TaxTMI 
TaxTMI 
2017 (6) TMI 1191
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....ss. 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 seek to recover amounts in excess of R....
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....at 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. Central Bank of India 07. IDBI Bank Ltd. 08. Indian....
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....ors 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.P. Scheme No. 102, Nikol, Ahmedabad. Created on 5th May 2014. Value as per creditors is 22.12 crores. ....
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....ious 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 repossession of immovable properties by Banks by resorting to the provision of Sec. 10 of the Code would clearly be an abuse of the pr....