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TMI Blog2020 (1) TMI 1615X X X X Extracts X X X X X X X X Extracts X X X X ..... bt (default) and it shall be open for determination by Committee of Creditors. After a reading of Section 7 of the Code along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete. The IRP proposed does not have any disciplinary proceedings pending against him. Petition admitted - moratorium declared. - C.P. NO. IB-933(PB)/2019 - - - Dated:- 3-1-2020 - Chief Justice (Rtd.) M.M. Kumar Hon ble President And Ms. Saroj Rajware Hon ble Member (Technical) For the Petitioner: Mr. Prateek Kushwaha, Ms. Bhumika Mr. R.P. Agarwal, Advocates. For the Respondent: Ms. Purti Marwaha Ms. Henna George, Advocates. JUDGMENT M.M. KUMAR, PRESIDENT The Financial Creditor -Edelweiss Asset Reconstruction Company Limited has filed the instant petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ). with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of CLC Industries Limited (for brevity the Corporate Debtor ). 2. The Corporate Debtor-CLC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aforesaid facilities availed by the Corporate Debtor are overdue and total amount in default as on 15.03.2019 is Rs. 1,04,39,98,947.78/- (Rupees One Hundred Four Crore Thirty-Nine Lakhs Ninety Eight Thousand Nine Hundred Forty Seven and Seventy Eight Paisa). 6. The details of the security held by, or created for the benefit of financial creditor-Edelweiss Asset Reconstruction Company Limited along with the certificate of registration of charge issued by the Registrar of Companies have been placed on record which fulfils the requirements of Section 77 78 of Companies Act, 2013. 7. The Petitioner-Financial creditor has asserted that the account of the Corporate Debtor was classified as NPA on 30.09.2015. In view of the repeated defaults on the part of the Corporate Debtor to comply with the schedule of repayment of the principal and interest dues, the Financial Creditor issued a Recall Cum Guarantee Invocation Notices dated 21.03.2016 (Annexure-23) to the Corporate Debtor, Guarantors and _ Security Providers. Subsequently a notice dated 07.04.2016 (Annexure-24) under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an affidavit in rejoinder has been filed on behalf of the Petitioner to the reply/objections by the Respondent. Along with the said affidavit copies of the letters dated 03.02.2017 and 15.02.2017 [(Annexure A (colly)] of the Respondent Company have been placed on record. It has been highlighted that at the request of the Respondent Company vide aforesaid letter dated 03.02.2017, the Petitioner approved restricting of debt vide letter dated 13.02.2017 (Annexure A-1) and accepted the same vide letter dated 15.02.2017 (at pg. 6). However, the Respondent Company failed to meet the commitments under the said restructuring and consequently the Petitioner revoked the restructuring vide letter dated 06.10.2017 (Annexure-B). 12. At this stage it would be profitable to read the relevant para of the said letter of revocation of restructuring which are set out below: EARC vide letter no. EdelARC/3682/2016-17 dated February 13, 2017 ( Restructuring Letter ) entered into restructuring for the Existing Liability, which was duly accepted by SIL. Table given below shows details of the instalments paid/overdue: Sr No. Amount Due Date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... occurred and the application under sub section 2 of Section 7 is complete. The IRP proposed does not have any disciplinary proceedings pending against him. 17. As a sequel to the above discussion, this petition is admitted and Mr. Subhash Kumar Kundra is appointed as an Interim Resolution Professional. 18. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of the Code. 19. We also declare moratorium in terms of Section 14 of the Code. It is made clear that the provisions of moratorium are not to apply to transactions which might be notified by the Central Government. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 20. We direct the Financial Creditor to deposit a sum of Rs. 2 lacs with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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