TaxTMI 
TaxTMI 
2017 (9) TMI 494
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....solution process in respect of M/s Concord Hospitality Pvt. Ltd. the Respondent-Corporate Debtor. The application has been filed in Form No.1 prescribed under rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules'). This petition has been filed through Ms. Richa Malhotra, Officer of the 'Financial Creditor' on the basis of General Power of Attorney dated 17.05.2016 (Annexure A-1) issued in her favour by the bank. The Circle Head of the bank also authorised Ms. Richa Malhotra for initiating the insolvency resolution process under the 'Code' against the 'Corporate Debtor', vide letter dated 15.05.2017 (Annexure A-2). 3. 'Corporate-Debtor' was incorporated on 29.09.2005 having authorised share capital of Rs. 7,00,00,000/- (Rupees seven crores only) and paid-up capital of Rs. 5,85,42,010/-(Rupees five crores eighty-five lacs forty-two thousand and ten only). It has been allotted CIN No.U55100PB2005PTC29009. The registered office of the 'Corporate-Debtor' is at Amritsar and thus the matter falls within the territorial jurisdiction of this Tribunal. 4. The Financial-Credito....
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....irport, Amritsar. (b) Extension of charge over the SCO No.166 Sectors 38 C & D Chandigarh. (c) Extension of charge over the SCO No.205 Sectors 36 D, Chandigarh. (d) Extension of charge over the SCO No.167 Sectors 38 C & D, Chandigarh. (e) Extension of charge over the COMMERCIAL LAND AND BUILDING AND LAND AT G.T. Road, Amritsar (f) Extension of charge over the residential property bearing No.21, Block L, Bich Court, Nirwana Country, South City 2, Phase II Gurgaon Haryana. (g) Extension of charge over the residential property bearing No.30r Road No. 64, Village Madipur West Punjabi Bagh New Delhi. (h) Exclusive charge of Property bearing Pt Nos. 75,76,77, Khasra Nos.22/120 Min situated at Rakba Village Sichandar, Tehsil & distt. Amritsar vide Sale Deed 9803 dated 10.10.2006. Entries were made in the relevant register of the Bank in proof of creation of equitable mortgage by deposit of title deeds. These entries are at Annexure A-34 (colly) from pages 622 to 625 of the Paper Book. The Certificate of Registration of Charge entered in the record of Registrar of Companies is at Annexure A-6 (colly). 9. It is further stated that due to continuous default committed by the &....
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....ant and relevant facts from the Tribunal inasmuch as the 'Corporate-Debtor' was sanctioned various loan facilities by the consortium comprising of three banks i.e. State Bank of India, IDBI Bank and Punjab National Bank (petitioner). The lead bank is State Bank of India but no approval to file this petition was obtained from either the State Bank of India or IDBI Bank. However, the factum of grant of loan facilities and that the 'Corporate-Debtor' committed default in making repayment of debt has not been disputed. It was rather stated that on 26.07.2017 the 'Corporate-Debtor' submitted an application to the petitioner bank for review-cum-restructuring proposal which was received by the Chief Manager of the bank. The 'Corporate-Debtor' also proposed to deposit an amount of Rs. 125 lacs. After some discussion it was verbally conveyed by the officials of Bank that on such deposit by the 'Corporate-Debtor' the bank would restructure the loan facilities by withdrawing the present application. It was further stated that the 'Corporate-Debtor' was in the process of arranging funds and to deposit the aforesaid amount with the bank. 13. We h....
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....h reads as under:- "Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional it may, by order, admit such application; or (b) default has not occurred or the application under sub-section (2) is incomplete or any disciplinary proceedings is pending against the proposed resolution professional, it may, by order, reject such application: Provided that the Adjudicating Authority shall, before rejecting the application under clause (b) of sub-section (5), give a notice to the applicant to rectify the defect in his application within seven days of receipt of such notice from the Adjudicating Authority." 17. Learned counsel for the 'Financial-Creditor' however, submitted that though all the particulars of application in Form No.1 were complete, yet as an abundant caution the petitioner's counsel filed application for condonation of delay of two days in filing the statement of account duly certified under the Bankers' Books Evidence Act, on the ground that the counsel for the applicant bank wa....