TaxTMI 
TaxTMI 
2018 (10) TMI 47
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....Pocket-K, Sarita Vihar, New Delhi-110076. Its authorised share capital is Rs. 55000000/- and paid up share capital is Rs. 18391500/-. Mr. Asit Das, Senior Manager (Legal) of the applicant company who has been authorized by the Board Resolution dated 30.01.2018 (Annexure-C) to sign and submit the petition. 3. The case of the applicant is as under: - 3.1 It has two financial creditors namely Oriental Bank of Commerce and Kotak Mahindra Prime Limited who had provided the credit facility for its business and also for purchase of vehicle to the applicant company. In the year 2009, the applicant had requested to the IndusInd Bank, New Delhi Branch for the sanctioning of credit facilities for the export business. Accordingly, the IndusInd Bank sanctioned the credit facilities in the year 2009. Thereafter, the Oriental Bank of Commerce had taken over the account of the applicant company from the IndusInd Bank in the year 2012. The credit facility was then enhanced and renewed on different intervals on the terms and conditions mentioned in the sanction letters. The latest credit facilities were renewed vide sanction letter dated 22.12.2015. 3.2 On account of continuous increase in ....
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....e by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or Insolvency Professional Agency of Institute of Cost Accountants of India. In addition, further necessary disclosures have been made by Mr. Shukla, as per the requirement of the IBBI Regulations. Accordingly, he satisfies the requirement of Section 7(3)(b) of the Code. 3.7 Subsequently the Corporate applicant vide diary No. 1485 dated 19.03.2018 filed additional affidavit whereby it has submitted a list of particulars of security/lien created by it in favour of financial creditors namely Oriental Bank of Commerce and Kotak Mahindra Prime Limited. By way of said affidavit it has been highlighted by the Corporate applicant that the securities as mentioned in the aforesaid list is same as it was at the time of creation of securities. A further assertion has also been made that the Directors, Guarantors or the Corporate applicant has not created any further charge apart from the ones provided in the aforementioned table (at pgs. 2-3) which has been demonstrated in the said additional affidavit and the securities are still intact. The aforesaid chart is set out below:- S....
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....he Oriental Bank of Commerce has further averred that the loss suffered by the corporate applicant is only because of the mis-management of funds and it has nothing to do with linking or de-linking of the borrowing facility by the Bank. The corporate applicant failed to manage properly the financial facilities which were granted to him on different occasions. The Bank has asserted that it has no objection to the appointment of the resolution professional as long as the charge over the assets of the corporate applicant continues in its favour but craves the leave of this Tribunal to continue to secure the loan amount, vide appropriate directions to the corporate applicant, as per spirit of the original scheme of loan. 6. The Kotak Mahindra Prime Limited in its reply has asserted that two car loans for a sum of Rs. 35,00,000/- to purchase an E-Segment-BMW bearing registration No. UP16AX8151 vide agreement dated 28.12.2014 and another for a sum of Rs. 3,30,000/- to purchase a Maruti Eeco Flexi vide agreement dated 30.04.2015 were granted to the Corporate applicant. It is further asserted that a sum of Rs. 16,08,139/- against both the aforesaid loans are still pending as on 01.05.20....
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....editors to whom the corporate debtor owes money including their address for correspondence. It is also pertinent to note that in relation to the debts owed by it the corporate debtor is required to furnish the total amount of debt and the amount in default and also in particular as to when the financial or operational debt was incurred including the details of the security held, if any, by the creditors and its estimated value. The corporate debtor, in addition, is also required to furnish the documents evidencing the existence of financial/operational debt and the amount in default. All the above information are required to be furnished before the Adjudicating Authority-NCLT in order to provide sufficient background material to the Adjudicating Authority to initiate corporate insolvency resolution process at the instance of corporate debtor itself. Since the corporate debtor itself is initiating the process of insolvency, it is incumbent upon the corporate debtor to disclose all the above facts including related party transactions and the debts owed by it to its creditors; the securities offered to the creditors as well as the assets of the corporate debtor. Since the process is s....
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.... 5 Seven Star Agro Products (P.) Ltd. 67,68,798.00 6 BESE (CA No. 100121609) 6,380.00 7 SNR Enterprises 11,800.00 8 Yadavi Enterprises 13,000.00 9 Anand and Anand 28,800.00 10 A. Venkatesh (Advocate of Arvind Cans) 1,75,000.00 11 A.N. Enterprises 1,532.00 12 Batra Deepak & Associates 1,72,500.00 13 DPS Services 2,600.00 14 DHL Express I Pvt. Ltd. 9,540.29 15 Jitendra Kumar Kasana 7,200.00 16 Lawedge Partners 3,000.00 17 Maks Professionals Private Limited 23,500.00 18 Naveen Sharma 1,87,920.00 19 Rajeev Saxena & Associates 42,200.00 20 Arvind Cans Limited 82,50,000.00 21 Padmavathi Corrugated Containers 6,63,002.00 22 Western Cans Pvt. Ltd. 20,00,000.00 23 Aspinwall and Company Limited 2,07,794.300 24 ASV Associates Law Firm 1,17,000.00 25 ATC Clearing & Shipping Pvt. Ltd. 7,10,159.10 26 Impex Services India Pvt. Ltd. 11,25,672.31 27 DSIIDC Maintenance Services Limited 1,18,908.26 28 Tata Power Delhi Distribution Limited 1,12,880.00 29 Raj Automobiles 53,959.87 ....
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....over 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 property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." 17. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 18. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code. He must tread the path honestly and with conviction. He must follow best practices and principles of fairness....