TaxTMI 
TaxTMI 
2018 (6) TMI 843
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....n Point, Mumbai-400021. 2. Mr. Naveen Jain, Deputy General Manager has been authorized by the Power of Attorney No. 30034 dated 15-12-2014 (Annexure-AI) to submit and sign the petition. 3. The Corporate Debtor-M/s. Era Infra Engineering Limited is a company registered under the provisions of the Companies Act, 1956 and was incorporated on 03-09-1990. The identification number of the Corporate Debtor is L74899DL1990PLC041350 and its registered office is situated at 1107, Indraprakash Building, 21, Barakhamba Road, New Delhi-110001. Its authorised share capital is Rs. 750,000,000.00 and the paid up share capital is Rs. 663,199,000.00 as per the details given in master data tendered before the Registrar of Companies by the Corporate Debtor itself. Copies of Memorandum of Association, Articles of Association and the master data have been placed on record (Annexure-A-II). 4. As per the averments of the Financial Creditor, the Corporate Debtor being an EPC contractor is engaged in execution of large construction projects like construction of highways, airports and industrial projects and since 1990 has been availing credit from the Financial Creditor and the latest being in the ....
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....id Financial Contracts. Copies of the said documents have been placed on record (Annexure- A XII). 10. A record of default is also available with the Central Repository of Information on Large Credits (CRILC) as per its asset classification report of the Corporate Debtor dated 16-06-2017 (Annexure A-XI). Likewise, Entries in Bankers Book in accordance with the Bankers Books Evidence Act, 1891 has also been placed on record (Annexure-A VIII). 11. The Corporate Debtor filed reply/objections to the instant application by asserting that the amount of Rs. 681.04 crores together with External Commercial Borrowing amounting to USD 1197393.13 claimed to be in default by the Corporate Debtor is not correct. It denies the statement of account (Annexure A-VI) & asserted that same has not been filed in accordance with the provisions of Bankers' Books Evidence Act, 1891, therefore, cannot be considered for the purpose of ascertaining the existence of default within the meaning of Section 7(4) of the Code. Further, the same has not been even counter signed by the authorized officer or the Financial Creditor at all places. Further the said statement besides being illegible has hand written ....
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....nces any adverse order passed by this Tribunal would be detrimental to the financial conditions of the Corporate Debtor. 17. The Corporate Debtor has submitted that without going into the merit or the substance of the amount (further not admitting the amounts claimed in the present petition) it has always been the endeavour of the Corporate Debtor to repay the amounts that are outstanding against it. It has already provided the details of the amounts which are under arbitration or claimed by them and further the factum of the on-going projects of the Corporate Debtor which would also bring back sufficient funds for repayment of the amounts. 18. It has also been argued that the Corporate Debtor had repeatedly offered Resolution Plans to the Consortium Banks wherein it was specifically stated that the Corporate Debtor is awaiting adjudication of several Arbitrations wherein it is likely to be awarded claims worth thousands of crores. However, the Consortium Banks have not been bothered to reply to such Resolution Plans. Several meetings were held with the Monitoring Committee with the Joint Lenders of the Consortium Banks which is apparent from the minutes of Meetings (Annexure....
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.... 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).................." 22. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. We are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete; and no disciplinary proceedings are pending against the proposed Interim Resolution Professional. Thus, the application warrant admission. 23. As a sequel to the above discussion, this petition is admitted and Mr. Rajiv Chakraborty, 12 Sukhdev Vihar, 1st Floor, New Delhi-110025, e-mail id [email protected], Registration No. IBBI/IPA-001/IP-P00602/2017-2018/11053 is appointed as an Interim Resolution Professional. 24. In pursuance of Section 13(2) of the Code, we direct that Interim Insol....
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....lution Professional as may be required by him in managing the affairs of the Corporate Debtor. In case there is any violation by the ex-management or its ex-directors the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code. 27. It is appropriate to mention that this matter was referred to Three Members' Bench as winding up petitions under Section 433(e) of the Companies Act, 1956 were pending adjudication before Hon'ble Delhi High Court. The view taken by the Three Members' Bench in its order dated 16-02-2018 is based on a judgment of the learned Appellate Tribunal rendered in the cases of Unigreen Global (P.) Ltd. v. Punjab National Bank [Company Appeal (AT) (Insolvency) No. 81 of 2017, dated 01-12-2017] as well as in the case of Forech India (P.) Ltd. v. Edelweiss Assets Reconstruction Co. Ltd. [Company Appe....