TaxTMI 
TaxTMI 
2017 (11) TMI 1273
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....014 (Annexure-FCl) to submit and sign the petition. 3. The Corporate Debtor-M/s. Tirupati Inks Ltd. was incorporated on 10.04.1984. Its authorised share capital is Rs. 26,00,00,000/- and the paid up share capital is Rs. 25,09,98,000/- as per the master data available on the website of Ministry of Corporate Affairs. It has its registered office at Delhi. A copy of the master data relating to Corporate Debtor has been placed on record (Annexure FC2). 4. The Financial Creditor has proposed the name of Shri Mukesh Mohan, 1106-07, New Delhi House, Barakhamba Road, Connaught Place, Delhi -110001. His registration number is IBBI/IPA-001/IP-P00018/2016-17/10042. A written communication dated 23.08.2017 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record (Annexure- II). There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition further necessary disclosures have been made by Mr. Mukesh Mohan as per the requirement of the IBBI Regulations. Accordingly, he satisfies the requirement of Section 7 (3) (b....
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....ium led by Punjab National Bank. Thereafter the Joint Lenders' Forum meeting was held on 04.03.2015 wherein credit facilities sanctioned by members of PNB Consortium were restructured and accordingly, the Financial Creditor vide Credit Arrangement Letter dated 27.03.2015 restructured its credit facilities with respect to cash credit Rs. 13.11 crores, working capital term loan Rs. 9.19 crores and funded interest term loan Rs. 3.79 crores. 7. The Financial Creditor in its application further asserted that after restructuring the default occurred and the account of the Corporate Debtor was classified as Non-Performing Asset on 30.06.2016 by the Financial Creditor, it recalled the facilities, invoked personal and corporate guarantee vide letter dated 11.07.2016 calling upon the Corporate Debtor, personal guarantors, corporate guarantors, mortgagors & pledgers to pay a sum of Rs. 26,95,31,014.20 as on June 30, 2016 along with further interest, costs, charges etc. 8. The Financial Creditor afterward on account of non- payment of the dues by the Corporate Debtor filed an Original Application bearing No. 814/2016 before Debt Recovery Tribunal- Ill, New Delhi in which an order dated 2....
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.... passu charge by way of hypothecation of the Corporate Debtor's entire movable fixed assets, both present and future except those financed by other lenders. (iii) First pari passu charge by equitable mortgage by way of first time deposit/constructive delivery of the title documents on the following properties:- (a) A-l/33, Coop. Industrial Area, Data Nagar, Kanpur. (b) A-1/29, Coop. Industrial Area, Data Nagar, Kanpur. (c) Duplex House No. 143, Swarnim Vihar Sector 82, Noida, U.P. (d) Factory at D-109, 110, 111, 112 Industrial Area, GNEPIP, Site V, Greater Noida, U.P. (e) Factory at 267, Lane No. 4, Phase II, SIDCO, Bari Brahmana, Samba, Jammu in the name of the Corporate Debtor (iv) Pledge of 6578095 (26.21%) equity shares of the Corporate Debtor held by Mr. Sanjiv Agarwal, Mrs. Sangeeta Agarwal and M/s Shyam Raj Colour Chem Pvt Ltd. in favour of the Financial Creditor and other members of the PNB Consortium. The charge on the aforesaid Hypothecated Assets and the mortgaged Immovable Properties of the Corporate Debtor/ Respondent No. 5, lastly created on 17.06.2015 have been lastly registered with the Registrar of C....
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....oida, U.P. Mr. Sanjiv Agarwal - Guarantor of Corporate Debtor 140.1/112.0 Valuation Report dated March 24, 2017 as carried out by PNB Lead Bank Property being Factory at D- 109, 110, 111, 112, Industrial Area, GNEPIP, Site V, Greater Noida, U.P. Corporate Debtor 550/440 Valuation Report dated February 06, 2017 as carried out by PNB Lead Bank Property being Factory at 267, Lane No. 4, Phase II, SIDCO, Ban Brahmana, Samba, Jammu in the name of the Corporate Debtor Corporate Debtor 98.0/78.0 Valuation Report dated March 24, 2017 as carried out by PNB Lead Bank 6578095 equity shares, (being 26.21% equity shares) of the Corporate Debtor Mr. Sanjiv Agarwal, Mrs Sangeeta Agarwal and M/s Shyamraj Colour Chem P Ltd. Guarantors of Corporate Debtor 0.0 Trading is suspended due to penal reasons, Equity share of Tirupati Inks Limited was last trade at Rs. 1.59 on May 02,2017 Copies of the balance sheet for the year 2015-16 and valuation reports of various immovable properties have also been placed on record (Annexure-FC31 & FC32). 16. The Financial Creditor further asserted that other members of PNB Consortium have also invoked the provisions o....
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....nexure-FC30(colly). 19. The 'corporate debtor' has opposed the admission of the application by arguing that the applicant is a part of consortium of banks and the credit facilities as availed by the Corporate Debtor were a part of consortium finance. In the said credit facilities, the Punjab National Bank is the Lead Bank and rest of the Banks namely Oriental Bank of Commerce, IDBI Bank Limited, Syndicate Bank, Bank of Baroda including Financial Creditor are described as consortium or the lenders. The applicant cannot individually enforce any right or obligation of the aforesaid credit facilities without the consent of other member banks who are also the stake holders in the Corporate Debtor Company. Filing of aforesaid OA No. 814/2016 by the Financial Creditor against the Corporate Debtor has admitted by the Corporate Debtor. Issuance of various sanction letters with respect to credit facilities from time to time by the Financial Creditor has been conceded by him. It was then submitted that consent from other members of consortium has not been obtained. 20. The objection would not require any serious consideration because Explanation to section 7(1) clarifies that for the pu....
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....by the Financial Creditor reiterating the submissions made in the application and controverting the allegations. 25. The question which arises for consideration is whether the petitioner has been able to satisfy the requirement of Section 7 of the Code. According to explanation appended to Section 7 (1) of the Code an application by the 'Financial Creditor' either on its own behalf or jointly with the other financial creditor would be competent for initiating Corporate Insolvency Resolution Process against a 'Corporate Debtor' before this Tribunal when a default has occurred. It is obvious that a part of consortium bank like the petitioner is competent to file this application on its own behalf and other banks who are members of the Consortium. 26. From the perusal of the record, we are satisfied that the 'Financial Creditor' has proved by overwhelming evidence that default has occurred, which meets the requirement of Section 3(11) and (12) read with Section 7(3)(a) and Section 7 (5) of the Code. A copy of CRILC Report (Annexure-FC33), a copy of Banker's Book as per Banker's Evidence Act, 1891 (Annexure- FC30), various letters issued by Financial Creditor including the one de....
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..... (supra) rejecting the argument in respect of Maharashtra Relief Undertakings (Special Provisions Act), 1958. Hon'ble the Supreme Court observed in para 56 as under:- " It is precisely for this reason that the non-obstante clause, in the widest terms possible, is contained in Section 238 of the Code, so that any right of the corporate debtor under any other law cannot come in the way of the Code..................." Therefore, this objection also lacks any substance. 28. For the reasons, aforementioned this petition is admitted. Shri Mukesh Mohan who is duly registered with Insolvency and Bankruptcy Board of India IBBI/IPA-001/IP-P00018/2016- 17/10042) has been proposed as an Interim Resolution Professional. He is hereby appointed as an Interim Resolution Professional. He has filed his certificate of registration with Insolvency and Bankruptcy Board of India. He has also filed his written communication dated 23.08.2017 in connection with the application to initiate Corporate Insolvency Resolution Process. The disclosure has been made in the letter dated 23.08.2017. No disciplinary proceedings are pending against him. 29. In pursuance of Section 13(2) of the Code w....