2019 (10) TMI 621

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....Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(l)(a)(b)(c) of the Code. 2. That, the applicant/financial creditor is a company incorporated under the Companies Act, 1956, having identification No. U66010MH2000PLC128301 and having registered office at Reliance Centre, Santacruz (East), Mumbai 400 055 is engaged in the business of providing various types of financial facilities including business loans, personal loans, consumer loans, loan agasinst property, home equity loans, term loans etc. and it is a non-banking finance company. 3. M/s. Ambica Concrete Company (India) Limited is a company incorporated under the Companies Act, 1956 on 13....

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....led to pay the pending instalments of Rs. 5,36,495/- (Rupees five lacs thirty-six thousand four hundred ninety-five only), more particularly as per the accounts statement annexed with the petition. That, the conduct of the respondent clearly suggest inability to repay the outstanding dues of the company. Since the respondent company failed to pay the overdue instalments, the applicant has right to foreclose the loan account and as per the foreclosure statement an amount of Rs. 11,45,926/- (Rupees eleven lacs forty-five thousand nine hundred twenty-six only) is due and payable to the applicant as on 05.07.2018 including the principal, interest and other charges. That, the amount due from the respondent upon default made by the respondent in ....

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.... filed any reply. That, service is found to be complete. Therefore, the matter is heard ex-parte. That, the applicant company sanctioned term loan facility of Rs. 31,01,000/- to the respondent company as per proforma invoice issued by the machinery supplier - SIMEN upon execution of various security documents viz. loan cum hypothecation agreement, demand promissory note, irrevocable power of attorney etc. in favour of the applicant company, disbursed the amount of the said facility. That, at the time of availing the term loan facility, the respondent assured the applicant that the amount of loan will be repaid by way of 35 equal monthly instalments (EMIs) from 20.05.2012 to 20.03.2015 as per the terms and conditions and repayment schedule. ....

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....paid along with the application. The applicant proposed the name of the Resolution Professional namely CA Bhavi Shreyans Shah. The Adjudicating Authority hereby appoint CA Shreyans Shah, C-201, Embassy Apartment, Nr. Ketav Petrol Pump, Dr. V.S. Road, Ahmedabad 380 015 having registration No. IBBI/IPA-001/IP-P00915/2017-18/11521 to act as an interim resolution professional. Form 2 of the proposed interim resolution professional has been annexed and placed at page No. 45-46 of the application where declaration is made that no disciplinary proceeding is pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 13. On perusal of record and as also discussed above, it is held that there is existence of defaul....