9911796707
TMI Blog2022 (8) TMI 711X X X X Extracts X X X X X X X X Extracts X X X X ..... head Notes forming part of accounts , the corporate debtor has acknowledged that during the year company has received ECB loan amount Rs. 4.75 crore (ROI at LIBOR + 3%) from the applicant for the purpose of expansion of existing facilities and acquiring capital goods as per the agreement between both the companies. Though the Joint Venture Agreement (JV) may be still in existence, but, if the default of debt by one JV partner to another is proved, there is no ban in admitting the application. The clause of Arbitration in JV Agreement also cannot be taken on defence to oppose the application under Section 7 since the default of financial debt is established by the admission of corporate debtor in its own records and documents. The pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistrar of Companies, Ahmedabad with CIN: U29253GJ2014PTC081390 and having registered office at 301, Shreeram 10, Haribhakti Colony Ext., Race Course, Vadodara 390 007, Gujarat State. The Authorized share capital of the Respondent is Rs. 4,00,00,000/- and paid up share capital of the company is Rs. 3,86,93,280/-. The respondent company is engaged in the business of manufacturing industrial elevators. 4. It is submitted that the applicant had entered into a Loan Facility Agreement with the corporate debtor on 05.06.2017 for a sum of 1.3 Million USD Dollar. As per clause 2 of the said agreement, on receiving request from the corporate debtor from time to time, the applicant shall release such advance in US Dollars. As per clause 4 of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cility Agreement should be released. Subsequently, the applicant issued termination of the loan agreement with immediate effect. All above mentioned letters/ communications are annexed. 6. The respondent filed affidavit in reply inter alia stating that: The application is defective as the person who has signed the application has no proper authority; The applicant has suppressed material facts. The corporate debtor is a Joint Venture company (JV) wherein the applicant is holding 79.41% share and the applicant has intentionally not placed the JV agreement dated 09.07.2014 which is still in force; The corporate debtor was incorporated on 01.12.2014 based on the JV agreement dated 09.07.2014. As per Clause 23 of JV Agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ointment, the Umpire shall be appointed in accordance with the Rules. 23.4 Any arbitral award shall be final and binding on the parties, including the non-disputing party. The venue of the arbitration shall be Mumbai. 23.5 The language of the arbitration proceedings shall be in English. The parties hereby expressly agree that Part 1 of the Indian Arbitration and Conciliation Act 1996 shall not be applicable to any arbitration proceeding. 23.6 The provisions of this Clause 23 shall survive any termination of this agreement. 23.7 During the pendency of any arbitration, each shareholder shall continue to perform its obligations hereunder and no shareholder shall exercise any remedies hereunder arising by virtue of the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of disbursement as date of default, the application filed on 31.08.2020 is within the period of limitation and not barred by law. 10. The registered office of the corporate debtor is situated in Vadodara District, Gujarat State and, therefore, this Tribunal has jurisdiction to entertain and try this application. 11. Heard the submissions and perused the documents on record. On perusal of the records it is found that the corporate debtor has neither replied nor contested the debt as per legal notice dated 25.01.2020 by the applicant. In the balance sheet as at 31.03.2019, under the head Notes forming the part of the balance sheet , the corporate debtor has shown Rs. 9,03,61,824/- as unsecured loan from the applicant thereby ackno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o is hereby appointed as IRP of corporate debtor having registration number IBBI/IPA-001/IP-P- 01234/2018-19/11957 having office at 91, Springboard Business Hub Private Limited, Opp. Gate 2, SEEPZ, Andheri East, Mumbai 400 093, subject to the condition that no disciplinary proceedings are pending against him. Specific consent of the IRP in Form 2 along with disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 is filed, which is on record. 14. We direct the Financial Creditor to deposit a sum of Rs. 2.00 lacs (Rupees two lacs only) with the Interim Resolution Professional, namely Ms. Poonam Basak to meet the expenses for performing functions assigned to him in accordance with regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
