2017 (6) TMI 1191

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....itiation of Insolvency Resolution Process.   2. The said Petition has been filed in the required format  giving details of the Corporate Debtor and its Creditors. As  required, they have furnished details of the total amount of debt  towards the each Financial and Operational Creditor. In  addition, they have given the estimated value 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. Ld. Counsel for the  Petitioner/Corporate Debtor has drawn the attention of this  Bench to the minutes recorded by the Joint Lenders Forum  comprising of about 10 Banks which see....

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.... its assets do not  fall into disarray, what is noted is that to avail the loan/credit  facilities from the Banks, the Corporate Debtor has offered not  only its immovable properties as securities, but also the  personal guarantees of its Directors and others, mortgaging  several immovable properties in favour of the Banks, apart from  fixed deposits and hypothecation of the stock in trade.   6. The 10 Banks which form the Joint Forum of the Financial  Creditors to whom the Corporate Debtor owes more than Rs.  428 crores are:   01. Allahabad Bank   02. Andhra Bank   03. Bank of Baroda   04. Bank of India (Lead Bank)   05. Canara Bank   06. Centra....

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....6060 Bharat Diamond Bourse, BandraKurla  Complex. Created on 13th August 2014. Value as per  creditors is 0.75 crores.   6. Sub Plot No. F-2,3,4, & 15 Karmabhumi-ll Pruthvi  co. op. Hsg. soc. Ltd„ Vibhag-2 Old, sy. No. 144 & 145  Block No. 129 Paiki, Village - Vansajada (Dhedia), Tal. Kalol,  Dist. Gandhinagar. Created on 12th April 2014. Value as per  creditors is 3.36 crores.   7. Unit No. 105 Jewel square CTS No. 15AQ/7/15, 8/15, 9/15 Sub  plot No. B.Sy.No.479 + 480 A/I Koregaon Park, Pune.  Created on 26th August 2014. Value as per creditors is 3.27  crores.   8. 1st Floor, 3rd Floor and 4th Floor, Antrix Arcade, Raspan party  plot road, final plot No. 28, T....

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....h the personal properties offered as securities are not  enforced or taken possession of. The admission of the Petition  shall have a serious impact on the Financial Creditors who have  already set the wheel in motion to secure 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. There is no explanation as to why the FDRs  have not been liquidated to reduce the liability towards the  Banks. To stay the....