9911796707
TMI Blog2024 (4) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... le 6 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. 2. This Tribunal vide order dated 30/05/2022 appointed Mr. Rajendra Jain having Reg. No. IBBI/IPA-002/IPN00732/ 2018-19/12353 as IRP in the matter with direction to the IRP to file his report within 10 days. 3. IRP filed his report through IA 1055/2022 on 09/11/2022 which was taken on record vide order dated 7/12/2022 and the said IA was disposed off. 4. Subsequently vide order dated 28/11/2023, IA 1055/2022 was restored on the file of this Tribunal. 5. The IRP has recommended for acceptance of the petition on the following grounds :- i. The Corporate Debtor has availed the working loan fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. It is further stated in the Report that :- a) The debtor herein is one of the directors of Devkrut Engineers Pvt. Ltd., which was incorporated on 29/05/2017 under CIN No. U29308GJ2017PTC097605 and has registered office at 88, Gurukrupa Row House-2, Panchvati Apartment, Adajan Gam, Surat-395009. b) Tamilnad Mercantile Bank Ltd. (Financial Creditor) having branch at No. 2, Shree Complex, Plot-D, Block No. 180, Suart - Navsari Road, Sachin GIDC, Naka, Sachin-394230 sanctioned working capital loan in the form of cash credit limit of Rs. 1,50,00,000/- to the said Devkrut Engineers Pvt. Ltd. The loan was disbursed. The loan was renewed from time to time and last renewal was on 28.01.2020. c) The said loan was secured against primary se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce was issued on 12.04.2021 for a sum of Rs. 1,65,54,866.21/- under the SARFAESI Act. e. Corporate Debtor and Debtor have since not paid the amount. f. Financial Creditor took symbolic possession of the mortgaged property on 28.06.2021 under Section 13 (4) of the SARFAESI Act. g. OA No. 899 was filed by the Financial Creditor before Hon'ble DRT-II, Ahmedabad seeking recovery of Rs.1,79,05,482.51/- which is pending. h. SA No. 418 of 2021 was filed by the Debtor before DRT-II, Ahmedabad challenging the measures undertaken by the Financial Creditor. i. Upon an application of Financial Creditor filed Under Section 14 of SARFAESI Act, 2002, Ld. Distt. Magistrate passed an order dated 04.04.2022 whereby it was directed to provide the ph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... low the captioned application; (B) Your Lordships may be pleased to hold and declare that the captioned application bearing CP(I.B.) No. 125 of 2022 is filed with fraudulent or malicious intention and hence, reject the captioned application with costs; (C) Pending hearing and final disposal of the captioned application, this Hon'ble Tribunal may be pleased to not proceed with the captioned petition; (D) An ex-parte interim relief in terms of para (C) may be granted; (E) Such other relief/s be granted, as the Hon'ble Tribunal may deem it fit and proper, in the interest of justice; 12. The facts in this IA are similar to the facts in IA 515 of 2022. Hence, for the sake of brevity, we are not repeating the same. 13. Reply was filed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ra 5(vi) of this order, we get other inferences. RP is appointed by this Tribunal to assist the Tribunal and his duty is limited to check the application and not to comment upon the conduct of the Financial Creditor or the debtor. The scope of RP's report is limited to the extent of factfinding. However, in the present matter, it appears after reading Part IX(B)(f) of the recommendation of RP, that the RP was totally biased and has leaned on the shoulders of the debtor especially when he comments "Financial Creditor has acted in fast manner to recover outstanding loan amount by redeeming the securities.....". We wonder who authorized the RP to draw this conclusion and which section of IBC empowers him to state so. 17. Post the order of Lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the debtor herein to show that he has taken any effective steps for settling the dues of the Secured Financial Creditor. 20. It will be a travesty of justice if we allow the application i.e. CP(IB) No. 125 of 2022 and the consequential report of the IRP filed in IA 105 of 2022 is accepted at this stage. 21. In terms of the above discussion, C.P. (I.B.) No. 125 of 2022 and IA 1055 of 2022 are hereby rejected and disposed off. 22. So far as IA 515 of 2022 is concerned, we are not able to recall the order dated 30.05.2022 and, hence, this IA is dismissed. 23. As regards IA 514 of 2022, prayer (B) is hereby allowed and the present application is disposed off with the above direction. 24. A certified copy of this order may be issued, if app ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
