TaxTMI 
TaxTMI 
2019 (5) TMI 383
X X X X Extracts X X X X
X X X X Extracts X X X X
....ly incorporated as Dhir & Dhir Asset Reconstruction & Securitisation Company Limited and Certificate of Registration as such was also issued by the Reserve Bank of India on 15.03.2007. The name of the company was later on changed to Alchemist Asset Reconstruction Company Limited (petitioner herein) and fresh Certificate of Registration was issued on 25.08.2009. Registration certificate was also issued by Reserve Bank of India on 16.12.2009. These Certificates are Annexure 1 (colly) and Annexure 2 (colly). The master data of the petitioner company is at Annexure A 3. 3. The instant petition has been filed by the financial creditor on the basis of a Resolution dated 26.06.2018 (Annexure 4) authorizing Mr. Amrit Agrawal, Chief Financial Advisor of the company to be an authorized Officer to exercise all the powers, functions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (SARFAESI Act, 2002). Apart from various others acts, Mr. Amrit Agrawal, Chief Financial Advisor has also been authorized to initiate the Corporate Insolvency Resolution Process (CIRP) in terms of the Code read with Rules and Regulations framed thereund....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Copy of the OA is at Annexure 8. 11. During the pendency of the said OA, the IFCI Ltd., assigned the debt in favour of Kotak Mahindra Bank (KMB) vide assignment deed dated 06.12.2006. KMB further assigned the debt by executing the assignment deed dated 16.06.2008 in favour of the petitioner. The name of the petitioner at that time was Dhir & Dhir Asset Reconstruction & Securitisation Company Limited, which was later on changed to petitioner company as already narrated in Para 2 of this judgment. The assignment deed is at Annexure 9 and the petitioner was substituted as an applicant before the DRT-I in OA No.390/2000 vide order dated 10.12.2008. The said OA was allowed by DRT-I, vide judgment dated 02.09.2015 and copy of the judgment is at Annexure 10 and concluding portion of the order of the Tribunal reads as under:- "i) I allow this OA and direct the defendants to pay within a period of 60 days a sum of Rs. 37,23,302 alongwith pendentelite and future interest at the rate of 21% P.A. and Rs. 4,69,03,470.00 alongwith pendentelite and future interest at the rate of 16.50% p.a. plus liquidating damage....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Rs.250 lacs. The personal guarantees dated 19.06.1997 are Annexure 34 (colly) and deed of undertaking dated 25.06.1997 is Annexure 35. The Memorandum of Entry dated 26.06.1997 is Annexure 36, for creation of equitable mortgage. 14. The loan agreement in respect of the second amount of Rs.315 lacs is Annexure 37 dated 06.02.1998. Hypothecation Deed is Annexure 38 and Deed of Personal Guarantee Annexure 39, both dated 06.02.1998. The Deed of Undertaking dated 25.03.1998 is Annexure 40 and Memorandum of Entry relating to creation of the equitable mortgage is Annexure 41 dated 26.03.1998. 15. The corporate debtor failed to adhere to the repayment schedule and IIBI issued a recall notice dated 04.01.1999 (Annexure 12) calling upon the respondent-corporate debtor to pay the then outstanding amount to the tune of Rs.6,20,29,868/- because of the default. For non-payment of the amount, the IIBI filed OA No.198 of 1999 before DRT-II, Delhi. Copy of OA is Annexure 13. IIBI assigned the debt in favour of Yes Bank Ltd. vide Assignment Deed dated 25.04.2007, copy of which is Annexure 14. Subsequently, Yes Bank assigned the debt further in favour of M/s Dhir & Dhir Asset Reconstruction & Sec....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ttached the audited financial statement of the company for the Financial Year(s) 2008-09 which is at Annexure 44. 17. Notice of this petition was issued to the respondent-corporate debtor to show cause as to why this petition be not admitted. Mr. Mayur Kanwar, Advocate who was present accepted the notice on behalf of respondent and filed the Memo of Appearance. The matter was adjourned to 29.01.2019 for enabling the respondent to file the reply/objections to the petition. Mr. Mayur Kanwar, Advocate filed his Power of Attorney alongwith the Board Resolution in favour of the Director of the company who has given the Power of Attorney to the learned counsel. The learned counsel for the respondent made a statement that the corporate debtor does not oppose the application and therefore, the reply is not required to be filed. 18. We have heard the learned counsel for the parties and carefully perused the records. 19. There is no dispute in default of payment of financial debt, the application has been filed in Form 1 as prescribed in Section 4(1) of the Rules. The petitioner, therefore, has complied with the requirements of sub-sections (1) and (2) of Section 7 of the Code. 20. S....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 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. 25. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. 26. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or pass an order for liqui....