TaxTMI 
TaxTMI 
TaxTMI 
2017 (6) TMI 739
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....e provisions of IBC, 2016 has predominantly been brought into force for the re-organization and insolvency resolution of corporate persons and that too in a time bound manner for the maximization of value of assets of such persons to promote entrepreneurship and balance the interest of all stake holders involved in relation to the insolvent. 3. The scheme of the Act provides for triggering the insolvency resolution process of corporate persons under Chapter II of IBC,2016 by three categories of persons, namely, (a) Financial creditor (b) Operational creditor, and (c) by the corporate debtor itself The procedure in relation to the initiation of corporate insolvency resolution process by the corporate debtor is delineated under Section 10 of IBC, 2016 wherein the corporate debtor is required to furnish information in accordance with Form-6 of the Insolvency & Bankruptcy (Adjudicating Authority) Rules, 2016 (hereinafter referred as AA) Rules, 2016. Under Form-6, the corporate debtor is required to disclose as amongst others, the details of the corporate debtor including the date of incorporation as well as the details of financial creditor and operational creditors to whom the co....
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....debt raised and the amount in default as admitted by the corporate debtor itself. List of Financial Creditors : Name of the Financial Creditors Address of the Financial Creditors Total debt raised and amount in default (In Rs.) Date when the financial debt was incurred Punjab National Bank Tolstoy House New Delhi 25,33,00,000.00+ 19.09.2015 5,23,00,000.00+ 13,40,00,00.00+ 6,56,00,000.00= Total: 54,76,79,460.00 Oriental Bank of Commerce M-1/2/3, Connaught Circus, New Delhi 9,15,39,596.94+ 10.06.2015 1,67,73,666.00+ 1,70,00,000.39+ 4,79,99,725.92= Total:17,68,76,921.01 Corporation Bank M 3-4, Shopping Centre, GK-I, New Delhi-110048 2,39,84,999.00+ 11.06.2015 51,76,753.00+ 47,96,9852.00+ 1,63,29,704.00= Total : 5,32,16,457.00 Vijaya Bank N-17, Ground Floor, Barakhamba Road, New Delhi 11,49,70,876.08+ 10.06.2015 0.00+ 2,04,81,758....
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....ove financial creditors and the legal web in which it has been entangled by the owners themselves of the above said properties who are none other than the directors of the petitioner and a case in point is that in relation to the Khari Baoli property. 11. In relation to the above property, it is the contention of the financial creditor, namely, Punjab National Bank that civil suits deliberately engineered and instigated with a view to remove the properties mortgaged from the accountability of the creditors the petitioner have kept pending the Civil Courts, the details of one such suit titled as "Mayank Maheshwari v. Anurag Garg, csdj/0000/947/2017" pending before the Learned Addl. District and Sessions Judge, Tis Hazari District Courts, Delhi. This suit has been filed seeking for a declaration and mandatory and permanent injunction against one of the Director of the Company, namely, Mr. Anurag Garg. Subsequent to the above suit, it is submitted by the Learned Counsel appearing for the Punjab National Bank that in collusion with the plaintiff in the above suit, the plaintiff in the above suit has filed a S.A. before DRT III alleging that two sale deeds dated 21.10.2016 with respect....
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....ove said suit came to be filed in collusion with the Directors of the applicant company on 10.5.2016 after the issue of notice under Section 13(2) of the SARFAESI Act, 2002 by the bank to the corporate debtor and its Directors and guarantors. 13. A similar strategy in relation to the above Defence Enclave property too as was done as described in the earlier portion of the property at Khari Baoli in which the Bankers / Financial creditors had obtained the physical possession also seems to have been adopted, in the sense that the plaintiff in the above suit has also approached the D.R.T. in SA No.48 of 2017 under Section 17 of the SARFAESI Act, 2002 and it is submitted that the same is also pending consideration and posted for hearing on 1.5.2017. The Bank being the financial creditor also narrates a similar set of facts in relation to property, as detailed in 3(c) of the objection statement, namely, House No.D-3A, Dayanand Block, Delhi-110092 wherein it is alleged that the corporate debtor managed by its Director have not come with clean hands in the legal proceedings in which the property is entangled deliberately by the actions or at the instigation of the said Directors of the c....
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.... certain instances of legal proceedings being disclosed in relation to Financial Creditors were not able to demonstrate that the petitioners have come clean in relation to the pertinent allegations made by the financial creditors, namely, Punjab National bank as well as Oriental Bank of Commerce, who vehemently objects to the admission of the petition for CIRP. 16. We have considered the pleadings of the petitioner as well as the averments made by the financial creditors, to whom the notices were issued by this Tribunal and we find great merit in the objections as filed by the financial creditors. It is also pertinent to note that once the petition as titled by the Corporate Debtor is admitted, then following consequences by way of moratorium under Section 14 automatically arises, namely, a. institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any count of law, tribunal, arbitration panel or other authority; b. transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. any action to forecl....