TaxTMI 
TaxTMI 
2018 (10) TMI 1216
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....visions of the Companies Act, 1956 and registered with the Reserve Bank of India (RBI) as an Asset Reconstruction Company registered under section 3 of the SARFAESI Act, 2002 and having its registered office at B, Ground Floor, Block No. III, Bakhtawar Commercial Premises Society, Nariman Point, Mumbai-400021. 2. The Corporate Debtor - M/s. Mohan Gems & Jewels Pvt. Ltd was incorporated on 14.02.2006. The identification number of the Corporate Debtor given is CIN U36911DL2006PTC146319 and its registered office is situated at 3324, Bank Street, Beadonpura, Karol Bagh, New Delhi - 110005. The authorised share capital of the company is Rs. 74, 00, 00,000/- (Rupees Seventy Four Crores) and the Paid-up share capital is Rs. 68, 39, 77,820/- (Rupees Sixty Eight Crore Thirty Nine Lakhs Seventy Seven Thousand Eight Hundred and Twenty only) respectively. 3. The erstwhile State Bank of Patiala (now merged with the State Bank of India), vide Assignment Agreement dated 08.02.2017, assigned the debt in favour of Invent Assets Securitisation and Reconstruction Pvt. Ltd - the Petitioner in the present case. 4. As per the averments of the 'Financial Creditor', the account of the Cor....
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.... 50,00,00,000 2. Amount claimed to be in default and the date on which the default occurred As per annexure I Date of NPA 29/11/2015 for State bank of Patiala ledger of the assignor banks is hereto annexed as per exhibit "E" (Statement of account). Annexure-1: Facility Principal Outstanding Interest Rate Unapplied Interest till 30.09.2016 Interest (Including 2% penal interest) from 01.10.2016 to 26.04.2018 Total Outstanding as on 26.04.2018 CC 50,54,66,954.14 14.40 7,82,91,852.97 17,24,44,693.90 75,62,03,501.01 WCTL Total 50,54,66,954.14 14.40 7,82,91,852.97 17,24,44,693.90 75,62,03,501.01 10. In column 2 of part IV the total amount of debt granted and the date on which the amount was disbursed, have been stated. According to the averments made by the Financial Creditor-Invent Assets Securitisation & Reconstruction Pvt. Ltd. the aforesaid facilities availed by the Corporate Debtor are overdue and total amount in default as on 26.04.2018 is Rs. 75,62,03,501.01/- Crores (Rupees Seventy Five Crores Sixty Two Lakhs Three Thousand Five Hundred One and One Pa....
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....t on Plot/Khasra No. 34, in Block-P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 5.75 4.60 7. Equitable mortgage of property bearing 2746, Pvt. No. 2, Ground floor without terrace/roof rights, facing Saraswati Marg measuring 37.2 sq. mtrs. Built on Plot/Khasra No. 34, in Block-P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 6.30 5.04 8. Equitable mortgage of property bearing 2746, Pvt. No. 2, Ground floor without terrace/roof rights, facing Saraswati Marg measuring 37.2 sq. mtrs. Built on Plot/Khasra No. 34, in Block P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 6.30 5.04 9. Equitable mortgage of property bearing 2746, Ground floor without terrace/roof rights, measuring 37.2 sq. mtrs. Built on Plot/Khasra No. 34, in Block-P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 6.30 5.04 10. Equitable mortgage of Commercial premises (Ground floor, 1st Floor, 2nd Floor with roof rights) situated at Plot No. 17B/1, Block-17B, Deshbandhu Gupta road, Devnagar, Karol Bagh, New Delhi-110005 15.55 12.44 1....
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....). 15. There are then the balance confirmation letter dated 31.03.2015 by the State Bank of Patiala wherein balance upto 31.03.2015 has been confirmed by said letter. A copy of the balance confirmation letter has been placed on record (at page No. 1062 Exhibit- AR). 16. After service of notice, it was stated orally by the Sh Murari Lal Soni, Director of the Corporate Debtor that the Corporate Debtor, Mohan Gems & Jewels Pvt. Ltd. has no objection to the admission of the petition. Subsequently, in compliance of direction issued by this Tribunal, the Corporate Debtor vide diary No. 5186 dated 01.08.2018, inter alia, filed a Board Resolution dated 28.07.2018 whereby Sh. Murari Lal Soni was authorized to represent the company before NCLT and take necessary steps in the interest of the company. 17. Thereafter in pursuance of aforesaid Board Resolution dated 28.07.2018; Sh. Murari Lal Soni filed his affidavit dated 01.08.2018 stating on oath that the Corporate Debtor has no objection to the admission of the petition by this Tribunal. 18. In view of the aforesaid statement made by the learned counsel for the respondent-Corporate Debtor, we find that advancement of loan and def....
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....ng against the proposed Interim Resolution Professional. 22. As a sequel to the above discussion, this petition is admitted and Mr. Debashis Nanda with the address C-304, Paradise Apartments 40 IP. Extension, Delhi-110092 and Mobile No. 9717000163. His registration number is IBBI/IPA-003/TP-P00040/2017-18/10316 is appointed as the Interim Resolution Professional. 23. 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) & (d) and thus the following prohibitions are imposed which must be followed by all and sundry: "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or....