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2018 (11) TMI 608

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....k has been empowered to sign and submit the petition in terms of General Regulations No. 76 & 77 of State Bank of India General Regulations 1955 made by the Reserve Bank of India in exercise of the powers conferred by sub-section (3) of Section 50 of the State Bank of India Act, 1955 with the previous sanctions of the Central Government read with Gazette Notifications published in the Gazette of India dated 26.09.1959, 26.08.1972 and 02.05.1987. A copy of the Government of India, Gazette Notification has been placed on record (Annexure A-1). 3. The Corporate Debtor-M/s. Surya Pharmaceutical Limited is a company registered under the provisions of the Companies Act, 1956. It was initially incorporated on 25.03.1992 with the name and styled as 'M/s. Surya Pharmaceutical Private Limited' and subsequently changed to its present one i.e. 'M/s. Surya Pharmaceutical Limited' on 08.12.1993. The identification number of the Corporate Debtor is L24232HP1992PLC023861. It has its registered office at 1596, 1st Floor, Bhagirath Palace, Chandni Chowk, Delhi-110006 and Corporate office at SCO 164-165, Sector 9-C, Chandigarh 160009. It is involved in the business of manufacturing of Active Pharmac....

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....nancial creditor'- State Bank of India which fulfils the requirements of Section 77 of Companies Act, 2013 have been given in Part V of the application which are as under:- A. PRIMARY SECURITY: CC+LC+BG+CEL+SLC: 1st pari passu charge along with other Consortium Members on the Corporate Debtor's entire current assets, both present and future. Term Loan + Corporate Loan + FLC (Capex): 1st pari passu will all the term lenders on all fixed assets of the Corporate Debtor's present & future at all locations including equitable mortgage of land and building located at following: Properties Status IA, 85, Baddi, Himachal Pradesh Sold Out IA, 87, Baddi, Himachal Pradesh Sold Out 383, IA, Phase-I, Panchkula Physical Possession Land Measuring 120 Bigha 1 Biswa in Village Banur, Tehsil, Rajpura, Dist. Patiala. Physical Possession Land measuring 80 Kanals at SIDCO, IGC, Phase-II Sambha, J&K Symbolic Possession SCO 141-143, Sec 43 B, Chandigarh Physical Possession 50-51, EPIP Phase-1, Jharmajri, Baddi, Solan Himachal Pradesh Physical Possession Plot No. 49, EPIP, Jharmajri, Baddi. Physical Possession B. COLLATERAL SECURITY: CC+LC+BG+CEL+SLC: 2nd pari passu charg....

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....duly accepted by the Corporate Debtor is annexed herewith and marked as ANNEXURE A-15. (i) A copy of the Extract of the Resolution passed by the Corporate Debtor on 20.09.2008 acknowledging Sanction of Rs. 60 Crores as a Corporate Loan is annexed herewith and marked as ANNEXURE A-16. (j) A copy of the Extracts of the Minutes of Meeting of the Board of Directors held on 20.09.2008 is annexed herewith and marked as ANNEXURE A-17. (k) A copy of the Resolution passed by the Annual General Meeting of Shareholders of the Corporate Debtor in terms of Section 293(i)(a) of the Companies Act, 1956 held on 20.09.2018 is annexed herewith and marked as ANNEXURE A-18. (l) A copy of the Link Letter dated 22.09.2008 executed by the Corporate Debtor is annexed herewith and marked as ANNEXURE A-19. (m) A copy of the Certificate dated 22.09.2008 executed by the Corporate Debtor is annexed herewith and marked as ANNEXURE A-20. (n) A copy of the Agreement of Loan For Overall Limit dated 22.09.2008 is annexed herewith and marked as ANNEXURE A-21. (o) A copy of the Agreement of Hypothecation of Goods and Assets dated 22.09.2008 is annexed herewith and marked as ANNEXURE A-22. (p) A copy o....

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.... is annexed herewith and marked as ANNEXURE A-39. (gg) A copy of the Certificate signed by the Corporate Debtor on 20.01.2010 is annexed herewith and marked as ANNEXURE A-40. (hh) A copy of the Link Letter dated 20.01.2010 is annexed herewith and marked as ANNEXURE A-41. (ii) A copy of the Deed of Guarantee dated 20.01.2010 is annexed herewith and marked as ANNEXURE A-42. (jj) A copy of the Agreement to Mortgage dated 20.01.2010 is annexed herewith and marked as ANNEXURE A-43. (kk) A copy of the Inter se Agreement dated 20.01.2010 is annexed herewith and marked as ANNEXURE A-44. (ll) A copy of the Letter of Undertaking for creating a Second charge on Fixed Assets dated 20.01.2010 is annexed herewith and marked as ANNEXURE A-45. (mm) A copy of the Letter of Authority to Lead Bank i.e. Applicant herein and Second Lead Bank i.e. Punjab and Sind Bank dated 20.01.2010 is annexed herewith and marked as ANNEXURE A-46. (nn) A copy of the Sanction Letter dated 02.11.2010 duly acknowledged by the Corporate Debtor is annexed herewith and marked as ANNEXURE A-47. (oo) A copy of the Extracts of Minutes of Meeting of the Board of Directors of the Corporate Debtor dated 03.02.20....

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.... Letter Regarding the Grant of Individual Limits within the Overall Limit dated 27.02.2013 is annexed herewith and marked as ANNEXURE A-66. (hhh) A copy of the Master Restructuring Agreement between Corporate Debtor and Applicant dated 30.03.2013 is annexed herewith and marked as ANNEXURE A-67. (iii) A copy of the Legal Notice recalling "Working Capital Facilities" issued by the Applicant on 15.07.2013 is annexed herewith and marked as ANNEXURE A-68. (jjj) A copy of the Notice u/s 13(2) SARFAESI, Act 2002 dated 07.08.2013 along with speed post receipt is annexed herewith and marked as ANNEXURE A-69. (kkk) A copy of the Letter of Inclusion of the Name of the Corporate Debtor and its Directors/Guarantors in RBI/Credit Information Companies List of Wilfull Defaulters dated 12.10.2013 is annexed herewith and marked as ANNEXURE A-70. (lll) A copy of the FIR dated 23.05.2014 filed by the Applicant against the Corporate Debtor before the CBI CGO Complex, 5th Floor, New Delhi is annexed herewith and marked as ANNEXURE A-71. (mmm) A copy of the Notice u/s 13(2) of the SARFAESI Act, 2002 dated 08.12.2014 along with the objections raised by the Corporate Debtor dated 07.02.2015 an....

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....fore, we were left with no option but to proceed ex parte against the respondent and fixed the matter for arguments on 03.10.2018. At this stage it would be appropriate to refer to the order dated 26.07.2018 granting time to the Corporate Debtor-Respondent for filing reply as well as order dated 29.08.2018 whereby we proceeded ex partee, which are set out below:- "Order dated 26.07.2018 Learned counsel for respondent accepts notice and undertakes to file vakalatnama within a week. Reply be filed within two weeks with a copy in advance to the counsel for the petitioner. Rejoinder, if any, be filed within one week thereafter with a copy in advance to the counsel opposite. List on 29.08.2018. Order dated 29.08.2018 Despite the time granted for filing reply on 26.07.2018 reply has not been filed. Even the counsel for the respondent on second call has not put in appearance. Proceeded exparte. List for arguments on 03.10.2018." 12. Now we deal with the submissions made on behalf of the applicant-Financial Creditor. 13. Mr. PBA Srinivasan, learned Counsel for the petitioner has argued that all requirements of Section 7 of the Code for initiation of Corporate Insolvency ....

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....the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately 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. 18. 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 any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Recon....