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TMI Blog2017 (11) TMI 2058X X X X Extracts X X X X X X X X Extracts X X X X ..... vidence to prove the amount advanced to the Corporate Debtor. Petition admitted. - Chief Justice (Retd.) M.M. Kumar Hon'ble President And Ms. Deepa Krishan Hon'ble Member (T) For the Financial Creditor : None. For the Respondent: Ms. Varsha Banerjee, Advocate. JUDGMENT DEEPA KRISHAN, MEMBER (TECHNICAL) The 'Financial Creditor'- Alchemist Asset Reconstruction Co. Ltd (AARC) has filed the instant application 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 Moser Baer India Ltd. It is appropriate to mention that the 'financial creditor' is a body corporate that acquired the secured debt of State Bank of Hyderabad (now merged with State Bank of India) vide assignment deed dated 30.03.2016. The 'financial creditor'/Applicant was incorporated on 19.09.2002 and its identification number is U74999DL2002PLC117052 and has its registered office at D-54, First Floor, Defence Colony, New Delhi-110024 2. Mr. Manish Nihalani, Assistant Vice-President has been authorised by the Board of Directors of AARC vide Resolution passed in the Board M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3,958/- (Rupees One Hundred Eighty-Five Crores Thirty-Seven Lakh Thirteen Thousand Nine Hundred Fifty-Eight Only) as on 10.09.2017 along with future interest at contractual rate. ii. Account of the Company acquired by AARC became NPA with effect from 26.11.2014 and that the said date may be considered as date of default. From the said date, total number of days of default as on 10.09.2017 are 1020. iii. After the account of the company became NPA, AARC issued recall notice dated 04.04.2017 to the Corporate Debtor giving it time of 15 days for making payment of the dues, however, again Corporate Debtor defaulted in making payment of the dues demanded. iv. Working by AARC for computation of amount outstanding. as on 10.09.2017 along with the account statements is enclosed as Annexure 3. The computation of claim as on 10th September 2017, and computation of days of default is given below: - Computation of Claim as on September 10, 2017 Moser Baer India Limited S. No. Account Account No. Amount 1 Term Loan 62271047709 85,85,90,910.19 2 Cash Credit 62132691020 90,32,65,284.45 3 WCTL 62271050802 6,75,59,395.23 4 FITL-I 52270986524 2,23,91,383.44 5 FITL-II 62271012925 19,06,984.89 Total 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued by Registrar of Companies, New Delhi have also been enclosed with the Application as Annexure 5 (Colly). The financial creditor Applicant has also placed the copies of the financial contracts with respect to the facilities given by the consortium lenders including State Bank of Hyderabad (now merged with State Bank of India), now held by AARC are as Annexure 6 to 54 with the Application as Proof of Existence of Debt. 7. The 'financial creditor' has placed on record an overwhelming amount of evidence to prove the amount advanced to the Corporate Debtor. 8. Copies of entries in a Banker's Book in accordance with the Bankers Books Evidence Act, 1891 (18 of 1891) have also been filed. The entries in books of accounts of State Bank of Hyderabad (now merged with State Bank of India) are as follows: (a) Term Loan (TL) (A/c No. 62108454191) - 25.09.2009 to 16.02.2013 (b) Restructured Term Loan (TL) (A/c No. 62271047709) - 16.02.2013 to 30.03.2016 (c) Working Capital (WC) (A/c No.- 62132691020) - 01.06.2010 to 30.03.2016 (a) Working Capital Term Loan (WCTL) (A/c No. 62271050802) -16.02.2013 to 30.03.2016 (e) Funded-Interest Term Loan 1 (FITL 1) (A/c No. 62270986524) - 16 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Balance Sheet of MBIL as on 31.03.2017 downloaded from the website of the Corporate Debtor is enclosed as Annexure 62. On page 103 of the said balance sheet (on Page No. 1180 of the application), in Note No. 45, there is an admission by the Corporate Debtor of the existence of default to its lenders. viii. The Company was registered with Hon'ble BIFR vide Registration No. 49/2014 on 16.09.2014. However, subsequently on notification of provisions of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 with effect from 01.12.2016, the reference of the Company with Hon'ble BIFR got abated. Copy of the last order of the Hon'ble BIFR dated 17.02.2015 is enclosed as Annexure 63. ix. Proof of Service to Corporate Debtor is enclosed as Annexure 64. 10. The Learned Counsel for the Corporate Debtor accepted the notice of the application on 28.09.2017 and stated before us at the hearing that filing of reply would not be necessary. Thus, it is apparent that the Corporate Debtor does not oppose the application of the Financial Creditor filed u/s 7 of IBC and accordingly has nothing to say in respect of commission of default. 11. The 'financial creditor' has prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest 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 securitization end Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 14. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. 15. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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