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TaxTMI 
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TaxTMI 
2018 (7) TMI 1897
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....lution Process has been prayed for, was incorporated on 13.05.2008 having its registered office at Tricone Tower, Plot No. 4B, 2nd Floor, Mayur Vlhar District Centre, Mahur Vihar Extension, New Delhi - 110091. 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 is a body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 incorporated on 11.11.1919. The Head Office of the applicant company is at 239, Vidhan Bhawan Marg, Nariman Point, Mumbai - 400 021, Maharashtra and one of the branches, amongst others, at 26/28-D, Block- D, Connaught Place, New Delhi - 110 001. 4. Mr. Pawan Kumar Guar, Assistant General Manager of the applicant has relied upon the Power of Attorney dated 19.06.2002 of the applicant bank wherein he was appointed as true and lawful attorney of the applicant bank to....
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....sed the dates of default and the default amount in respect of various facilities at Column-2 of Part-IV of the application. The working of the defaulted amount and days of default in tabular form in respect of amount outstanding to the applicant has also been furnished. It has been submitted that as on 31.12.2017 the total amount of default due and payable by the corporate debtor is Rs. 8. It is the case of the applicant that upon request of the respondent corporate debtor the applicant had restructured the account of the respondent and sanctioned an amount of Rs. 139.84 Crores to the Respondent vide sanction letter dated 15.07.2014. 9. It is submitted that pursuant to the loan facility, various documents were executed by the respondent company like deed of hypothecation, letter of lien and letter of undertaking not to alienate hypothecated assets of the company which have been extended from time to time in order to secure the sanctioned amount of Rs. 139.84 crores. Besides, the loan was also secured through several personal and corporate guarantees. In addition, equitable mortgage by deposit of title deeds qua properties situated at Plot No. 3 and 4 at Patpargang Industrial ....
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....993 before the Hon 'ble Debt Recovery Tribunal-Il, New Delhi, being OA No. 403/2016, for recovery of the total outstanding dues of the Applicant from the respondent corporate debtor. The said Original Application is pending trial before Ld. Presiding Officer, DRT-III, New Delhi. 14. Simultaneously applicant bank had issued a demand notice on 07.06.2016 under Section 13 sub- section (2) of SARFAESI Act, 2002 calling upon the respondent corporate debtor to pay the outstanding dues of the applicant bank. As the debts remained unpaid, an application under Section 14 of the SARFAESI Act, 2002 was filed before Ld. Chief Metropolitan Magistrate, Shahdra, Karkardooma Courts, Delhi for taking possession of the secured assets. It is stated that the application was allowed on 21.09.2016 and a receiver was appointed by Ld. CMM, Karkardooma Court. Physical possession of the properties being industrial lands situated at Plot No. 3 and 4 at Patpargang Industrial Complex, New Delhi was taken on 12.11.2016. 15. It is contended that the Respondent had sent a letter dated 12.01.2017 , requesting the Applicant for one- time settlement of all the dues of the applicant with a paltry sum of Rs.....
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....hat under Part 4 of the petition the financial creditor has claimed an amount of Rs. 18,574.67/ - only, whereas the amount claimed in the notice dated 09.02.2016 is for Rs. only. On the ground of discrepancies in the amount of claim, it is argued that the petition is liable to be dismissed. 21. In this regard the applicant in its rejoinder has submitted that the arnount claimed in the notice and in the application includes unpaid interest accumulated as on the date of the envisaged demand from time to time. The variance in the amount of default is therefore mainly on account of difference of dates. Be that as it may the corporate debtor would be entitled to raise objection of any mismatching of dues before the IRP/ committee of creditors. In the present proceeding the Tribunal is not supposed to ascertain the quantum of amount of default or to pass a decree as to how much is actually due to the applicant financial creditor. The Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application. What is material is that the default is at least I Lakh. Once the default is Rup....
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....rgued that in the absence of amount of default and the period of default the petition under section 7 is liable to be dismissed. 24. In this regard applicant bank in its rejoinder has clarified that all payments made by the respondent are being duly reflected in the respective account statements. It is submitted that the account of respondent was classified as NPA on 31.12.2015 in accordance with the guidelines of RBI and after considering all the payments made by the corporate debtor till then. The applicant further clarified that as per the mutual agreed terms the "interest on the TL and FITL to be paid as and when due or end of the month whichever is later." It is therefore contended that there was no moratorium on payment of interest on the loans. It is emphasized that in view of persistent default in repayment obligations the applicant has recalled the entire loans, but the corporate debtor has failed to repay the dues. 25. The material on record clearly goes to show that respondent had availed the loan facilities and has committed default in repayment of the loan arnount. Huge amount in Crores is still outstanding to be paid by the respondent company. Needless to say, t....
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....sciplinary proceedings are pending against the proposed resolution professional, application. it shall admit the The adjudicating authority/TribunaZ is not required to Zook into any admission of (Emphasis given) other criteria for the application. 30. Under sub-section 5 (a) of Section 7 of the code, the application filed by the applicant financial creditor has to be admitted on satisfaction that: 1. Default has occurred. 2. Application is complete, and 3. No disciplinary proceeding against the proposed IRP is pending 31. In the case in hand the respondent company has committed default in repayment of the outstanding amount. Moreover, the application of the financial creditor is complete and there is no disciplinary proceeding pending against the proposed IRP. We are satisfied that the present application is complete and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been a default in payment of the financial debt. 32. As a sequel to the above discussion and in terms of Section 7 (5) (a) of the Code, the present application is admitted. 33. Shri Arvind Garg, hav....