9911796707
TMI Blog2017 (8) TMI 1676X X X X Extracts X X X X X X X X Extracts X X X X ..... r in its capacity as trustee of other trusts has separately acquired financial assets and loan accounts of the Corporate Debtor to enable it to file claim for financial default on behalf of such other trusts for the financial assets acquired by such other trusts in accordance with the provision of sections 13 15 of the Code and to enable the Interim Resolution Professional to perform his duties envisaged under section 18(1) (b) of the Code. The Financial Creditor has proved by overwhelming evidence that default has occurred, which meets the requirement of Section 3(11) (12) read with Section 7(3)(a) and Section 7(5) of the Code - the application is complete in all respects as the Insolvency Professional, Mr. Venkatesan Sankaranarayan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se, off. CST Road, Kalina, Mumbai-400098 (Maharashtra). 2. The Corporate Debtor has been incorporated on 7.11.1990 and its CIN No.L74899DL1990PLC041985. The authorised share capital of the Corporate Debtor is Rs.131,15,00,000/- (Rs. One hundred Thirty One crores Fifteen lacs only), The paid up capital is Rs.50,47,37,910/- (Rs. Fifty crore Forty Seven lacs Thirty Seven thousand Nine hundred and Ten only). Copies of its Memorandum of Association and Articles of Association have been placed on record (Annexure A-3). Corporate Debtor has been incorporated under the provision of the Companies Act, 1956 and its registered office is situated at 106, Vishwadeep Tower, plot No.4 District Centre Janakpuri New Delhi -110058. 3. The Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y crores) under Agreement of Loan for overall Limit dated 25.2.2014 which has been named as Facility B (Facility A and Facility B have been collectively referred as the facilities ) 5. It is appropriate to mention that the debt advanced to the Corporate Debtor was assigned to the Financial Creditor vide Assignment Agreement dated 23.3.2015, 29.6.2015, 29.9.2015, 30.12.2015, 29.3.2016, 30.6.2016 and 28.2.2017. All these agreements have been placed on record (annexure 7 colly). Accordingly the Financial Creditor Is fully qualified to file the application as per the provision of section 5(7) of the Code. According to the aforesaid provision a Financial Creditor includes a person to whom a t9nanclal debt has been legally assig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts creation, its estimated value as per the Financial Creditor . The detail of the security interest created in favour of Financial Creditor along with the certificate of registration of charge have been placed on record (Annexure 6 colly). The estimated value of security interest created in favour of the Financial Creditor on the basis of annual report of 2014-2015 s as under: A. Valuation of Fixed assets INR 314 crores B. Valuation of current assets INR 2340 crores 9. The Financial Creditor has also placed on record latest and complete copy of financial contract along with all amendments and waivers upto date and the copy of the same have been placed on record (Annexure 7 colly). The documents placed on record are as unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s separately acquired financial assets and loan accounts of the Corporate Debtor to enable it to file claim for financial default on behalf of such other trusts for the financial assets acquired by such other trusts in accordance with the provision of sections 13 15 of the Code and to enable the Interim Resolution Professional to perform his duties envisaged under section 18(1) (b) of the Code. 11. From the perusal of the record, we are satisfied that the Financial Creditor has proved by overwhelming evidence that default has occurred, which meets the requirement of Section 3(11) (12) read with Section 7(3)(a) and Section 7(5) of the Code. We further find that the application is complete in all respects as the Insolvency Profession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , (c) (d) and thus the following prohibitions are imposed: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order n any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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