMI 991X X X X Extracts X X X X X X X X Extracts X X X X ..... ,123 to PNB, the Financial Creditor - Further the Financial Creditor has filed certificate alongwith Bank Statement under Section 2A of the Bankers' Books Evidence Act 1891 and containing the transactions relating to the account of Corporate Debtor from 01.01.2014 to 15.03.2020 which is evidence of default as per Section 7(3)(a) r/w. Regulation 2A of IBBI (Resolution Process for Corporate Persons) Regulation, 2016. Application admitted - moratorium declared. - C. P. No. IB-945(PB)/2020 - - - Dated:- 10-5-2022 - R. Sudhakar, J. (President) And Avinash K. Srivastava, Member (T) For the Appellant : Akansh Singh, Vivek Jain, Aastha Tiwari and Sudhir Kr. Singh, Advs For the Respondents : Deepak Garg, Adv ORDER Avina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7.2014 for an amount of Rs. 38.06 crore but the Respondent failed to pay the outstanding debt. Thereafter, Notice u/s. 13(4) of SARFAESI Act, 2002 dated 24.03.2015 was sent to Respondent but no effort was made to pay the debt. In terms of the provisions of SARFAESI Act, the officers of the Consortium of Banks took symbolic possession of all the mortgaged immovable properties of the Respondent (CD) on 24.03.2015 and thereafter took physical possession on 04.02.2016 and 18.04.2019 of the mortgaged properties. These properties were put to auction by the Consortium of Banks but the auction failed as no bids were received. 6. As the Corporate Debtor is not able to pay its debt, therefore, the Financial Creditor has submitted that the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ff, [ Bengal Silk Mills ] and in Re Pandem Tea Co. Ltd., the judgment of the Delhi High Court in South Asia Industries (P.) Ltd. v. General Krishna Shamsher Jung Bahadur Rana and the judgment of Karnataka High Court in Hegde Golay Ltd. v. State Bank of India 21 and held that an acknowledgement of liability that is made in a balance sheet can amount to an acknowledgement of debt. 9. Notice was issued to the Respondent on 24.09.2020. The Corporate Debtor filed its reply on 28.11.2020 and written submission on 11.01.2021. In the written submission, he has raised the preliminary objection as regard to the limitation. It is submitted that the date of default occurred during the financial year 2013-14 and the account was classified as NPA on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor. 12. Further the Financial Creditor has filed certificate alongwith Bank Statement under Section 2A of the Bankers' Books Evidence Act 1891 and containing the transactions relating to the account of Corporate Debtor from 01.01.2014 to 15.03.2020 which is evidence of default as per Section 7(3)(a) r/w. Regulation 2A of IBBI (Resolution Process for Corporate Persons) Regulation, 2016. 13. We are therefore inclined to accept this application, 14. In view of the above this application under Section 7 is admitted and Corporate Insolvency Resolution Process is hereby ordered to be initiated against M/s. Bansal Diamonds Private Limited, the Corporate Debtor. 15. The petitioner has proposed the name of Interim Resolution Profes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all come in force. 18. The IRP shall comply with the provisions of Sections 13(2), 15, 17 18 of the IBC, 2016. The Directors of the Corporate Debtor, its Promoters or any person associated with the management of the Corporate Debtor shall extend all assistance and cooperation to the IRP, as stipulated under Section 19 for discharging his functions under Section 20 of the IBC, 2016. 19. We direct the petitioner to deposit a sum of Rs. 2 lacs with the IRP Mr. Reetesh Kumar Agarwal to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days ..... X X X X Extracts X X X X X X X X Extracts X X X X
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