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TMI Blog2022 (6) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... and defaulted in repayment of the outstanding financial debt. Therefore their account was declared NPA and from the documentary evidence it is proved that the financial creditor is entitled to recover the outstanding dues from the corporate debtor. It is added that in terms of Section 4 of IBC the corporate debtor has defaulted in payment of more than One Lakh and Hence CIRP must be initiated. The claim of the financial creditor has also been confirmed by the Hon'ble Debt Recovery Tribunal vide order dated 04.02.2020. It is pertinent to mention that the corporate debtor has failed to appear and present its defence; accordingly the present matter has been proceeded ex-parte. On perusal of Form-I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. It is also seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional - the present application is complete in all respect. The financial creditor is entitled to move the application against the corporate debtor in view of admitted outstanding financial debt and default of the same by the corporate debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ising of fund based and non-fund based working capital requirements. The financial creditor acceded their request and sanctioned working capital limits amounting Rs. 220, 00,00,000/- (Rupees Two Hundred Twenty Crore Only) vide letter dated 16.02.2016. The Corporate Debtor executed various loaning and security documents dated 23.06.2016 in favour of consortium led by financial creditor and also executed balance confirmation letter in favour of the financial creditor as on 10.05.2017. Thereafter in September 2017, the corporate Debtor approached the financial creditor for renew/review/sanction of existing working capital. The financial creditor acceded the request of the corporate debtor and revised the working capital vide sanction letter dated 26.09.2017. 7. The corporate debtor failed to make timely payment and was irregular in serving its debt therefore the financial creditor declared the account of Corporate Debtor as NPA on 29.09.2017. The Financial Creditor served a Recall notice under section 13(2) and possession notice under Section 13(4) of SARFESI Act, 2002 on 09.11.2017 and 16.02.2018 respectively. The said letters were duly served upon the corporate debtor. However ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .11.2021 of this bench. 12. The financial creditor has placed on record the Copy of sanction letters dated 16.02.2016 and 26.09.2017, the Copy of memorandum of deposit of title deeds, the Certificate of registration of charge, the Copies of CERSAI report, the records of default with Information utility, the documents related to Hypothecation of Assets, the Copy of Agreement of Guarantee dated 23.06.2016, the Copy of the bank statements of financial creditor reflecting payment of loan amount, the Copy of balance and security confirmation letter dated 10.05.2017. 13. We have heard the Ld. Counsel and perused the averments made in the application. That prima facie the issue for consideration is whether the claim of applicant is time barred. 14. As regards the issue of limitation, it is seen that the present application has been filed on 17.05.2021 and the account of corporate debtor was declared NPA on 29.09.2017. However, a recovery certificate of Hon'ble DRT was issued in favour of the financial creditor vide order 04.02.2020, which has given rise to a fresh cause of action to the financial creditor to initiate proceeding under Section 7 of IBC within 3 years from the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debt Recovery Tribunal vide order dated 04.02.2020. It is pertinent to mention that the corporate debtor has failed to appear and present its defence; accordingly the present matter has been proceeded ex-parte. 17. On perusal of Form-I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. It is also seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. 18. We are satisfied that the present application is complete in all respect. The financial creditor is entitled to move the application against the corporate debtor in view of admitted outstanding financial debt and default of the same by the corporate debtor and the financial debt has also not been refuted by the Corporate Debtor. 19. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is hereby, admitted. Shri. Hemanshu Jetley, having registration number IBBI/IPA-001/IP-P00219/2017-2018/10457 having email-id [email protected]. is appointed as an Interim Resolution Professional for corporate debtor. 20. In pursuance of Section 13(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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