TaxTMI 
TaxTMI 
2019 (12) TMI 126
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....pany incorporated under the Companies Act, 1956 on 22nd May, 1996, having identification No. U51100GJ1996PTC029716, having its registered office at Block No. 28, Village Ujeti, Baska Ujeti Road, Halol, Dist. Panchmahal, Gujarat State. That, Authorised share capital of the respondent company is Rs. 3,00,00,000/- and paid up share capital is Rs. 2,50,32,000/-. 4. That, the applicant/financial creditor has submitted that in respect of various credit facilities sanctioned to the respondent by the applicant during the period from 21.08.2012 to 08.06.2015, a total aggregate amount of Rs. 38,39,36,295.78 (Rupees thirty-eight crores thirty-nine lacs thirty-six thousand two hundred ninety-five and paise seventy-eight only) is outstanding and to be paid by the respondent as on 13.11.2018 which includes interest up to 13.11.2018 and penalty up to 13.11.2018. 5. It is further submitted by the applicant bank that the respondent company has not complied with the terms and conditions of the sanction letter in respect of the said credit facilities despite having knowledge of its liability by executing acknowledgement of debt i.e. second supplementary agreement of loan & hypothecation of plan....
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....(plant & Machinery, stocks and book debts) executed on 09.11.2012 by corporate debtor in favour of Bank of India 157-189 10 General counter guarantee & indemnity by a surety/sureties covering several guarantees within the sanctioned guarantee limit dated 09.11.2012 198-201 11 Term loan agreement executed on 09.11.2012 executed between financial creditor and corporate debtor 190-197 12 General counter - guarantee & indemnity by a surety/sureties covering several guarantees within the sanctioned guarantee limited dated 09.11.2012 202-205 13 Form of guarantee for letters of credit where more persons than one guarantee dated 09.11.2012 206-209 14 Deed of guarantee executed by the guarantors of the corporate debtor in favour of financial creditor dated 09.11.2012 210-221 15 Release deed of equitable mortgage registered at Sl. No. 7123 executed on 15.12.2012 222-228 16 Credit facility agreement between Khushbu Sales P. Ltd. and the financial creditor 229-266 17 Memorandum of entry registered at Serial No. 7127 executed on 15.12.2012 by corporate debtor and its other mortgagors in favour of financial creditor 267-3....
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....ctors of Binita Nesvi Infra Pvt. Ltd. - corporate guarantor held on 17.06.2015 for providing corporate guarantee to the corporate debtor 734-736 34 Certified true copy of the resolution passed at the meeting of the Board of Directors of corporate debtor held on 17.06.2015 737-746 35 Deed of guarantee dated 20.06.2015 by Binita Nesvi Infra P. Ltd. in favour of SB Consortium consisting of Syndicate Bank and Bank of India 747-758 36 Inter se agreement amongst Syndicate Bank and Bank of India as members of Syndicate Bank consortium executed on 20.06.2015 759-775 37 Deed of hypothecation executed on 20.06.2015 by corporate debtor in favour of Syndicate Bank and Bank of India 776-796 38 Working capital consortium agreement executed on 20.06.2015 between corporate debtor in favour of SB Consortium consisting of Syndicate bank and Bank of India 797-838 39 Deed of guarantee executed on 20.06.2015 by the guarantors of Corporate debtor in favour of Syndicate Bank and Bank of India 839-849 40 Deed of guarantee executed on 20.06.2015 by Binita Nesvi Infra P. Ltd. - corporate guarantor in favour of SB Consortium consisting of Syndica....
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....wledged the debt by way of affidavit. 12. In the instant case, the documents produced by the Financial Creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'financial debt'. 13. There is no dispute in the case that the petitioner is the financial creditor. The application is also furnished in the prescribed Form - 1 of the Rules and the prescribed fee has also been paid. Moreover, Director of the respondent company has filed affidavit in reply inter alia admitting the debt. 14. Along with the application, the applicant proposed the name of the Resolution Professional namely Shri Chandra Prakash Jain, D-501, Ganesh Meridian, Opp. Gujarat High Court, Ahmedabad 380 060 (Email ID [email protected] Mobile : 9824036127) having registration No. IBBI/IPA-001/IP-P00147/2017-18/10311 to act as an interim resolution professional. Form 2 of the proposed interim resolution professional has been annexed and placed at page Nos. 79-81 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 As can be se....