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TMI Blog2017 (12) TMI 1849X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted and it is accordingly admitted under section 7 (5) of the Code. - C.P. (IB) No. 149/7/NCLT/AHM/2017 - - - Dated:- 21-12-2017 - Bikki Raveendra Babu, Member Judicial For the Petitioner : Learned Advocate Ms. Saloni, Kapadia with learned advocate Mr. Abhishek Mukherjee i/b Learned Advocate Mr. Sahil Shah. For the Respondent : Learned Advocate Learned FCA Mr. Hiten Parikh. ORDER Bank of Baroda through its Chief Manager, Mr. Mridul Misra filed this application under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to - as the Rules ) with a prayer to trigger Corporate Insolvency Resolution process in respect of M/s. Varia Engineering Works Private Limited. 2. Bank of Baroda by power of attorney as well as Board Resolution No. 62 authorised the Chief Manager to appear and represent the bank in courts of law, suits, arbitration or other Proceedings relating to Bank of Baroda and sign pleadings, applications etc. In view of the said authorisation, Chief Manager is authorised to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eight lacs ninety nine thousand five hundred and thirty two only} The first date of default in respect of this facility ws March 01, 2016. (3) The amount in default under the WCTL -1I as on June 30, 2017 is Rs. 24,12,16,401.86 (Rupees twenty four crores twelve lacs sixteen thousand four hundred and one only) The first date of default in respect of this facility was March 01, 2016 (4) The amount in default under the WCTL - II as on June 30, 2017 is Rs. 17,92,05,576.78 (Rupees seventeen crores ninety two lacs five thousand five hundred and seventy six only) The first date of default in respect of this facility was March 01, 2016. (5) The amount in default under the FITL facility as on June 30, 2017 is Rs. 11,66,55,797.13 (Rupees eleven crore sixty six lacs fifty five thousand seven hundred ninety seven only) The first date of default in respect of this facility was March 01, 2016. (6) The amount in default under the fund based WC facility as on June 30, 2017 is Rs. 15,12,22,883.65 (Rupees fifteen crores twelve lacs twenty two thousand eight hundred eighty three only) The first date of default in respect of this facility was Februa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent assets (as more elaborately described under the second schedule of the deed) was extended to secure the modified limits of the facilities (the description of which is provided in the third and fourth schedule to the deed). (c) Further, vide the second supplemental joint deed of hypothecation dated August 11, 2012 (deed of hypothecation - III) the hypothecation on current assets (as more elaborately under the first schedule of the deed) and fixed assets (as more elaborately described under the second schedule of the deed) was extended to secure the modified limits of the facilities (the description of which is provided in parts A and B of the third schedule to the deed). (d) Further, under the composite hypothecation agreement dated September 04, 2013 (deed of hypothecation - IV) executed by the corporate debtor for securing the facility amount with a limit of Rs. 68,23,00,000 (Rupees sixty eight crores twenty three lacs only) a hypothecation charge on the corporate debtor s raw materials, stock in process, finished goods and book debts, movable plant and machinery/vehicles/crafts, consumable stores and spares, both present and future (as more elaborately described i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mortgage deed with the authorised officer of the Security Trustee, on October 29, 2013, in order to secure the facilities by first charge on pari-passu basis. (c) Mortgagor No. 3 deposited the title deeds, documents and papers as described in part G of the first schedule of the Mortgage Deed, pertaining to the immovable Properties, more elaborately described in part G of the second schedule of the mortgage deed with the authorised officer of the security trustee, on October 29, 2013 in order to secure the facilities by first charge on Pari-passu basis. (3) Guarantee Two deeds of guarantee, dated October 23, 2013 were executed by Prafulchandra P. Varia, Himanshu P. Varia and Sejal Himanshu Varia, in favour of inter-alia, the financial creditor vide deed of guarantee (guarantee deed - 1) for the due repayment of the facilities. Two deeds of guarantee, dated October 23, 2013 was executed by Krish Tech-Con P. Ltd. in favour of inter alia the financial creditor vide deed of guarantee (guarantee deed - 2) for the due repayment of the facilities. A copy of the guarantee deed - 1 is annexed as annexure - 14 - and a copy of the guarantee deed - 2 annexed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evival scheme. 9. Financial Creditor filed copies of entries in the banker s book in accordance with the Bankers Books Evidence Act, 1891. Financial Creditor also filed copy of the annual report of the corporate debtor for the financial year 2014-15. Financial Creditor issued notice under section 13 (2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on 31.12.2016 recalling the amounts due in all the facilities. Financial creditor filed proof of service of the Company Petition on the corporate debtor. 10. Financial creditor proposed the name of Mr. Ramubhai Shankerlal Patel as Interim Resolution Professional and filed his written communication in form No. 2. 11. Corporate debtor appeared through counsel and_ filed objections. Corporate debtor in his objections stated that the petition is incomplete and without enclosing proper documents and without giving details of guarantee and, therefore, it is liable to be dismissed. It is sated by the corporate debtor that he has filed application under Section 19 (8) of the Recovery of Debt (due to Banks and financial Institutions) Act, 1993 for an amount of Rs. 934.12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority hereby order moratorium under Section 13 (1) (a) of the IB code prohibiting the following as referred to in Section 14 Of the Code; (i) the institution of Suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein ; iii) 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 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (a) However, there shall not be termination, suspension or interruption of supply of goods and essential services to the corporate debtor. (b) The order of moratorium is not applicable to the transactions that may be notified by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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