TaxTMI 
TaxTMI 
2018 (7) TMI 1740
X X X X Extracts X X X X
X X X X Extracts X X X X
....me was further changed to AU Financiers (India) Limited. Subsequently, the company was granted license to operate as a bank and hence on April 13, 2017, the name was further changed to AU Small Finance Bank Limited. Its assigned identification number L36911RJ1996PLC011381. It has its registered office at 19-A, Dhuleshwar Garden, Ajmer Road, Jaipur, Rajasthan-302001. 2. Mr. Puneet Gogia, Assistant Vice President-Legal of the Financial Creditor has been authorized by the Letter of Authority dated 30.05.2017 (at page No. 26) to sign and submit the petition. 3. The Corporate Debtor-Prabhu Shanti Real Estate Private Limited was incorporated on 07.05.2004. The identification number of the Corporate Debtor is U45201DL2004PTC126261 and its registered office is situated at Ground Floor, Flat No. 2, Block-D, Pocket-5, Sector 15, Rohini, North Delhi-110089. Its authorised share capital is Rs. 2,50,00,000.00/- and the paid up share capital is Rs. 1,45,61,000.00/- as per the master data available on the website of Ministry of Corporate Affairs. 4. The Financial Creditor has proposed the name of Shri Abhishek Anand, E-103, Greater Kailash Enclave-I, New Delhi, email id - [email protected] to....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... letter from the Association requesting restructuring of the aforesaid term loan. The said request for restructuring of the aforesaid term loan facility was approved by the Financial Creditor. 8. As per the averments of the 'Financial Creditor', the account of the Corporate Debtor was declared as Non-Performing Asset (NPA) on 31.07.2016 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 30.08.2016 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to the Corporate Debtor, the Association and other individual co-borrowers but inspite of the notice they failed to clear the unpaid debt/liability. A copy of the recall notice has been placed on record (Annexure-I(8)). 9. The details of the security held by, or created for the benefit of 'financial creditor'- AU Small Finance Bank Limited along with the certificate of registration of charge issued by the Registrar of Companies have been placed on record [Annexure-I(3)(colly)]. 10. A record of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Authorized Representative vide letter of attorney dated 30th May, 2017 is not valid and does not give any specific legal authority to the said authorized representative, to file the petition under Insolvency and Bankruptcy Code, 2016. C. The petitioner has failed to adhere to the provisions of the Bankers Book Evidence Act, 1891 while submitting the Statement of Accounts, which is a mandatory provision as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. D. Petitioner has not produced any document to substantiate the fact, that the legal status of the Petitioner has been 'changed from a NBFC Company to a Bank' i.e., from AU Financiers Private Limited to AU Small Finance Bank Limited. E. All the documents, with respect to the alleged loan disbursement and sanction, are between the Petitioner and the Association. The Memorandum of Deposit of the Title Deeds is in the name of Mr. Joginder Singh Lather, who is the authorized signatory of the Association. The aforesaid Memorandum of Deposit of Title Deed does not specify that the same has been signed by him in the capacity of the director of the Respondent. F. The loan agreement dated 9th Sep....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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. 18. As a sequel to the above discussion, this petition is admitted and Mr. Abhishek Anand, E-103, Greater Kailash Enclave-I, New Delhi, email id - [email protected], Registration No. IBBI/IPA-002/IP-N00038/2016-17/10077 is appointed as an Interim Resolution Professional. 19. 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. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 20. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the pr....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... else 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 a 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. 23. A perusal of the letter of authority (at page No. 26) issued by the Financial Creditor in favour of Mr. Puneet Gogia clearly states that Mr. Gogia has been conferred the powers to institute, prosecute, defend, oppose, continue to appear, represent, appeal in, issue legal notice, refer to arbitration, abandon, submit to judgment, proceed to judgment and execution or become non-suited in, all or any suits, legal proceedings and demands (including but not limited to, matters before Courts, Consumer Forum, Commissions, Tribunals, and any other Statutory Authority(ies), Regulators etc.) proceedings, relating to matters under the provisions of Indian Penal Code and Negotiable Instrument Act. Aforesaid powers give a light to the fact that Mr. Gogia is....
X X X X Extracts X X X X
X X X X Extracts X X X X
....inder Singh Lather and Mr. Manmohan Parnani on behalf of the charge holder i.e. the Financial Creditor. The Form No. CHG-1 also contains copies of relevant pages of the original loan agreement executed by the borrower and the co-borrower. A copy of the Form No. CHG-1 as available on the website of the MCA along with the extracts of the original loan agreement has been placed on record [Annexure R(4)]. A perusal of Form No. CHG-1 would show that Prabhu Shanti Real Estate Private Limited-the Corporate Debtor is creating a charge on the property in pursuance of Sections 77, 78, 79 read with Section 384 of the Companies Act, 2013 and the Financial Creditor is the charge holder. A copy of the original loan agreement dated 09.09.2014 (Annexure R/6) has also been placed on record which show that loan agreement has been entered into between the Financial Creditor and the borrowers as depicted in Schedule-A. The loan agreement has been duly signed by Mr. Joginder Singh Lather on behalf of Corporate Debtor i.e. Prabhu Shanti Real Estate Private Limited with seal along with other. It is also pertinent to mention that Mr. Joginder Singh Lather has also signed the document for one Shanti Devi a....