TaxTMI 
TaxTMI 
2019 (7) TMI 1356
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....havan, R.C. Dutt Road, Alkapuri, Baroda-390 007 and one of its branches at Parsi Sheri Branch, Surat. 3. The Corporate Debtor, M/s. New Gujarat Polyplast Pvt. Ltd., is a company registered under the Companies Act, 1956, (date of incorporation 17.02.1983, vide CIN: U25209GJ1983PTC005913), having its Registered Office at Block No.93, Plot No.B-17 to B-39, Kim Mandvi Road, Mota borsara, Mangrol, Surat-394 110. 4. The Authorized Share Capital of the respondent/corporate debtor company is Rs. 5,50,00,000/- (Rupees Five Crore Fifty Lakhs only) divided into 5,50,000 (Five Lakhs Fifty Thousand) Equity Shares of Rs. 100/- each. The Paid Up Capital is Rs. 4,73,07,400/- (Rupees Four Crore Seventy Three Lakhs Seven Thousand Four Hundred) divided into 4,73,074 (Four Lakhs Seventy Three Thousand Seventy Four) Equity Shares of Rs. 100/-. 5. The Financial Creditor by the present application has provided the requisite details of loan granted to the Corporate Debtor company as per the provisions of I & B Code. The Part-IV of the application in prescribed Proforma under Rule-4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, read with Section 7 of the Code,....
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....India. (b) The Applicant through its Authorized Officer have issued a demand notice dated 27.05.2016 under Section 13(2) of the Securitization and Reconstruction of the Financial Assets and Enforcement of Security Interest Act, 2002, thereby calling upon the Respondent to pay the entire outstanding dues within 60 days from the date of notice, failing which appropriate proceedings will be initiated. 6. In order to secure the said credit facilities, the Corporate Debtor company duly signed and furnished various security documents. The details of documents executed by the Corporate Debtor are stated as under: i) Copy of Minutes of the meeting of Board of Directors held on 12.11.2012 Annexure-I/6); ii) Copy of registered Instrument of Extension relating to deposit of Title Deeds together with creation of fresh mortgage by deposit of title deeds dated 14.09.2015 registered at Sr. No.7494 Annexure-I/7); iii) Copy of Supplemental Memorandum of Entry dated 11.09.2015 Annexure-I/8); iv) Copy of General Form of Guarantee dated 05.03.2015 executed by Mr. Binodkumar Kabra, Mr.Shital Prasad Ajmera, Mrs. Amita Kabra, Mrs. Vimla Ajmera and Mr....
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..... Therefore, we find that there is nothing adverse available on record to oppose the admission of present IB Petition which is filed under Section 7 of the I & B Code. 13. We have gone through the above stated averments of the present IB petition. The same appears to be filed in conformity with the provisions of Section 7 of the I & B Code and Rules Applicable. The Section 7 of the Code provides as under: 7. Initiation of Corporate Insolvency Resolution Process by Financial Creditor. (1) A financial creditor either by itself or jointly with other financial creditors may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. Explanation.-For the purposes of this sub-section, a default includes a default in respect of a financial debt owed not only to the applicant financial creditor but to any other financial creditor of the corporate debtor. (2) The financial creditor shall make an application under sub-section (1) in such form and manner and accompanied with such fee as may be prescribed. (3) The financial creditor shall, ....
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....ct of a claim which is due from any person and includes a financial debt and operational debt; 3(12) "default" means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor, as the case may be. 15. Further the Hon'ble Supreme Court in the matter of Innoventive Industries Ltd. v. ICICI Bank Ltd& Anr. [Civil Appeal Nos. 8337-8338 of 2017] has laid down the law by observing as such: "27. The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution process begins. Default is defined in Section 3(12) in very wide terms as meaning non-payment of a debt once it becomes due and payable, which includes non-payment of even part thereof or an instalment amount. For the meaning of "debt", we have to go to Section 3(11), which in turn tells us that a debt means a liability of obligation in respect of a "claim" and for the meaning of "claim", we have to go back to Section 3(6) which defines "claim" to mean a right to payment even if it is disputed. The Code gets triggered the moment d....
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....ich may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be" 16. By following the above stated proposition laid-down by the Hon'ble Supreme Court and by perusing the record of the case, we find that filing of present petition is found to be in order and, thus, it is evident that there is Debts of Rs. 63,00,20,965.41ps, which has been defaulted by the Corporate Debtor. Hence, the present IB Petition can be considered for its admission. 17. The Financial Creditor has proposed the name of Mr.Ketulbhai Ramubhai Patel [Registration No.IBBI/IPA- 001/IP-P00228/ 2017-18/10427] in the present Insolvency Application, which satisfied with the requ....