TaxTMI 
TaxTMI 
TaxTMI 
2017 (10) TMI 147
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.... in the State of Maharashtra and a branch, inter alia, at IDBI Tower, 4th Floor, Plot No - C-7, G Block, Opp. NSE, Next to SBI. Bandra-Kurla Complex Bandra (East), Mumbai -400051, in the State of Maharashtra. (ii) It was incorporated on September 27, 2004 as a company within the meaning of the Companies Act, 2013 and further a banking company within the meaning of the Banking Regulation Act, 1949. (iii) The 'Corporate Debtor' has CIN No. L45203UP2007PLC033119. It was incorporated on April 5th, 2007. Its authorised share capital is Rs. 3000,00,00,000/- (Rupees Three Thousand Crore only) and the paid up share capital is Rs. 1388,93,34,970/- (Rupees One Thousand Three Hundred Eighty-Eight Crore Ninety-Three Lakh Thirty-Four Thousand Nine Hundred and Seventy). The aforesaid data concerning the Corporate Debtor is authenticated by master data available on the website of Ministry of Corporate Affairs. (iv) The 'Financial Creditor' has given all the details of financial debt as per the Code. In part-IV of the application, which is on a proforma prescribed under Rule-4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section....
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.... 3513,24,20,268 Nil 413,24,20,268 413,24,20,268 31.07.2016 RTL-A 350,00,00,000 384,52,59,120 Nil 34,52,59,120 34,52,59,120 31.10.2016 RTL-8 100,00,00,000 109,71,59,322 49,99,99,998 9,71,59,322 59,71,59,320 31.10.2016 Total 4650,00,00,000 4226,11,40,829 49,99,99,998 476,11,40,829 526,11,40,827 (vi) The Financial Creditor has provided particulars of financial debt documents, records and evidence of default. The Financial Creditor has provided details of the Security documents from Exhibit 8 to Exhibit 13 in Volume II - IV of the Application. The Security comprises the following: I. Deed of Hypothecation: The Unattested Deed of Hypothecation dated May 25, 2015 (the "Unattested Deed of Hypothecation") and the Amended and Restated Deed of Hypothecation dated February 6, 2016 (the "Amended and Restated Deed of Hypothecation") have been attested by the Corporate Debtor in favour of the Security Trustee. Following security has been created; a. A first charge on all the movables of the company, present and future; excluding movables which are forming part of the common infrastructural facilities of real estate development; b. A first charge on the cor....
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....ed as forming part of Exhibit -12 of the application. IV. Pledge: Jaiprakash Associates Limited, a shareholder of the Corporate Debtor by way of a Deed of Pledge dated February 6, 2016 pledged 51% of the Corporate Debtor's total paid up share capital in favour of Security Trustee. A Copy of the Deed of pledge is annexed herewith as Exhibit -13 of present I & B Application. Estimated Value of the Aforementioned Security: Excluding 51% of the shares of the Corporate Debtor pledged as stated above and movable properties of the Corporate Debtor, the market value of the assets is estimated to be INR 17116,00,00,000/- (Rupees Seventeen Thousand One Hundred and Sixteen Crore only). The distress value of the assets is estimated to INR 14548,00,00,000/- (Rupees Fourteen Thousand Five Hundred and Forty-Eight Crore only). (vi) In support of the existing financial debts under default the Financial Creditor/Applicant has annexed following documents giving particular of the amount and date of default: (a) Copy of the audited Balance Sheet for the Financial year 2016-2017 of the Corporate Debtor acknowledging the indebtedness of the Corporate Debtor; (b) Balance Confirmation acknowl....
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....edings 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 proceeding 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. (6) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (5). (7) The Adjudicating Authority shall communicate- (a) the order under clause (a) of sub-section (5) to the financial creditor and the corporate debtor; (b) the order under clause (b) of sub-section (5) to the financial creditor, within seven days of admission or rejection of such application, as the case may be. From the perusal of documents annexed with the present petition, it is evident the default has occurred, that meets the requirement of Section 3(11) & (12....
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....eeking admission of the present Petition. It is felt, not necessary to look into merits of such objection. We have perused the above stated memo and gone through the present petition and duly considered the subsequent development that took place in the matter. It is now undisputed position in the present matter the Financial Creditor along with other lenders and the present Corporate Debtors are having a consensus for early approval of resolution plan of the corporate debtor company. In addition to above the Hon'ble NCLAT in the matter of Innoventive Industries Ltd. v. ICICI Banks & Anr. Company Appeal (AT) (Insolvency) No. 1 & 2 of 2017 has examined the relevant provision of the Section 7 of the Code and ruled that the 'adjudicating authority' on receipt of the application under Section 7 sub-section (2) is required to ascertain existence of default on the basis of evidence furnished by the Financial Creditor under sub-section (3). The 'adjudicating authority' is required to satisfy three things: Occurrence of default; application is complete and no disciplinary proceeding is against the proposed Insolvency Resolution Professional. For the sake of convenien....
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....g execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the SARFESI Act, 2002; the recovery of any property by an owner or less or where such property is occupied by or in the possession of the corporate debtor. IV. That the supply of essential goods or services to corporate debtor, continuing, shall not be terminated or suspended or interrupted during the Moratorium period. The Corporate Debtor to provide effective assistance to the IRP as and when he takes charge of the Corporate Debtor. V. During the period of Moratorium, the affairs of Corporate Debtor to be continued and conducted in accordance with the law and as a going concern. VI. That the provisions of Section 14 sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. VI....