TaxTMI 
TaxTMI 
2018 (5) TMI 858
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....he Insolvency Resolution Process in the matter of Essar Power Jharkhand Limited (for brevity 'the Corporate Debtor'). It is appropriate to mention that the 'Financial Creditor' was incorporated on 05.01.1994 and was assigned CIN No. L65190GJ1994PLC021012. It has its registered office at ICICI Bank Tower, Near Chakil Circle, Old Padra Road, Vadodara 390007, Gujarat. 2. Mr. Shashank Raj has been authorized by the Board Resolution dated 27.10.2017 (Annexure-2) to submit and sign the petition. 3. The Corporate Debtor-Essar Power Jharkhand Limited is a company registered under the provisions of the Companies Act, 2013 and was incorporated on 19.10.2005. The identification number of the Corporate Debtor is U31101DL2005PLC211274 and its regi....
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....and total amount in default as on 15.12.2017 is Rs. 3468,29,05,888.46/- (Rupees Three Thousand Four Hundred Sixty Eight Crore Twenty Nine Lakhs Five Thousand Eight Hundred Eighty Eight and Forty Six Paisa). The details with regard to the Principal amounts, accrued interest, commissions, and additional/default interest under each facility and the amounts outstanding under the facilities have been placed on record (Annexure-6). 6. The details of the security held by, or created for the benefit of financial creditor'- ICICI Bank along with the certificate of registration and modification of charge have been placed on record [Annexure-7 (colly)]. 7. The Financial Creditor also placed on record a list of all the financial facilities grante....
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....Bankers Books Evidence Act, 1891 has also been placed on record [Annexure-15 (colly)]. 10. There are then the balance confirmation letter dated 21.12.2017 by the Corporate Debtor wherein balance upto 21.12.2017 has been confirmed by said letter. A copy of the balance confirmation letter has been placed on record (at page No. 1137). 11. After service of notice, it was stated orally by the learned counsel for the Corporate Debtor that the Corporate Debtor, Essar Power Jharkhand Ltd. has no objection to the admission of the petition. However, there was neither any resolution of the Corporate Debtor nor any written instructions to that effect by an authorized representative. Accordingly, we granted one week time to the Corporate Debtor to....
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....te in all respect. He further made certain other descriptions. Such an Interim Resolution Professional was likely to be biased and cannot be expected to act as an independent umpire. Accordingly, we granted opportunity to the Financial Creditor to perform its statutory mandatory obligation by providing the name of the Resolution Professional to act as an Interim Resolution Professional in place of the earlier one. 16. In compliance of direction issued by this Tribunal dated 16.01.2018, the Financial Creditor filed application C.A. No. 64(PB)/2018 along with affidavit by the Legal Manager (Band II) of the Financial Creditor whereby request has been made to accept the appointment of replaced Interim Resolution Professional namely Mr. Huzef....
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.... name of the resolution professional has also been clearly specified. 18. Having heard the learned counsels for the parties and having perused the paper book with their able assistance it would be imperative to examine the provisions of Section 7(2) and Section 7(5) of IBC which read as under:- "Initiation of corporate insolvency resolution process by financial creditor 7(1.................. 7(2) The financial creditor shall make an application under sub-section (1) in such form and manner and accompanied with such fee as may be prescribed. 7(3)................. 7(4.................. 7(5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the a....
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....osed which must be followed by all and sundry: "(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 any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any p....