TaxTMI 
TaxTMI 
2017 (10) TMI 147
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....C Complex, Cuffe Parade, Colaba, Mumbai - 400 005, 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 & Bankruptc....
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.... Interest Total RTL Tranche-I 200,00,00,000 218,63,02,119 Nil 18,63,02,119 18,63,02,119 31.10.2016 RTL Tranche-II 4000,00,00,000 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 securi....
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....d May 25, 2015, (the "Personal Guarantee") executed by the Personal Guarantor in favour of the Security Trustee. Copy of the Personal Guarantee has been annexed herewith as Exhibit-11. III. Indentures of Mortgage: Copies of Indentures of Mortgage have been annexed which is marked 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 defau....
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....ays of the receipt of the application under sub-section (2), ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3). (5) 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 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 ....
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....e Corporate Debtor has expressed its no-objection." The Corporate Debtor Company has further explained about its memo of no-objection given on account of considering the interest of all the stakeholders of the Respondents Company including home buyers and depositors. In view of this the Corporate Debtor Company did not press for its objection to the present petition. Considering the such statement of the withdrawal of the objection and to concede with the prayer made in for seeking 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....
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....rim Resolution Professional to carry the functions as mentioned under the Code. II. That the order of moratorium u/s. 14 shall have effect from 09.08.2017 till the completion of corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under section 33 as the case may be. III. That the Bench hereby prohibits the institution of suits or continuation of pending suit or proceedings against the corporate debtor including 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....