TaxTMI 
TaxTMI 
2017 (12) TMI 1243
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....Resolution by filing necessary Application before the Adjudicating Authority. The Petitioner is the Whole-time Director of the Company. He filed this Application to trigger Corporate Insolvency Resolution Process under Section 10 of the Code in respect of the Company/Corporate Debtor. The Registered Office of the Corporate Debtor is situated in Jasdan in Rajkot, Gujarat State. The Paid-up Share Capital of the Corporate Debtor is Rs. 13,15,46,500 consisting of 81,54,650 equity shares of Rs. 10 each and 50,00,000 preference shares of Rs. 10 each fully paid up. 3. Petitioner in Part III of Form-6 disclosed that Respondents No. 1 to 5 are Financial Creditors apart from 131 Operational Creditors. According to the Petitioner, the Corporate Debtor has committed default to the extent of Rs. 54,34,25,440.85 ps. in respect of Financial Creditors as per following details; 1. Kotak Mahindra Bank Ltd Cash Credit Loan Rs. 43,73,30,183.00 2. Kotak Mahindra Bank Ltd Export packing Credit Rs. 6,68,46,000.00 3. Kotak Mahindra Bank Ltd Business Loan Rs. 5,62,068.14 4. SIDBI Loan Rs. 3,04,79,967.00 5. SIDBI Loan (New) Rs. 23,48,672.00 6....
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.... Rakanpar Nr. Maruti Tiles, Opp. Hotel Nilkanth, Rakanpur, Tal, Kalol, Dist. Gandhinagar-382721 943986.00 17 Dolphin Industries Rakanpar 734/2/A, Nilkanth Hotel, Vill. Rakanpur, Santej Road, Ta. Kalol, Dist. Gandhinagar 847568.00 18 Eashwar Cotton Corporation Warangal H.No.9-1-133, Petrol Pump, Girmajipet, Warangal 318626.00 19 Envitech Consultancy Services Rajkot A-71, Oscar Tower, B/h. Parijat Party, Plot, 150 Feet Ring Road, Rajkot 65000.00 20 GBP Cotton Company Indore Flat No. 103, Samyak Park, 31, Meera Path, Near Nehru Park, C.T.O, Indore (M.P.). 35000.00 21 Glossy Cotex Wakaner S.F. No: 90/2, National Highway, Nr. Lalpar Village, Kerala, Tal: Wankaner, Dist: Rajkot 2946974.00 22 Gokul Cotton Industries Jasdan Ahmedabad Highway, Jasdan 108623.00 23 Gokul Cotton Tradras Warangal 11-23-2344/4, LB. Nagar, Main Road, Warangal 469749.00 24 Gopal Cotton Industries Dhasa Station Road, Dhasa Jn., Ta. Gadhada Dist. Bhavnagar 771643.00 25 Hardik Tin Supply Vasad Station Road, Opp. Railway Station, Vasad. 201647.00 26 HIMANSHU R PATEL (HUF) ....
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....st:-Warangal & Bro. 348686.00 46 M/s. Ashwinkumar Natvarlal & Bro. Ahmedabad 8, "RANIP", Prabhukrupa Society, Opp. Gayatri Mandir, Ahmedabad, 69853.00 47 M/s. Jagdishchandra Jaysukhalal Rajkot K-S/3, Marketing Yard, Near S.B.S. Bank, Rajkot 1037466.00 48. M/s. Saishakti Agrotech (P.) Ltd. Indore 61889.00 49. Madhuvan Trading Co. Rajkot Royal Avenus Street No. 1, Nana Mahuva Road, Rajkot 266047.00 50. Mahakali Cotton Bhavnagar Marketing Yard Shop No. A/138, Chitra, Bhavnagar 7084189.00 51. MAM CO. Coimbatore 73, Devangapet, Street No. 2, Coimbatore 242063.00 52. Mayur Tin Factory Chhatral F-2, 1706, G.I.D.C, Chhatral, Ta :- Kalol, Dist :- Gandhinagar (N.G) 523293.00 53. MJP Associates Rajkot 707, Star Plaza, Phulchand Chowk, Rajkot 12135.00 54. Murlidhar Oil Mill Dhasa Station Road, Dhasa Juction, Dhasa 691775.00 55. Napson Lubricants Pvt. Ltd. Rajkot 309, Rajratan Complex, Tagore Road, Rajkot 22090.00 56. Narendra Logistics Pvt. Ltd. Gandhidham Unit Nos. 1 & 2, Vaswani Chamber, Plot No. 16, Sector No. 8, GANDHIDH....
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....Babra 1334906.00 80. Radhekrishna Cotton Industries Babra Vasavad Road, Babra 2139002.00 81. Radhekrishna Cotton Industries Babra Wash Babra Vasavad Raod, Babra 1097660.00 82. Radhekrishna Industries Botad Opp.-Adarsh School, Hadadad Road, At-Hadadad, Ta-Botad 561030.00 83. Raghuvanshi Cotton Ginning & Pressing (P.) Ltd. Paddhari Survey No. 34, Rajkot Jamnagar Highway, Near Bharat Hotel, Paddhari Dist.-Rajkot 1036790.00 84. Raghuvir Cotton Ginning & Pressing Pvt. Ltd. Hadamtala Servey No.: 81, Rajkot-Gondal Highway, Opp. Vandheshwar Temple, Hadamtala (Gondal), Ta-Kotada Sangani 781040.00 85. Raj Plastics Shapar (Veraval) 14, Mahavir Industrial Estate, N.H.-8B, Gondal Road, Shpar (Veraval) 148725.00 86. Rajendra Industries Rajkot Plot No.:-2636, GIDC Metoda, Kalavad Road, Rajkot 100659.00 87. Rajesh Oil Mill Vasavad Santhali Road, Vasavad 122954.00 88. Ramkrupa Cottex Pvt. Ltd. Virnagar Survey No.: 399P3, Rajkot-Bhavnagar Highway, At-Virnagar, Ta-Jasdan, Dist. - Rajkot 524903.00 89. Ravji Shamji Asher Coimbatore Royal Castle, 223-E, Ea....
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.... Station Road, Jasdan 711373.00 112. Shrinathji Petrolium Jasdan Vinchhiya Road, Jasdan 71985.00 113. Shyam Ginning & Pressing (P.) Ltd. Hadamtala Fac: Rajkot-Gondal Road, N.H. 8-B, At-Hadamtala, Ta-Kotada Sangani, Dist-Rajkot 3145759.00 114. Silver Hill Cotton Industries Jasdan Atkot Road, Jasdan 351892.00 115. Somnath Ginning Factory Jasdan Kamlapur Road, Jasdan 296464.00 116. Sri Bhagyalakshmi Cottex Private Limited Warangal Mayaram, Ayaparthy Mandal, Dist:- Warangal 327622.00 117. Sudhir Somaiya Mumbai 52/62 Princess Street S.G. Marg, Varjvan Mansion 1st Floor, Mumbai 21705.00 118. Sun Petrolium Rajkot Near Nilkanth Cinema, Kothariya Main Road, Rajkot 41479.00 119. Swaminarayan Cottex Botad Shirvaniya-Bhadravadi Road, Near Avadh Cot, At Shirvaniya, Ta/Dist. - Botad 554274.00 120 Swastik Enterprise Rajkot 'Swastik', 6-Ratandeep Society, Pedak Road, Rajkot 56910.00 121. Toral Co. Com. Co. Op. Ser. Soc. Ltd. Rajkot Jawahar Road, Opp., SBS, Rajkot 10985.85 122. Tulsi Industries Kariyani Lathidad-Kariyani Road, Nr. Ava....
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.... 6. Petitioner proposed the name of C.A. Premraj Ramratan Ladhha as 'Interim Resolution Professional'. Petitioner also filed the Written Communication given by the IRP. Petitioner filed proof of despatch of copy of the Application of Financial Creditors. This Adjudicating Authority directed the Applicant to service notice of date of hearing on all the Financial Creditors and file proof of service. Learned Counsel appeared on behalf of HDB Financial Services Ltd., Kotak Mahindra Bank Ltd. and Tata Capital Financial Services Ltd. 7. Kotak Mahindra Bank Ltd., filed objections and further objections. Tata Capital Financial Services Ltd. also filed its objections. HDB Financial Services Ltd., did not file any Written Submission, but opposed the admission of the Petition. 8. Kotak Mahindra Bank Ltd., in its objections also stated that it had filed Original Application No. 91/2016 before the DRT-II, Ahmedabad for recovery of a sum of Rs. 55,90,47,922.61 ps. together with further interest thereon and the Hon'ble DRT-II, Ahmedabad vide judgment dated 5.4.2016 was pleased to allow the said OA and issued Recovery Certificate to recovery total amount of Rs. 55,90,47,922.61 ps. as per the....
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.... committed default in repayment of the business loan amount of Rs. 40,37,479/-. As per the Clauses in the Business Loan Agreement, Tata Capital Financial Services Ltd., has got authority to recover the amount and the disputes or claims arising out of the agreement shall be referred to arbitration. Tata Capital Financial Services Ltd., also contended that once the arbitration clause is there and arbitration proceedings have been commenced vide No. AL/88/2016 and the Award has been passed by the Arbitrator this Petition is not maintainable. In support of the said contention, Tata Capital Financial Services Ltd., referred to the following decisions: 1. Hon'ble Supreme Court of India Sundaram Finance Ltd. v. T. Thankam [Civil Appeal No. 2079 of 2015] 2. Gail (India) Ltd. v. Gujarat State Petroleum Corpn. Ltd. [2014] 1 SCC 329 3. Hanil Era Textiles Ltd. v. Puromatic Filters (P.) Ltd. AIR 2004 SCW 2914 4. P. Anand Gajapathi Raju v. P.V.G. Raju AIR 2004 SCW 1489 5. Datar Switchgears (P.) Ltd. v. Tata Finance Ltd.[2000] 28 SCL 99 (SC) 6. New Moga Transport Co. v. United India Insurance Co. Ltd. AIR 2004 SC 2154 10. Heard the argument....
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....ebtor wants to undergo the Resolution Plan to resolve the disputes and to revive the Company. 15. It is settled law that the pendency of proceedings under the SARFAESI Act, or the pendency of proceedings before the DRT, or pendency of arbitration proceedings, or the pendency of execution proceedings is not a ground for not commencing the 'Insolvency Resolution Process'. Section 238 of the Code gives overriding effect over all other Laws. The pendency of execution proceedings or recovery proceedings or the arbitration proceedings in respect of the debts due by the Corporate Debtor is not a ground not to admit this Petition. It is established that Corporate Debtor committed default in making repayment of financial debts and operational debts. 16. The object of the Code is, no doubt, to protect the genuine Corporate Debtors with a view to maximise their value of assets and find out a 'Resolution Plan' to revive the Companies. Incidentally, in the process of evolving a Resolution Plan, there is an opportunity for the Corporate Debtor to have a moratorium and thereby delay the other recovery proceedings. But, that is only for a prescribed period of 180 days or for a further period....