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TMI Blog2024 (9) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... lt is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - Hon'ble Member (Technical) Hon'ble Member (Judicial) And Ms. Anu Jagmohan Singh Mr. Kishore Vemulapalli For the Financial Creditor : Mr. Rahul Sarda i/b Adv. Aiqan Z. Memon, Ld. Counsel for Financial Creditor For the Corporate Debtor : Mr. Rohit Gupta a/w Ms. Prashansha Aggarwal, Ms. Mahtab Katariya Ms. Monali Solanki i/b Katariya Associates, Ld. Counsel for Corporate Debtor ORDER 1. This Company Petition is filed under section 7 ( the Petition ) of the Insolvency and Bankruptcy Code, 2016 (IBC) by Central Bank of India ( the Financial Creditor ), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Superfine Profile and Extrusions Private Limited ( the Corporate Debtor ). 2. The Corporate Debtor is a private company limited by shares incorporated on 10.04.2001 under the Companies Act, 1956, with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ory and assignment of Book Debt of the Corporate Debtor. iv. First pari passu charge by way of Hypothecation of Plant Machinery of the Corporate Debtor. v. First charge by way of Hypothecation of movable fixed assets of Corporate Debtor purchased out of Term Loan IV. 6. The Financial Creditor submits that record of default with Information Utility i.e NeSL report is annexed with the petition showing that there is a default by the Corporate Debtor. 7. The Financial Creditor submits that as per the Guarantee Deed the Corporate Debtor was liable to pay on demand. A demand notice was then addressed to the Corporate Guarantor on 06.03.2023 to repay the outstanding loan claimed to be due and payable by the Corporate Debtor to the Financial Creditor. 8. Since, there was no response received from the Corporate Debtor nor any repayment made, the Financial Creditor filed Section 7 of the Insolvency Bankruptcy Code,2016 against the Corporate Debtor for initiating Corporate Insolvency Resolution Process. Submissions made by the Corporate Debtor: 9. The Respondent submits that this Petition is for default of 4 facilities i.e. Cash Credit, Term Loan, Funded Interest Term Loan (FITL) and Cash Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RFAESI Act and Recall Notice dated 02.01.2023 against the Principal Borrower, the Financial Creditor had issued Invocation of Guarantee Notice on 06.03.2023 to the Corporate Guarantor calling upon the repayment of Debt. iv. The said amount was extended to the Corporate Debtor for a consideration in time value of money and hence is a Financial Debt within the meaning of Section 5(8) of the IBC. 16. On grounds of Limitation, this Bench is of the view that the Present Petition is filed against a corporate guarantor and that the guarantor is liable to pay the amount to the Financial Creditor Forthwith on demand as per the Corporate Guarantee Deed. And that the demand notice was sent on 06.03.2023. Thus, the petition is filed within the period of Limitation. 17. This Bench takes note that the present petition is not barred by section 10A of IBC (as claimed by the Respondent) as it is a settled position of law that in case of a corporate guarantee which is payable on demand, the default occurs when a demand is made by the financial creditor and there is a failure to pay the amount under the guarantee. It is also settled that the date of default by the principal borrower is not relevant t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 23. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 24. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP (IB) 692/MB/2023 filed by Central Bank of India [CIN: U99999MH1911PTC000337], the Financial Creditor, under section 7 of the IBC read with rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) Superfine Profile and Extrusions Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Corporate Debtor to carry out the functions as per the IBC. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions issued/as may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Financial Creditor shall deposit a sum of Rs. 5,00,000 with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) The Registry is directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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