TaxTMI 
TaxTMI 
2018 (9) TMI 1527
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.... ) against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 25.11.2010 having its registered office at 70, Basement Navjeewan Vihar, New Delhi-110017. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. It is appropriate to mention that the applicant Oriental Bank of Commerce is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (no. 40 of 1980) having Head Office at Harsha Bhawan, E-Block, Connaught Place, New Delhi-110001 with one of its Branch Office at Large Corporate Branch, 1st Floor, Harsha Bhawan, E-Block, Connaught Place, New Delhi-110001. 4. Mr. Gauranga Charan Behera, Chief Manager of the applicant Bank has relied upon the General Power of Attorney dated 18.02.2006 of the applicant bank wherein he was appointed as true and lawful attorney of the applicant ban....
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....erm Loan dated 31.12.2015 and Common Agreement dated 31.12.2015 with the application. It is submitted that on the request of the corporate debtor the credit limits were renewed by sanctioning financial assistance in the nature of fund-based limits being renewal-cum-enhancement of credit limits already sanctioned. 9. The applicant bank has filed the account statement of the two loan accounts being A/c No. 01797021001541 and A/c No. 00077025005452 along-with certificate under Section 2A of the Banker's Books of Evidence Act in support of the claim. The details of the dates of disbursement and the principal amount outstanding under the above facilities have been furnished in the application. Besides the computation relating to all the defaulted amounts and days of default in respect of the above facilities have also been placed on record. 10. It has been submitted that as on 30.11.2017 the total amount of default due and payable by the corporate debtor is Rs. 202,58,88,776/-, which consist of outstanding Principal of Rs. 168,91,81,802 and Interest amounting to Rs. 33,67,06,974/-. 11. The applicant has placed on record the following details of securities executed in suppor....
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....porate debtor are dealt with hereunder. 16. The respondent has raised an objection that Mr. Gauranga Charan Behera has filed the petition without appropriate authorisation from the applicant bank. It is argued that in the absence of relevant Board Resolution of the applicant Bank, it is not clear as to how the General Manager derived its power to sub-delegate the authority in favour of Mr. Gauranga Charan Behera to file the application. In this regard a certified copy of extract of resolution passed by the Board of Directors of the applicant Bank in the meeting held on 16.12.2017 vide Agenda Item No. A-24 has been placed on record. In the said resolution the amendments in the Recovery Policy of the Bank pertaining to the Insolvency and Bankruptcy Code, 2016, as detailed in the memorandum dated 7.12.2017 was duly approved. As per the approved amendment "GM- RRL shall be the competent authority to issue authority letter for filing of application u/s. 7 of IBC on case to case basis". Accordingly the General Manager of the applicant bank, being the appropriate authority pursuant to the Board Resolution, has ratified the action of Mr. Gauranga Charan Behera, Chief Manager in filing t....
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....1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Shri Ashok Kumar Gulla has declared that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. The said Form 2 has already been taken on record. The delay in filing Form 2 has thus been condoned impliedly. It was also pointed out during final hearing that proposed IRP has stated in the Form 2 that 'the present application has already been admitted'. This is only a statement containing inadvertent factual mistake, which was pointed out belatedly during final hearing. Without being over technical, Adjudicating Authority should iron out the creases to advance justice. It is reiterated that the IRP has given his consent and has filed Form 2 as per the requirement of Section 7(3)(b) of the Code. No disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In the facts the aforesaid technical objection raised by respondent is rejected. 19. The main contention of the respondent corporate debtor is that its loan restructuring proposal is under consideration of the consortium banks. In thi....
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.... by three categories of persons namely, (a) Financial creditor (b) Operational creditor, and (c) Corporate debtor itself. 25. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the "Financial Creditor" is delineated under Section 7 of the Code, wherein "Financial Creditor"/"Financial Creditors" can file an application. As per Section 7(1) of the Code an application could be maintained by a Financial Creditor either by itself or jointly with other Financial Creditors. 26. The expressions "Financial Creditor" and "Financial debt" have been defined in Section 5(7) and 5(8) of the Code. Precisely "Financial debt" is a debt along with interest, if any, which is disbursed against the consideration for time value of money. In the present case applicant bank had sanctioned and disbursed various loan amounts recoverable with applicable interest by entering in to loan agreements with the corporate debtor. The corporate debtor had borrowed the credit facilities against payment of interest as agreed between the parties. The loan was disbursed against the consideration of time value of money with a clear commercial effect o....
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.... Process under the Code is maintainable. 31. The applicant bank has also filed the relevant statement of accounts duly certified in accordance with Banker Books Evidence Act, 1891 as per requirement of Form 1 part V column 7 of the application. The detailed outflow and disbursements made from the accounts pertaining to respective loan facilities are reflected in the relevant bank statements. Certified copy of statement of account kept during the course of banking business basing on which the claim has been raised can be termed as sufficient evidence of financial debt. 32. It is further seen from the statement of account and loan documents that the loan was sanctioned, loan agreements were executed, charge and securities were created to secure the loan. Respondent company utilised and enjoyed the loan facility and due to non-payment and non-refund of the outstanding dues, the account of the corporate debtor was declared NPA. The applicant bank has also placed CRILC report in order to show that accounts of corporate debtor was reported as loss and doubtful account. Additionally, the applicant has also furnished a copy of the Balance sheet and Financial statements for the financ....