TaxTMI 
TaxTMI 
2018 (11) TMI 1741
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....nder the provisions of the Companies Act, 1956. It has its registered office at Edelweiss House, Off CST Road, Kalina, Mumbai - 400098 and has filed this petition acting through its branch at 603-Unit No. 10 & 12, Upper Ground Floor, Mercantile House, 15 Kasturba Gandhi Marg, New Delhi - 110001. 2. The Corporate Debtor - Digamber Buildcon Pvt Ltd was incorporated on 12.10.2006. The identification number of the Corporate Debtor given is CIN U70109DL2006PTC154732 and its registered office is situated at B-292, Chandra Kanta Complex, Shop No. 8, Near Metro Pillar No. 161, New Ashok Nagar, New Delhi - 110096. The authorised share capital of the company is Rs. (Rupees Twenty Lakhs only) and the Paid-up share capital is Rs. (Rupees One Lakh only) respectively. 3. It is submitted by the Petitioner that ECL Finance Limited had sanctioned a credit facility of Rs. (Rupees Eight Crores and Fifty Lakhs Only) vide its sanction letter dated 20.07.2017 (Annexure-5). A Loan Agreement (Annexure-6) was executed amongst the Financial Creditor, Corporate Debtor and Rational Buildcon Pvt. Ltd. (Obligor-2) on 25.07.2017 for the said sum towards obtaining licenses with respect to construction and d....
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....t the given contractual rates upon the footing of compound interest until payment. 8. The precise case of the Petitioners is that the financial debt to the tune of Rs. 9,14,34,687/- (Rupees Nine Crore Fourteen Lakhs Thirty Four Thousand Six Hundred and Eighty Seven Only) has accrued in favour of the Financial Creditors as per the Loan Agreement dated 25.07.2017 (Annexure 6). 9. The Financial Creditor has proposed the name of Mr. Udayraj Patwardhan as the Insolvency Professional with the address 2 Patwardhan Apartments, Patil Colony #3, College Road, Nashik-422005, E-mail-id udayrai [email protected]. His registration number is IBB1/1PA-001/1P-N00024/201617 / 10057. He has filed his written communication as per the requirement of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with the certificate of registration (Annexure -4(C011y)). He has declared that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosure has been made as per the requirement of the IBBI Regulations. 10. In Part-IV of the Petition, the Financ....
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....ndent- Corporate Debtor, who has been given authority vide Board Resolution dated 20.08.2018. Rejoinder to the Reply was filed by the Petitioner-Financial Creditor on 10.09.2018. 15. In the Reply filed on 12.09.2018 the Respondent-Corporate Debtor has raised certain objections to the petition filed by the Financial Creditor. One of the preliminary objection raised is that the Petitioner has filed the present petition without complying with the relevant provisions of the Notification dated 12.02.2018 issued by the RBI bearing No. DBR.N0.BP.BC.101/21.04.048/2017-18 titled "Resolution of Stressed Assets-Revised Framework" (RBI Circular). The Financial Creditor-Petitioner has denied the above submission made by the Respondent Corporate Debtor and has stated that the said RBI Circular is only applicable to the accounts of the borrower(s) which are maintained with Scheduled Commercial Banks (excluding Regional Rural Banks) or All India Financial Institution. The Petitioner is a Non-Banking Financial Company (NBFC) which does not fall in any of the above mentioned category and hence, the RBI Circular is not applicable to the Petitioner. 16. Further it is stated by the Respondent-....
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....nancial creditor. 7(1).............................. 7(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. 7(3)............................... 7(4) 7(5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or (b) .........................." 21. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the Performa prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. We are satisfied that a d....