2017 (6) TMI 1169

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....etition has been filed in the required format giving details of the corporate debtor and its creditors. As required, they have furnished details of the debt, which is to the tune of Rs. 32 crore approximately. In addition, they have given the details of the securities held by the creditors. The petition is duly annexed with the audited and provisional balance sheets and other financial statements of the corporate debtor. Learned counsel for the petitioner/corporate debtor has submitted that since the corporate debtor is unable to liquidate its debts and is in huge default towards its financial creditors, it would be in the fitness of things to initiate resolution process to pay off its debtors and salvage and liquidate the assets of the cor....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....operties of the corporate debtor are to be repossessed today, and the only motive to file the present proceeding is to get a moratorium in terms of section 14 of the Code. 6. A perusal of the petition itself fortifies the arguments advanced by the learned counsel for the Bank. The initiation of proceedings under SARFAESI Act by both the Banks is confirmed in the petition itself. 7. As per the petition, the securities offered are: A. Immovable Properties Details of the properties of the company, promoters and their relatives mortgaged with banks: 8. Amongst the guarantors who have offered their personal guarantees/collateral securities are: Mr. Noaman Mohammad Shaikh (Director & Guarantor). Mr. Da....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e their debts. The apprehension, or rather certainty, of taking away the physical possession of their valuable properties and being dispossessed appears to be the motivation for the corporate debtor to approach this Tribunal under the Code, rather than ensuring resolution of their debts or seeking a turnaround of the corporate business. To stay the repossession of immovable properties by Banks by resorting to the provision of section 10 of the Code, and the consequential effect of the moratorium which has to follow, would clearly be an abuse of the process of law to which this Bench certainly cannot be a party to. It is not sufficient just to meet the requirements under section 10 of the Code which would automatically entitle the corporate ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....assic CHSL, City Mall, New Andheri Link Road, Andheri West, Mumbai (ii) Flat No. B-804 Y Admeasuring 240 sq. ft. on the 8th Floor of Royal Classic CHSL, City Mall, New Andheri Link Road, Andheri West, Mumbai (iii) Flat No. B-804 Z admeasuring 725 sq. ft. on the 8th Floor of Royal Classic CHSL, City Mall, New Andheri Link Road, Andheri West, Mumbai Constructed on land nearing Survey No. 41 (part) Village Oshiwara, Municipal K-West Ward (12) CTS No. 621 in the name Shahida A Azmi and Daiyan Ahmed Azmi. Reliable Pride/Reliable Business Centre, Oshiwara, Jogeshwari West, Mumbai-400102, Plot No. 31, Hissa Nos. 1, 2 and 3(A), CTS No. 155 (part) in Village Oshiwara, Jogeshwari (West), Mumbai Suburban distr....