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TMI Blog2022 (6) TMI 363X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor on the ground that the Corporate Debtor committed the default in paying the financial debt of Rs. 19,07,49,223/- (Rupees Nineteen Crore Seven Lakh Forty-Nine Thousand Two Hundred-Twenty Three). The date of default is stated to be 11.12.2019. 2. The Financial Creditor has submitted that the Corporate Debtor approached the Financial Creditor for financial assistance, and the Financial Creditor has sanctioned the loan (credit facilities) of Rupees 20.00 Crores under the consortium with State Bank of India (hereinafter referred to as "SBI") on 10.03.2014 and the Corporate Debtor signed a Joint Deed of Hypothecation for securing the aforesaid credit facilities in favour of the Financial Creditor and the SBI on 28.03.2014. The mortgage Deed was also signed by the Corporate Debtor in favour of Financial Creditor and SBI 10.06.2014. For securing the aforesaid credit facilities, (i) Shree Parth Shah (ii) Shri Rakesh C. Patel and (iii) Shri Ashish C. Patel (iv) Shri Arvind D. Patel, (v) Shri Vijay D. Minar and (vi) Shri Chirag M. Patel, have also given their personal guarantee for making the payment in default to make the payment by the Corporate Debtor. 3. The Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g amount. The Financial Creditor has filed the present petition for initiation of the CIRP against the Corporate Debtor. 6. The Corporate Debtor filed its reply on 22.11.2021 before this Adjudicating Authority wherein the Corporate Debtor has opposed the present petition and stated that one original application bearing OA No. 435 of 2020 has already been filed before the Debt Recovery Tribunal ("DRT") and is pending for adjudication. Hence, this CIRP proceeding is not justified. 7. It is also submitted by the Corporate Debtor that against the proceeding of DRT, one Special Civil Application No. R/SCA/4625/2021 has been filed before the Hon'ble Gujarat High Court for setting aside the proceeding initiated by the Financial Creditor as well as the DRT proceeding initiated by the SBI which is a lead Bank of consortium. Thereby, the Corporate Debtor is praying for postponing the admission of the CIRP against the Corporate Debtor till the disposal of the aforesaid Special Civil Application. 8. The Corporate Debtor further submitted that Financial Creditor is not authorized to file this present petition as the financial debt was granted vide sanction letters dated 10.03.2014, 08.11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeding, and this present petition, the prayer of the Corporate Debtor to postpone the admission of this present petition till final disposal of aforesaid Special Civil Application, is not proper. This Adjudicating Authority is entitled to admit the present petition as per provisions of Section 7 of the IBC, 2016. Moreover, neither any stay nor any such directions have been given by the Hon'ble High Court of Gujarat to stay the proceeding. 12. The contention of the Corporate Debtor that the Financial Creditor is not entitled to file this present application against the Corporate Debtor as the loan/corporate facilities were sanctioned by the Financial Creditor with the consortium of SBI which is only entitled to file the proceeding before this Adjudicating Authority. Further, the contention of the Corporate Debtor that the S.B.I has already taken the possession the properties of the Corporate Debtor more than the sanctioned amount by both the Banks (Financial Creditor and S.B.I) of Rs. 93.61 Crores. The aforesaid both the contentions of the Corporate Debtor is baseless though the S.B.I is a lead Bank under the consortium of sanctioned credit facilities but Financial Creditor ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... standing amount on 31.07.2020 but the Corporate Debtor failed to pay the outstanding amount within the stipulated time under the aforesaid notice. In view of the above, it clearly establishes that there is a debt and default has been committed by the Corporate Debtor. 16. This application is otherwise complete and defect-free and meets the threshold limit as prescribed under Section 4 of the IBC, 2016. The present petition is well within the limitation as the present petition was filed on 09.03.2021 and the date of default is stated to be 09.12.2019. 17. The Financial Creditor has proposed the name of Insolvency Professional Shri Navin Kanjwani, having Registration No. IBBI/IPA-002/IP-N00347/2017-2018/10997 and e-mail Id: [email protected] for appointment as an Interim Resolution Professional (in short "IRP") against whom no disciplinary proceedings are pending. Hence, we pass the following orders: ORDER I. The Corporate Debtor M/s. Cengres Tiles Limited is admitted in the Corporate Insolvency Resolution Process under Section 7 of Insolvency and Bankruptcy Code, 2016. II. We appoint Shri Navin Kanjwani, having Registration No. IBB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with the Corporate Debtor, its Promoter, or any other person associated with the management of the Corporate Debtor are under legal obligation as per Section 19 of the Code to extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter, or any other person required to assist or co-operate with the IRP, do not assist or co-operate, the IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. IX. The IRP shall be under a duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of an obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. X. We direct the Financial Creditor/Applicant to pay the IRP a sum of Rs. 1,00,000/- (Rs. One lakh) as fees & expenses till the COC decides about his fees/expenses. XI. The Registry i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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