TaxTMI 
TaxTMI 
2017 (9) TMI 857
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.... 66 of 2017. 3. The said Company gave General Power of Attorney to Shri Hitesh Joshi, as its lawful Attorney vide General Power of Attorney dated 1st April, 2017. 4. The case of M/s. Reliance Commercial Finance Limited, in brief, is as follows; 4.1 M/s. Anil Nutrients Limited had approached and applied to M/s. Reliance Capital Limited to avail Term Loan Facility for Working Capital and entered into a Loan Agreement dated 31.12.2014 with M/s. Reliance Capital Ltd. M/s. Reliance Capital Ltd., disbursed Rs. 10,00,00,000 to M/s. Anil Nutrients Ltd (Principal Borrower). M/s. Anil Nutrients Ltd executed various documents in favour of M/s. Reliance Capital Limited, which include Working Capital Agreement, Deed of Hypothecation, Demand Promissory Note, etc. 4.2 M/s. Anil Limited, Respondent herein stood as Corporate Guarantor to the Facility Agreement or the Working Capital Agreement dated 31.12.2014 made between M/s. Reliance Capital Ltd., and M/s. Anil Nutrients Ltd and thereby Respondent herein (Anil Ltd.) became a Guarantor to the loan borrowed by M/s. Anil Nutrients Ltd. 4.3 M/s. Reliance Capital Limited, was demerged into M/s. Reliance Commercial Finance Ltd., as per the order o....
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....entioned Shri Subodhkumar Bajranglal Kedia as 'Interim Resolution Professional' but filed Written Communication of Shri Pramod Bajranglal Kedia, as Interim Resolution Professional. Applicant filed proof of despatch of the Application to the Respondent by Speed Post. This Adjudicating Authority directed the Applicant to issue notice of date of hearing and file proof of service. Accordingly, Applicant issued notice of date of hearing and filed proof of service on Respondent. Respondent appeared through Advocate, Mr. Raheel Patel. Respondent not filed any objections. Learned Counsel appearing for both parties submitted their arguments. Learned Counsel appearing for the Applicant contended that the liability of the Respondent as 'Guarantor' is co-extensive with that of the Principal Borrower. In support of his contention, he relied upon the decision in State Bank of India v. Indexport Registered AIR 1992 SC 1740. A perusal of the documents clearly goes to show that M/s. Anil Limited (Respondent herein) stood as a 'Guarantor' for the loan availed by M/s. Anil Nutrients Ltd, from M/s. Reliance Capital Limited, as a result of Scheme of Demerger by which one financi....
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....plicant recalled the entire loan amount both from the Principal Borrower and the Guarantor and both of them failed to repay the loan amount. The liability of the Respondent being a Guarantor is co- extensive with the liability of the Principal Borrower. The debt due to the Applicant Financial Creditor from the Respondent is a financial debt. There is material on record to show that there is occurrence of default in repayment of the financial debt by the Respondent herein, being the Guarantor. 9. The Application filed by M/s. Reliance Commercial Finance Limited is complete in all respects and no defect is pointed out. 10. In this Application filed by M/s. Reliance Commercial Finance Ltd., Respondent did not choose to file any objections. Learned Counsel appearing for the Respondent stated that they are making every effort to settle with all the creditors by making payments in due course of time. In view of the above discussion, the Application filed by the Applicant, M/s. Reliance Commercial Finance Ltd., i.e., CP (IB) No. 66 of 2017 deserves to be admitted, and it is accordingly admitted under Section 7(5) of the Code. CP. No.(IB) 69/7/NCLT/AHM/2017: 11. Applicant in CP (IB) N....
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....n Communication. Hence, the Application deserves admission under Section 7(5) of the IB Code. Accordingly, it is admitted. C.P. No.(IB) 70/7/NCLT/AHM/2017: 16. M/s. Oarsman Credit Private Ltd., filed CP (IB) No. 70 of 2017 through Authorised Person, Mr. Jay Prakash Yadav who is authorised by the Board of Directors of the Applicant Company by way of Resolution dated 18th May, 2017. It is the case of the Applicant Financial Creditor that Corporate Debtor borrowed Rs. 40 lakhs, which amount was transferred through 'RTGS' from the Applicant to the Corporate Debtor. According to the Applicant, the amount in default is Rs. 45,04,986/- as on 23rd November, 2016. Applicant filed computation of interest amount due and not paid and particulars of principal amount due but not paid in a tabular form. Applicant filed Bank Statement of Account of Applicant Company for the period from 12.01.2017 to 06.6.2017 along with Certificate of the Banker under Bankers' Books Evidence Act. Applicant also filed a letter dated 10.5.2016 addressed by the Corporate Debtor to the Applicant enclosing two post-dated cheques by way of security towards repayment of deposit accepted from Applicant Comp....
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....ited for a sum of Rs. 35,00,000/- to the Applicant. Applicant also filed a Certificate of the banker stating that the amount was paid by the Applicant to M/s. Anil Limited. Applicant also filed Statement of Account of the Applicant Company. A perusal of the above documents show that the financial debt is due from the Corporate Debtor to the Applicant and the Corporate Debtor has committed default in repayment of the said financial debt. 20. Learned Counsel appearing for the Respondent did not dispute the default committed in repayment of financial debt due to the Applicant/Financial Creditor. Applicant/Financial Creditor proposed the name of Mr. Umesh Ved as 'Interim Resolution Professional'. The Application filed by the Applicant is complete in all respect and no defect has been pointed out. Hence, the Application, CP (IB) No. 71 of 2017 deserves to be admitted and it is accordingly admitted under Section 7(5) of the IB Code. 21. By virtue of this order, all the four Applications filed by all the four Financial Creditors under Section 7 of the Code are admitted. Applicant/Financial Creditor in CP (IB) No. 66 of 2017 proposed the name of 'Pramod Bajranglal Kedia as &#....