TaxTMI 
TaxTMI 
TaxTMI 
2019 (6) TMI 131
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....er, as Trustee of the Edelweiss Asset Reconstruction Company Trust SC-42, entered into an assignment agreement with State Bank of Patiala on 26.06.2014, wherein it got assigned the impugned loans disbursed by the assignor to the Corporate Debtor. The said assignment agreement is annexed with the petition. 3. The State Bank of Patiala had granted the following loan facilities to the Corporate Debtor: a. Term Loan-1 of Rs.7, 20, 00, 000/- vide agreement dated 04.08.2011, b. Cash Credit of Rs.10, 00, 00, 000/- vide agreement dated 14.12.2011, c. Letter of Credit of Rs.7, 00, 00, 000/-, vide agreement dated 14.12.2011, and d. Bank Guarantee of Rs.5, 00, 00, 000/-, vide agreement dated 14.12.2011. It is stated that the Letter of Credit and Bank Guarantee were later converted to Term Loan-2. 4. The said loan facilities were secured, among other things, by a mortgage, hypothecation and personal guarantee. 5. The Petitioner has annexed to the Petition a copy of Memorandum of Entry dated 04.08.2011, Memorandum of Entry dated 11.12.2011, Letter confirming Deposit of Title Deeds dated 05.08.2011, Agreement of Hypothecation of Goods dated 04.08.2011, Agreement of Hypotheca....
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....Affidavit in Reply dated 06.02.2018 filed on behalf of the Sejal Glass Limited, in Company Petition No. 943 of 2014 in the High Court of Judicature at Bombay. In the said reply the Corporate Debtor has admitted that it had availed the loan facilities and also acknowledged the assignment of the same to the Petitioner. 10. The Petitioner has also annexed the Standalone Financial Statements for the period 01.04.2016 to 31.03.2017 wherein it is stated that "The Company had defaulted in repayment of Principal and Interest on Term Loan and Interest on Cash Credit facility during FY 2013-14......State Bank of Patiala(SBP) had assigned the outstanding amount of the credit facility as on 12th June 2014 to Edelweiss Asset Reconstruction Company Limited (EARC)..." 11. The Petitioner has annexed the Commercial Credit Information Report of the Corporate Debtor as has been collated by TransUnion CIBIL Limited dated 12.04.2018. 12. The Petitioner has annexed the Bank statements of the Corporate Debtor along with Certificate as per the provisions of Bankers Book of Evidence Act, 1891 showing the disbursement of debt. 13. The Petitioner has also annexed the notice dated 27.01.2014 sent by t....
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.... judgment of Hon'ble NCLAT in Lalan Kumar Singh vs M/s Pheonix ARC Pvt. Ltd. dated 20.12.2018 in Company Appeal (AT)(Insolvency) No. 485 of 2018, the Corporate Debtor has submitted that the judgment is not applicable in the present facts and circumstances as the respondent has not raised a contention that the Assignment Agreement is illegal, but that it cannot be acted upon due to it being not duly stamped. 20. We have heard the arguments of both sides and perused the record. Allegedly, in this case, the Petitioner was assigned the loans granted by the State Bank of Patiala vide the Assignment Agreement Dt.26.06.2014. The present Petition is filed by Ms Aayushi Chaudhary, Law Associate of the Petitioner Company, duly authorised to initiate proceedings under IBC, vide resolution passed in the Operations Committee meeting Dt.07.03.2018. The Petitioner has submitted the requisite fee along with the Petition as evidenced by the supporting document with the Petition. 21. The Petitioner has annexed a statement showing the calculation for an amount of Rs.40, 49, 72, 485/- claimed to be in default as on 10.05.2018. The Petitioner has also annexed the updated documents evidencing the sa....
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....agreements. 29. The Petitioner has proved the existence of debt as well as the default. 30. The Petitioner has proposed the name of Shri Rajendra Kumar Girdhar, Registration Number [IBBI/IPA-003/IP-N00048/2017-18/10396] as Interim Resolution Professional, to carry out the functions as mentioned under IBC, and given his declaration, no disciplinary proceedings are pending against him. 31. The Application under sub-section (2) of Section 7 of IBC, 2016is complete. The existing debt of more than oneRs lac against the corporate debtor and its default is also proved. Accordingly, the petition filed U/S 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency process against the corporate debtor deserves to be admitted. ORDER This petition filed under Section 7 of IBC, 2016, against the Corporate Debtor for initiating corporate insolvency resolution process is at this moment admitted. We further declare moratorium u/s 14 of IBC with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of....