TaxTMI 
TaxTMI 
2017 (10) TMI 915
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....tcy (Application to Adjudicating Authority) Rules, 2016, ("IB Rules" for short) with a request to trigger Corporate Insolvency Resolution Process in respect of Aarohi Motors Private Limited ("Company" for short). 2. The facts in brief, that are relevant for the purpose of disposal of this Application, are as follows: 2.1 The Board of Directors of Aarohi Motors Private Limited in its Meeting held on 3rd August, 2017 resolved to file Application under Section 10 of the IB Code before this Tribunal in Form-6. The Board of Directors also further resolved to authorise Shri Shashank Jayantilal Shah, Director of the Company to sign the necessary documents for the purpose of filing the Application before National Company Law Tribunal. In the said....
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....6 and 31.3.2017 and copy of Unaudited Accounts as on 20th August, 2017. Applicant also filed details of Assets and Liabilities of the Company/Corporate Debtor. Applicant also furnished particulars of debts owed by R-2 persons connected with the Corporate Debtor. Applicant also furnished details of Guarantees in relation to debts of the Corporate Debtor. Applicant gave names and addresses of the Members of the Company- Corporate Debtor with their shareholding details. Applicant disclosed about the pending litigation in the Application in details at Page Nos. 201 to 385. In Page No.208, the List of Cases filed by the Creditors is shown in detail. Applicant also filed all the relevant documents pertaining to the litigation disclosed in Page No....
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.... and immovable properties of the Corporate Applicant and dispose of the same for recovery of its dues together with interests and costs. BOI stated that on the request of Corporate Applicant and its Directors, facilities were sanctioned from time to time for which security documents were also executed and equitable mortgage was created by the Applicant Company and its Directors. It is the case of the BOI that Corporate Applicant and its Directors neglected to repay the dues and as such the Corporate Applicant was classified as 'NPA' on 28th March, 2015. The BOI has also taken action under SARFAESI Act and took symbolic possession of the properties on 9.9.2015 and published Possession Notice in the newspapers on 10.9.2015. The Corporate Appl....
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....ated that the Corporate Applicant without informing the BOI obtained several unsecured loans from various private Banks and other Nationalised Banks in breach of the terms and conditions of the Sanction. The BOI has also stated that the Interim Resolution Professional proposed by the Corporate Applicant is interested in the Company and he may not be appointed. It is stated by the BOI that if the Application is admitted then the recovery proceedings shall come to a standstill and the BOI would suffer hardship. The BOI has also stated that it is entitled to proceed against the Guarantors. 8. From the Objections filed by Sundaram Finance Ltd., and the Bank of India, it appears that their main contention is relating to pendency of execution of....
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....on do not merit acceptance. 12. Another objection raised by the BOI is that the Corporate Applicant did not disclose about the pendency of proceedings in the Debt Recovery Tribunal. But, factually it is not correct. The Applicant along with the Application gave a list of all the proceedings pending in various Courts and enclosed all the documents pertaining to the litigation filed by or against the Corporate Applicant. Therefore, it cannot be said that Corporate Applicant suppressed the material facts and approached this Tribunal with unclean hands. The Application filed by the Corporate Applicant is complete in all respects. The option to recommend the name of IRP is given only to Applicant. No material is placed on record to indicate tha....