TaxTMI 
TaxTMI 
2019 (10) TMI 821
X X X X Extracts X X X X
X X X X Extracts X X X X
....orated on 19.09.2007, registered as a Securitization Reconstruction Company with the Reserve Bank of India under Section 3 of the SARFAESI Act, 2002, having its registered office at 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025, having identification No. U67190MH2007PLC174287. 3. M/s. Tiger Surgical Disposable Private Limited is a company incorporated under the Companies Act, 1956 on 30th June, 2003 having identification No. U33112GJ2003PTC042558 having its registered office at 80/4, GIDC Phase - I, Vatva, Ahmedabad - 382 445. That Authorised share capital of the respondent company is Rs. 3,20,00,000.00 and paid up share capital is Rs. 3,20,00,000.00. 4. It is submitted by the applicant company that, total amount of Rs. 22,12,05,556/- (Rupees twenty-two crores twelve lakhs five thousand five hundred fifty-six only) as on 15.03.2018 is outstanding against the debts owed by the respondent company to UCO Bank which were transferred in favour of the applicant by way of a registered assignment agreement dated 26.03.2014. Details of the loan sanctioned, disbursed by the bank and outstanding thereof are placed at Annexure - 6 to the application which is repro....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hs dated 03.11.2005 50 15 Letter of continuity for Rs. 100 lakhs dated 03.11.2005 52-71 16 Deed of hypothecation for Rs. 100 lakhs dated 03.11.2005 52-71 17 Agreement of term loan for Rs. 200 lakhs dated 03.11.2005 72-74 18 Deed of hypothecation of plant & machinery for Rs. 200 lakhs dated 03.11.2005 75-82 19 Agreement of term loan for Rs. 90 lakhs dated 12.07.2006 83-85 20 Deed of hypothecation of plant and machinery for Rs. 290 lakhs dated 12.07.2006 86-93 21 Agreement of term loan for Rs. 70 lakhs dated 22.03.2007 94-100 22 Deed of hypothecation of plant & machinery for Rs. 70 lakhs dated 22.03.2007 101-108 23 Demand promissory note for Rs. 30 lakhs dated 20.08.2007 109 24 Letter of waiver for Rs. 30 lakhs dated 20.08.2007 110 25 Letter of continuity for Rs. 30 lakhs dated 20.08.2007 111 26 Deed of hypothecation of goods for Rs. 30 lakhs dated 20.08.2007 112-119 27 Demand promissory note for Rs. 145 lakhs dated 08.11.2007 120-121 28 Letter of waiver for Rs. 145 lakhs dated 08.1.2007 122 29 Letter of continuity for Rs. 145 lakhs dated 08.11.2007 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....for aggregate limits of Rs. 300 lakhs signed by Mr. Jagdishbhai Patel, Mrs. Nandiniben Patel and Mr. Karan Patel 229-231 55 Letter of continuing guarantee dated 19.11.2005 for aggregate limits of Rs. 300 lakhs signed by Mr. Jagdishbhai Patel, Mrs. Nandiniben Patel and Mr. Karan Patel 232-239 56 Letter of continuing guarantee dated 12.07.2006 for aggregate limits of Rs. 582.32 lakhs signed by Mr. Jagdishbhai Patel, Mrs. Nandiniben Patel and Mr. Karan Patel 240-245 57 Letter of continuing guarantee dated 22.03.2007 for aggregate limits of Rs. 70 lakhs signed by Mr. Jagdishbhai Patel, Mrs. Nandiniben Patel and Mr. Karan Patel 246-249 58 Letter of continuing guarantee dated 22.03.2007 for Rs. 70 lakhs signed by Mr. Karan Patel 250-253 59 Letter of continuing guarantee dated 20.08.2007 for Rs. 30 lakhs signed by Mr. Jagdishbhai Patel and Mrs. Nandiniben Patel 254-257 60 Letter of continuing guarantee dated 8.11.2007 for Rs. 145 lakhs signed by Mr. Jagdishbhai Patel, Mrs. Nandiniben Patel and Mr. Dilipkumar Patel together with consent letter for disclosure of names 258-265 61 Letter of continuing guarantee dated 30.06.2011 fo....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Section 13(2) of the SARFEASI Act was issued on 29.04.2013. (ii) UCO Bank handed over the bill of lading and other original documents to the bankers of Pro-Pharma Corporation Limited, Moscow, Russia and on account of such negligence of the financial creditor, the respondent company has not received a payment of US $ 31,204 from Pro-Pharma Corporation Ltd. till date. Therefore, the corporate debtor vide letter dated 19.08.2008 and 13.11.2006 had requested the UCO Bank to ensure that an amount of US $ 31,204 is credited to the loan account of the respondent, but, the financial creditor failed to rectify its mistake and continued to be negligent. (iii) On or around 23.04.2010 UCO Bank lost four cheques amounting to Rs. 2,26,396/- which were issued by various customers in favour of the respondent company and deposited with the Bank. On top of that UCO Bank unilaterally raised rate of interest from 14.5% to 18% per annum without any kind of notice, intimation and/or consent of the respondent company. 8. The respondent has further contended that vide letter dated 21.05.2010 respondent called upon UCO Bank to credit their CC account with US $ 31,204, Rs. 2,26,396/- t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sum of Rs. 8,06,77,846/- payable to UCO Bank. This itself shows that the debt is acknowledged by the respondent. On perusal of the documents/annexures so annexed with the reply of corporate debtor itself shows that during the period from August, 2006 to June, 2013 various communication had taken place between the respondent and UCO Bank regarding issues like non-receipt of payment, interest charged by the bank, overdue payment of cash credit limit etc. acknowledging the debt from time to time. Thus, the plea of limitation taken by the corporate debtor is not maintainable in view of the fact that before expiry of three years' period, the corporate debtor acknowledged the debts. Moreover, objection raised by the corporate debtor that the petitioner cannot be permitted to pursue two parallel proceedings is unfounded. The pendency of proceedings before any other fora as mentioned in the Code much less before the Arbitrator would not cause any impediment with regard to initiation of corporate insolvency resolution process because under Section 7 of the Code pendency of such proceedings is no bar to the admission of the petition and initiation of corporate insolvency resolution process. ....