9911796707
TMI Blog2022 (7) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... are attracted, section 179 is rendered inapplicable. From the report submitted by the Resolution Professional, there does not appear any request of the RP for issuance of the instructions for the purpose of conducting negotiations between the debtor and creditor for arriving at the repayment plan. Therefore, based on the reasons recorded in the report submitted by the Resolution Professional, the petitions, filed under the provisions of Section 95 of IBC, 2016 is hereby ADMITTED under Section 100 of the IBC, 2016. Petition admitted - moratorium declared. - CP (IB)/15, 16, 17, 18 and 19/KOB/2022 - - - Dated:- 22-6-2022 - Hon ble Mr. Ashok Kumar Borah, Member(Judicial) And Hon ble Mr. Manoj Kumar Dubey, Member (Technical) For Petitioner/Creditor : Shri. Vinod P V, Smt. Reetha D, Advocate For Resolution Professional : Shri Dileep K P For Personal Guarantors/ Respondents : Shri./Sh Percival Billimoria Senior Counsel, Shivshankar R Panicker, Biju Mathew, Chitransh Vijayvergia, Shivam Malhotra, Rosyline Gonsalves, Goutham Krishna Gujaral, Srishti Thukral- Advocates ORDER Per : Ashok Kumar Borah , Member ( Judicial ) Since common issues and laws are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Term Loan 4.00 Crore B Non-Fund Based Limits Letter of Credit 4.70 Crore CEL 0.10 Crore Total 16.80 Crore 5. The Petitioners stated that on the basis of the above, the Corporate Debtor has executed the Loan-cum-hypothecation agreement on 11.01.2017 and the Respondents also executed Guarantee Agreement on 11.01.2017 guaranteeing the repayment of all money payable by the Corporate Debtor to the Creditor in respect of the above credit facilities together with interest thereon, and all costs and expenses in terms of the Loan Documents in the event of default, in case of failure of the Corporate Debtor to repay the amounts. 6. The learned counsel for the petitioners argued that the Corporate Debtor committed default in the loan account and loan accounts of the Corporate Debtor were declared as NPA on 09.09.2018. In view of non ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved upon a personal guarantor, the personal guarantor has no obligation to pay the amounts referred to in such notice, and as such, there cannot be default as contemplated under Sec. 95(4)(b) (c) I B Code, 2016. 11. Regarding entries 1 and 2 of Form B, the Applicant Bank states that the Total outstanding debt' and the 'debt in default' by the Corporate Debtor is Rs. 16,04,69,894/- as on 14.02.2020. However, the learned counsel submitted that in their covering letter dated 08.11.2021, the Applicant Bank states that an amount of Rs. 15,98,69,894/- as of 16.02.2020 is the amount due and outstanding. 12. The learned senior counsel Adv. Percinal Billimoria, argued that as per Section 95(4)(b) r/w Rule 7(1), Applicant Bank firstly ought to have claimed the amount in default from the Corporate Debtor. Secondly, the Corporate Debtor ought to have committed a default. Thirdly, the date when the default occurred should be mentioned in Entry 4 of Form B. Whereas, the Applicant Bank failed to produce any proof along with the Rule 7 (1) Demand notice dated 08.11.2021 to show that Rs. 16,04,69,894.33/- was claimed from the Corporate Debtor and that the Corporate Debtor fail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor's account as NPA and thereafter proceeded to issue demand repayment vide notice dated 05.11.2018 under Section 13(2) of the SARFAESI Act, 2002. 17. Another allegation taken by the Respondents is that the same remedy before multiple forums is not permitted under law. Report by the Resolution Professional 18. On presentation of the petitions by the Petitioner/Creditor, this Tribunal vide order dated 21st March 2022 appointed Mr. Dileep K.P., as Resolution Professional directing him to make recommendations with reasons in writing for acceptance or rejection of these applications in the form of a report under Section 99 of Insolvency and Bankruptcy Code, 2016. The Resolution Professional has filed a report recommending the admission of the application filed under Section 95 of IBC, 2016. The Report are as follows:- (a) Debts owed by the Debtor to the creditor or creditors submitting the application for insolvency resolution as on the date of application. Debt owed by M/s. Propyl Packaging Ltd. to the applicant State Bank of India is Rs. 16,04,69,894/-- as evidenced by the certified copy of the account statement. Mr. Rajesh K.S. Mr. Satheesh Babu V.K., M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The application was submitted in Form C along with a fee of Two Thousand rupees as prescribed under rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules 2019. Receipt from Bharatkoslrgovin is submitted as proof of payment of fees, meeting the requirement under section 95(6). In View of the above findings, I recommend the acceptance of the application filed u/s. 95(1) of the Insolvency and Bankruptcy Code 2016 by the applicant State Bank of India against the debtor/personal guarantors Mr. Rajesh K.S., Mr. Satheesh Babu V.K., Mr. Saleesh K. Satheesh, Mrs. Bindya Saleesh, and Mrs. Sindhu Rajesh. FINDINGS 19. We have heard the learned counsel for the Petitioners Mr. Vinod PV the learned senior counsel for the Respondents/Personal Guarantors Mr. Percinal Billimoria, and the learned RP Mr. Dileep K P and have perused the whole case records including the documents appended thereto. 20. The learned counsels for both the parties submitted written submission and stated several case laws in this regard. It is not disputed by the Personal Guarantors that there i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and c) The debtor shall not transfer, alienate, encumber, or dispose of any of his assets or his legal rights or beneficial interest therein; d) The provisions of this section shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 24. The Resolution Professional viz., Mr. Dileep K.P., an Insolvency Resolution Professional having Registration No. IBBI/IPA-001/IP-P01310/2018-2019/12220, residing at Veluthedath House, Ponnurunni Vytilla P 0 Cochin, Ernakulam, Kerala, 682019 who was appointed as the Resolution Professional on 21.03.2022 while these petitions were allowed, is directed to cause a public notice published on behalf of the Adjudicating Authority within 7 days of passing of this Order on the website of the NCLT Kochi Bench, inviting claims from all Creditors, within 21 days of such issue. The notice under Sub-Section (1) of Section 102(2) shall include:- (a) details of the order admitting the application; (b) particulars of the resolution professional with whom the claims are to be registered; and (c) the last date for submission of claims. 25. The publication of the notice ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
