TaxTMI 
TaxTMI 
2017 (8) TMI 1258
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....2006 in Pune and subsequently transferred its registered office to Delhi and such alteration was confirmed by the ROC, National Capital Territory of Delhi and Haryana on 14th December 2007. As the registered office is now located in Delhi, this Tribunal has jurisdiction over the case. 3. The Applicant has filed a true copy of Board resolution dated 12.05.2017 authorising Mr. Vijay Bhan Singh, Director to file the instant insolvency application as Annexure D with the application. 4. It is stated in the application that the applicant has the following financial creditors: i. Axis Bank Ltd. This financial creditor granted a loan facility to the tune of Rs. 5365 lakhs to the Corporate Applicant in 2006 and the same amount was sanctioned and disbursed in that year. A security was created in the favour of Axis Bank. The certificate of registration of Charge issued by the ROC, along with form of registration of Charge with regard to Axis Bank has been attached along with the application as Annexure E. ii. UCO Bank Ltd.: - Loan facility of Rs. 1250 Lakhs was granted to the corporate applicant by UCO Bank in the year 2011 and the same amount was sanctioned and disbur....
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....ayment of a sum of Rs. 24,79,00,145.17/-, is also appended and marked as Annexure N. 6.5 Copies of audited financial statements of the Corporate Applicant Company for the last two financial years are also appended the application as Annexure P. 6.6 A copy of provisional financial statements of the Corporate Applicant Company for the current financial year made upto a date not earlier than fourteen days from the date of the application is also filed along with the application as Annexure Q. 6.7 Details of the Corporate Applicant Company's assets and liabilities are given in the Current Balance sheet (drawn up for the period 1.04.16 to 20.5.17), appended herewith and marked as Annexure Q. 7. In the instant application, it is stated that the Corporate Applicant is entitled to file the present insolvency petition seeking initiation of Corporate Insolvency Resolution Process as per section 4(b) of the SICA Repeal Act read with Sec. 252 of the Insolvency and Bankruptcy Code, 2016. Since the reference was pending with BIFR when SICA Repeal Act came into force and the matter of the Corporate Applicant Company pending before BIFR stood abated, accordingly n....
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....efore, Applicant ARC has stepped into the shoes of UCO Bank and shall have all the rights to pursue the present case as Creditor of M/s Amit Spinning Industries Ltd. 14. It was further stated that it is an admitted fact that the Corporate Applicant (Amit Spinning Industries Ltd.) filed its reference before BIFR in October 2011 and was declared sick 17.07.2012 in terms of section 2(1) (o) of SICA and the Corporate Applicant had enjoyed the protection under section 22(1) of SICA for more than five years. It was further sated that after the Corporate Applicant was declared sick, despite availing several opportunities, the Corporate Applicant has not been able to give any viable scheme before BIFR for almost five years but was enjoying the moratorium as provided under section 22(1) of SICA. 15. The financial creditor has also drawn our attention to the fact that UCO Bank's account was NPA in 2012 as the Corporate Applicant was not making payment to UCO Bank. However, it is stated that at the same time, the corporate applicant was regularly making payment to Axis Bank and Axis Bank's account turned NPA only in 2016. On 10.07.2017, JMF ARC'S dues was Rs. 16,76,93,841.18....
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.... 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 Corporate Debtor owes money including their address for correspondence. It is also pertinent to note that in relation to the debts owed by it the Corporate Debtor is required to furnish the total amount of debt and the amount in default and also in particular as to when the financial or operational debt was incurred including the details of the security held, if any, by the creditors and its estimated value. The Corporate Debtor, in addition, is also r....
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....ssets Spentex Industries Limited As above FITL 56.17 As above As above As above As above STL 482.77 As above As above As above As above CC o/s 514.00 As above As above As above As above 2 UCO Bank* / JM FINANCIALS UCO BANK, PARLIAMENT STREET BRANCH NEW DELHI- 110001 WCTL 87.71 668.14 As per Notice U/S 13(2) dated 08.12.2012 All Current assets (both present and future) Fixed Assets Spentex Industries Limited Sh. Mukund Choudhary &Sh. Kapil Choudhary CCo/s 580.43 &n....
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....d Counsel, the Applicant Company is running and as per the provisional profit and loss statement filed for the period 1st April 2016 to 20th May, 2017, the revenue from operations came to Rs. 15,84,539/- Terms Loan are secured by first paripassu charge by on fixed assets of the company, both present and future. The loans are further secured by Corporate Guarantee of its holding company, Spentex Industries Limited. 26. In view of the heavy amounts involved and also taking into consideration various factors, an opportunity was given to the financial creditors. Accordingly, the petitioner was directed to serve a notice of the application as filed before this Tribunal to the above-mentioned financial creditors so that it can be ascertained if they have any objection in relation to the initiation of Corporate Insolvency Resolution Process (CIRP), as prayed for by the petitioner. After due notice of the application and service of the same on the above-mentioned financial creditors, objections have been received from the Bank namely, from the Union Bank of India, which is the lead Bank on behalf of Itself, Corporation Bank, Central Bank of India, Vijaya Bank and Dena Bank. 27. Fr....