TaxTMI 
TaxTMI 
2018 (11) TMI 608
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....agement Branch of the Financial Creditor-Bank 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 t....
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.... securities held by, or created for the benefit of 'financial 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 Plo....
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.... and marked as ANNEXURE A-13. (g) A copy of the Letter Regarding the Grant of the Individual Limits within the Overall Limit dated 16.05.2008 is annexed herewith and marked as ANNEXURE A-14. (h) A copy of the Sanction Letter dated 16.09.2008 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....
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....Meeting of the Corporate Debtor held on 30.09.2009 is annexed herewith and marked as ANNEXURE A-37. (ee) A copy of the Extracts of the Minutes of the Meeting of the Board of Directors of the Corporate Debtor dated 31.10.2009 is annexed herewith and marked as ANNEXURE A-38. (ff) A copy of the letter dated 20.01.2010 written by the Corporate Debtor to Applicant acknowledging the grant of the credit facilities 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 marke....
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....xed herewith and marked as ANNEXURE A-61. (ccc) A copy of the Restructuring Package Approved under CDR System dated 29.01.2013 is annexed herewith and marked as ANNEXURE A-62. (ddd) A copy of the Agreement of Loan for Overall limit dated 27.02.2013 is annexed herewith and marked as ANNEXURE A-63. (eee) A copy of the Agreement of Hypothecation of Goods and Assets dated 27.02.2013 is annexed herewith and marked as ANNEXURE A-64. (fff) A copy of the Deed of Guarantee for Overall Limit dated 27.02.2013 is annexed herewith and marked as ANNEXURE A-65. (ggg) A copy of the 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 receip....
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....Financial Creditor to the Corporate Debtor on 15.02.2017 wherein a demand for a sum of Rs. 942,32,59,302.00 as on 31.01.2017 was raised with further interest, penal interest, incidental expenses etc. A copy of the recall notice dated 07.08.2013 & 15.02.2017 have been placed on record (Annexure A-69 & A-78). 11. When the first time matter came up for consideration on 26.07.2018 learned counsel for the respondent accepted the notice, undertook to file vakalatnama and sought time to file reply. We granted two weeks' time for filing reply and ordered listing of the matter on 29.08.2018. On 29.08.2018 no one was present on behalf of the Respondent even on second call therefore, 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 wi....
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....ruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code. We are satisfied that a default amounting to lacs of rupees has occurred within the meaning of Section 4 of the Code 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 as it is complete in all respects. 16. As a sequel to the above discussion, this petition is admitted and Mr. Harvinder Kumar Jatana, #206, Shivalik Enclave, NAC, Manimajra, Chandigarh-160101, email id [email protected], Registration No. IBBI/IPA-002/IP-N00418/2017-18/11193 is appointed as an Interim Resolution Professional. 17. In pursuance of Section 13(2) of 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 ter....