TaxTMI 
TaxTMI 
2018 (6) TMI 1262
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....andra (East), Mumbai 400051 and Branch office at LIC Building, 157, Ansari Road, Muzaffarnagar, Distt. Muzaffarnagar-251001. It was incorporated on 20.07.1908 and was assigned Identification Number AAACB1534F. 2. Mr. Baru Singh Chauhan, the employee of the Financial Creditor-Bank (the then Chief Manager) has been authorized by the power of attorney dated 24.01.2014 (Annexure-1) and authority letter to submit and sign the petition. 3. The Corporate Debtor-M/s. Barnala Steel Industries Private Limited (formerly known as M/s Barnala Steel Industries Limited) is a company registered under the provisions of the Companies Act, 1956 and was incorporated on 01.05.2003. The identification number of the Corporate Debtor is U27104DL2003PTC120142 and its registered office is situated at Flat NI-17, Jaswant Apartment, Jamia Nagar, Okhla Village, Delhi-110025. Its authorised share capital is Rs. 23,00,00,000.00/- (Twenty Three Crore) and the paid up share capital is Rs. 22,21,53,000.00/-(Twenty Two Crore Twenty One Lacs Fifty Three Thousand) as per the master data available on the website of Ministry of Corporate Affairs. 4. The Financial Creditor has proposed the name of Shri Satyendra Prasa....
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....has been placed on record (Annexure-7). 6. According to the averments made by the Financial Creditor-Bank of Baroda and as per the statement of Accounts of A/c No. 07740500000015 maintained by the Financial Creditor of the Corporate Debtor the facility which availed by the Corporate Debtor is overdue and total amount in default is Rs. 80,46,50,066.57/- (Eighty Crore Forty Six Lac Fifty Thousand Sixty Six and Fifty Seven Paisa) and amount of interest @ 12% per annum till 30-09-2017 is Rs. 11,26,95,099.73/- (Rupees Eleven Crore Twenty Six Lac Ninety Five Thousand Ninety Nine and Seventy Three Paisa). A copy of the statement of account and a sheet of calculation of interest have been placed on record (Annexures-8 & 18). 7. As per the averments of the 'Financial Creditor', the account of the Corporate Debtor was declared as Non-Performing Asset (NPA) on 25-05-2016 in its books. In view of the repeated defaults on the part of the Corporate Debtor to comply with the repayment of the principal and interest dues, the Financial Creditor was constrained to issue the recall notice dated 19-12-2016 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforceme....
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.... Bank of Baroda, who re-delegated Power of Attorney in favour of Mr. Baru Singh Chauhan, Chief Manager at Shyamganj Branch Bareilly on 24-01-2014 and therefore it seems to be general and not specific. (b) Copy of Board Resolution is not attached. (c) Though the index indicates that the Authorization letter is being annexed but that is not a part of the instant application. (d) Valuation of immovable property as well as hypothecated asset of debtor company should have been furnished in part V of para I of the application. (e) Latest Balance Sheet of the debtor company not attached. (iii) The application under Section 7 of the Code, signed and filed by a 'General Power of Attorney Holder' without specific authorization is not maintainable. Reliance in this regard has been placed on a judgment rendered by Hon'ble the Supreme Court in a case of State Bank of Travancore v. Kingston Computers Fyi. Ltd. (2011) 11 SCC 524. Further Reliance has also been placed on a judgment rendered by Hon'ble the Supreme Court in a case of T.C. Mathai v. District & Sessions Judge, Thiruvananthapuram [1999] 3 SCC 614 where Hon'ble the Supreme Court held that "Section 2 of the Power of Attorney Ac....
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....ed. 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. 15. As a sequel to the above discussion, this petition is admitted and Mr. Satyendra Prasad Khorania, D-233, Kardhani Scheme, Opposite D-Block Park, Govindpura, Kalwar Road, Jaipur -302012 (Rajasthan), email id - [email protected], Registration No. IBBI/IPA-02/IP-N00002/2016-17/10002 is appointed as an Interim Resolution Professional. 16. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1)(a), (b), (c)....
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....o 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. 19. There are various documents placed on record establishing authority to file the application which include authorization (at page 29A of the application) issued by the Assistant General Manager of the Regional Office of the Bank of Baroda. It clearly states that Mr. Baru Singh Chauhan has been conferred the powers to institute, defend, prosecute, conduct, sign, verify, pursue and present company petition, suits, appeals, revision, applications, before appropriate Forum/Court including the concerned National Company Law Tribunal and to give statement (oral/writing) and/or on oath and/or otherwise which may be required to be done by the Company and to take all such further steps as may be necessary and required for the purposes. It is pertinent to notice that a Board Circular Resolution dated 14-11-2017 (which was filed vide diary No. 1615 da....
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....ew thereof, we do not find any substance in the objection raised on behalf of respondent. 20. In order to ascertain whether the default has occurred it will be profitable to read Section 3(12) of the Code which states that default means non-payment of debt when whole or any part of the instalment of the debt has become due & payable and that the same has not been repaid by the 'Corporate Debtor'. In the present case, it has come on record eminently that the 'default' has occurred many a times. Therefore, it would not be such a substantial and a material factor warranting the dismissal of the application. The Resolution Professional shall have to proceed in accordance with the statement of accounts and other supporting evidence. 21. Ms. Naresh Kumar Sejvani has placed reliance on the observations made by this Bench in para 14 of the judgment rendered in the case of Bank of India v. Tirupati Infraprojects (P.) Ltd. C.P. No. IB 104(PB)/2017, dated 3-7-2017. This Bench has observed that if there was any discrepancy in calculation then it does not materially affect the admission of the such application. We observed that the Adjudicating Authority is not entrusted with any function to ....