TaxTMI 
TaxTMI 
2018 (1) TMI 864
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.... U.P. Established on 12.04.1895. 3. The 'Corporate Debtor' company to the present petition is M/s. Parerhat Gas Industries Ltd. (CIN No. U31300UP 1982 PLC005567) which was incorporated on 24.02.1982 having Incorporation No. 20-5567, with Registrar of Companies Kanpur. The Corporate Debtor Company is having Authorised Capital Rs. 10,00,00,000/- and paid-up share Capital of Rs. 9,98,06,000. The Registered Office of the Corporate Debtor Company situates, at Village Moorka, Tehsil Mau, Shakergarh, District Chitrakoot, U.P.210208, further it is also having Corporate office at 110, Ram Bagh, Allahabad, and it Factory is situated at Industrial Colony Daud Nagar, Naini, Allahabad U.P. 4. The 'Financial Creditor' has given all the details of its financial debt disbursed to the Corporate Debtor Company as per the I&B Code. In part-IV of the application in prescribed Pro-forma under Rule-4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code, which are described as under: - 5. Total amount of Debt granted Date(s) of Sanction Loan Amount and nature of facility Date of Disbursement 15.02.2007 Cash Credit Limit of....
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....on of amount with days of default in tabular form is been attached. 5. In part V of the present application details Particulars of Financial Debt and Documents, Records and Evidence of Default are well mentioned for the sake of convenience the same are also being reproduced herein below: 1. Particulars of security held, if any, the date of its creation, its estimated value as per the creditor.Attach a copy of a certificate of Registration of Charge issued by the Registrar of Companies (if the Corporate Debtor is a Company) The entire Plant and Machinery and the stock were hypothecated and charged by the corporate debtor detailed in the loan and security documents and the list of hypothecated goods besides the corporate debtor has mortgaged equitably on 20.02.2007 its Factory, land and Building constructed over Arazi No. 428/1, measuring 0.429 Hec, 428/2 measuring 0.122 Hec. Arazi No.425 Min. measuring 0.062 Hec. total measuring 0.613 Hec. and Arazi No.423 measuring 0.735 hec. Arazi No.426 measuring 0.394 Hec. Arazi No.427/1 measuring 0.096 hec. total measuring 1.838 hec. i.e. 4.54 Acres = 18380 Sq. Meters situated at Village Moorka Tahsil Mau, District Chitrak....
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....so created charge/extended the charges to secure the credit facilities granted by the Petitioner equitably in respect of its House No. 152 (New) 110 (Old) Portion B, which is a part of Old House No.110A, situated at Ram Bagh Allahabad, bounded on North by : House of Lalloo Ji & Sons, on South by : 25 ft. wide Road, on East by : House of the defendant No.5, and on West by : House of 109/110 and the respective copies of the title deeds and relevant papers are filed. 6. In view of the above stated facts of the present application, a formal notice was issued to the Corporate Debtor Company as per the existing practise of this Tribunal. The Respondent Corporate Debtor Company in reply to the such notice has filed a memo by expressing its no objection for initiation of the CIRP in respect of it. However, it has shown some reservation and raised some question on actual amount due under Debts and Liability of the corporate Debtor Company. Hence, for the sake of convenience the Memo filed by the Corporate Debtor Company is also reproduced as under: "1. That a meeting of the Board of Directors of Corporate Debtor M/s Parerhat Gas Industries Ltd was held 16.10.2017 at its Register....
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....Board. (4) The Adjudicating Authority shall, within fourteen days 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 ....
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....r Nagar U.P. Registration No. IBBI/IPA-003/IP-N 00018/2017-18/10131. Email Address [email protected]. (as provided by IRP). The Interim Resolution Professional is required to carry out the functions as mentioned under the Code in CIRP for the Corporate Debtor Company. II. That the order of moratorium u/s 14 shall have effect from 30.11.2017 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 judgement, 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 reco....