TaxTMI 
TaxTMI 
2018 (5) TMI 857
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.... Creditor, State Bank of India was constituted under the statutory enactment of State Bank of India Act, 1955 incorporated on 1st July, 1955 vide Notification No.S.R.O. 1077 dated May 14, 1955. The registered office of the Company is situated at Industrial Finance Branch, 1st floor, Constantia Building, 11, Dr. U. N. Brahmachari Street, Kolkata, West Bengal- 700 017 and Corporate Office is situated at State Bank Bhawan, Madame Cama Road, Nariman Point, Mumbai-400021. 3. The Corporate Debtor, Impex Metal & Ferro Alloys Limited, having Identification No. U27101WB1991PLC051901 is a company incorporated under the Companies Act, 1956 on 31st May, 1991. The registered office of the Company is situated at 35, C. R. Avenue, Kolkata- 700 012, West Bengal. The authorized share capital of the company is Rs. 15,00,00,000/- and paid-up share capital of the company is Rs. 10,90,50,000/-. 4. The Financial Creditor has proposed the name and registration number of the interim resolution professional as Mr. Subodh Kumar Agarwal, an Insolvency Professional registered with the Agency of Institute of Chartered Accountants of India having Registration No. IBBI/IPA-001/IP- P00087/2016-2017/10183 of 1, ....
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....g all amendments and waivers till date and sanction letter dated 3rd March, 2010 issued by SBP for term loan of Rs. 34 crores have been submitted and marked as Annexure-'F' to the petition. The copy of Sanction letter dated 28th September, 2011 issued by State Bank of Patiala for enhanced term loan of Rs. 49 crores has been annexed and marked as Annexure "G" to the petition. The copies of sanction letters dated 30th October, 2009 and 25th April, 2011 issued by the State Bank of Bikaneer and Jaipur for term loan of Rs. 34 crores and additional term loan of Rs. 15 crores have been submitted and marked as Annexure "H" and Annexure "I" to the petition. Copy of Common Loan Agreement dated 29th February, 2012 regarding Term Loan Facilities aggregating Rs. 98 crores has been submitted and marked as Annexure "J" to the petition. Copy of Agreement of Loan for Overall Limit dated 3rd March, 2010 in respect of term loan facility of Rs. 34 crores by State Bank of Patiala (SBP) has been submitted and marked as Annexure "K" to the petition. Copy of Inter-se Agreement dated 29th February, 2012 has been submitted and marked as Annexure L to the petition. In addition to the above, the applicant has....
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.... nature instead of being specific and it has not been duly made. Hence, the application deserves to be dismissed and not maintainable. 13. The corporate debtor has stated that the petitioner/Financial creditor has failed to show any default on the part of the corporate debtor in making the repayment of the debt. The Applicant has failed to disclose that there is any debt as allegedly calculated by the applicant. 14. The corporate debtor also submitted that there are seriously disputed issues pertaining to the common loan agreement and the petitioners claim is barred by statute of limitation as the time barred claim cannot be the subject matter of the present proceedings. 15. The corporate debtor also stated that the date of default as allegedly indicated by the petitioner is March 31, 2016 but no corresponding figures of the alleged outstanding amount as on the said date of default have been indicated by the petitioner nor has the petitioner disclosed as to how such date of default has been determined by the petitioner. Moreover, he added that during the course of the arguments the dates on which the accounts of the respondents were declared as non-performing assets are not unif....
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....ed as Annexure "C". A certified copy of statement of account produced on the side of the petitioner is sufficient enough to prove the default of the loan admittedly availed by the corporate debtor. These documents satisfy the requirement as provided under section 7(3) (a) of I & B Code. 22. The Financial creditor has also proposed the name of Mr. Subodh Kumar Aggarwal, Registration No.lBBI/IPA/001/IP-P0087/2016-17/10183 of Ganesh Chandra Avenue,3rd Floor,Kolkata-700013, to act as an interim resolution professional whose details are mentioned above. As per record no disciplinary proceeding is pending against him. Annexure XX, is Form 2 with the consent of the above referred insolvency professional. This document satisfy the requirement as per section 7(3) (b) of the I & B code. 23. As per section 7 (3) (c) any other information as may be specified by the Board is to be produced. However, none specified by the Board as on today. So the petitioner in the case in hand succeeds in proving that the petition filed under sub-section 3 of section 7 is complete. 24. In the above said background, let me see whether the objections raised on the side of the respondent is sustainable. At the ....
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....y Code, 2016 is hereby admitted for initiating the Corporate Resolution Process and declare a moratorium and public announcement in accordance with Sec.13 and 15 of the IBC, 2016. Moratorium is declared for the purposes referred to in Sec. 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec.15. The public announcement referred to in clause (b) of sub-section (1) of Sec.15 Insolvency & Bankruptcy Code, 2016 shall be made immediately. Moratorium under Sec. 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including ....