TaxTMI 
TaxTMI 
2020 (2) TMI 638
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....plication has been filed by the duly authorised officer, Shri Dineshkumar Vashrambhai Chavda, Bank of India, Zonal Office, Bhadra, Ahmedabad. 2. The Respondent Corporate Debtor (CD) Company, namely, Pacific Pipe Systems Private Limited was incorporated on 08/03/2008 with CIN: U28110GJ2008PTC053182 (04-53182). 3. The nominal share capital of the Respondent (CD) Company is Rs. 10,00,00,000/- (Rupees Ten Crores Only) divided into 1,00,00,000/- (One Crore Only) equity shares of Rs. 10/- (Ten) each and the paid-up capital of the company is Rs. 5,00,00,000/- (Rupees Five Crores Only) divided into 50,00,000/- (Fifty Lakhs Only) equity shares of Rs. 10/- (Ten) each. The Registered Office of the Corporate Debtor Company is situated at: Building No. 9, Sigma Corporate, Behind Rajpath Club, Off. S.G. Road, Bodakdev, Ahmedabad-380054. 4. The main objects of the company, by which the Respondent (CD) Company is incorporated, are mentioned in the Memorandum of Association which are briefly mentioned as: "To establish, design, engineer, contract, produce, manufacture, treat, process, import, export, purchase, sell, finish, pack, repack, install, and to act as brokers, agents, con....
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....wed the limit on 19/01/2012. Thereafter, the Financial Creditor restructured the Loan on 26/10/2013 as requested by the Corporate Debtor. 8. Corporate Debtor registered charge of their liability in favour of the Bank of India for Rs. 61.85 Crores with ROC, Ahmedabad on 25.08.2008. CH ID No. 10117086 CH CERT No.20080825-9302086 CH SR No. 20080820-9206686 9. Corporate Debtor again registered charge for Three Lenders with total amount of Rs. 119.83 Crores including the charge for the Applicant Bank of Rs. 61.85 Crores vide: CH ID No. 10142029 CH CERT No. 20090224-583858 CH SR No. 20090220-551670 10. The last charge is Registered with ROC by the Corporate Debtor, Ahmedabad in favour of all Lenders including this financial Creditor on 11/01/2017 for Rs. 109.39 Crores including the Applicant's loan of Rs. 51.41 Crores. CH ID No. 10165131 CH CERT Dated 11.01.2017 CH FM CHG 1 Dated 11.01.2017 11. The Corporate Debtor also filed Annual Return as at 31.03.2017 with ROC confirming their indebtedness as detailed below: Sl.No. Particulars Amount Outstanding 1. Secured Loans Excluding Deposits Rs. 46,69,45,996/- 2. Unsecured Loans Excluding ....
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.... Nos. 125 to 157 of paper book) 14.4 Copy of Credit Facility Agreement dated 19/07/2008 between the Corporate Debtor and the Financial Creditor (page Nos. 158 to 203 of paper book) 14.5 Inter-se Agreement dated 23/01/2009 between BOI, THE KARUR VYSYA BANK LIMITED and ORIENTAL BANK OF COMMERCE AS MEMBERS OF BOI CONSORTIUM (page Nos. 204 to 213 of paper book). 14.6 Copy of Letter of Authority dated 23.01.2009 given by the Karur Vysya Bank Limited (page Nos. 214 to 215 of paper book) 14.7 Copy of Letter of Authority dated 23.01.2009 given by the Oriental Bank of Commerce, (page Nos. 216 to 217 of paper book) 14.8 Copy of Article of Agreement dated 23/01/2009 between Corporate Debtor with BOI Consortium (page Nos. 218 to 226 of paper book). 14.9 Copy of Working Capital Consortium Agreement dated 23/01/2009 between Corporate Debtor with BOI Consortium, (page Nos. 227 to 258 of paper book) 14.10 Copy of Joint Deed of Hypothecation dated 23.01.2009 by and between Corporate Debtor with BOI Consortium. (Page Nos. 259 to 282 of paper book) 14.11 Copy of Indenture of Mortgage dated 15.06.2009 registered at Sl. No. 2147 dated 10/06/2009 with SRO-Sanand. (page Nos. 283 t....
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....e of the fact that the alleged claims of the Applicant are severely disputed by the Respondent. It is submitted that the Applicant has not even quantified the penal interest which it has charged for the alleged default. 15.5 This clearly shows that the present application is just a coercive pressure tactic and the same is an abuse of the process of law. 15.6 Lastly, the present application may be dismissed with costs and the interim relief sought by the petitioner be denied by this Tribunal. 16. The Learned Lawyer of the Applicant Bank (FC) clarified their positions and put forth their arguments relying on the documents submitted by them, which were executed by the Corporate Debtor and the Mortgagors/Guarantors. 17. The Corporate Debtor has also executed Revival Letter dated on 07/12/2010, 04/05/2012 and 09/01/2014. The Financial Creditor has also referred the CIBIL report filed with their application which confirms the debt is in default. 18. The Petitioner Counsel argued that this claim does not attract Section 137 of limitation Act, as claimed by the counsel of Corporate Debtor, as because the clear acknowledgement of debt by the Corporate Debtor is available/subm....
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....at (Page Nos. 456 to 467 of the paper book). 23.2 The CD has defaulted in making repayment of loan/credit facilities to the Petitioner Bank and the date of default is 31.03.2014. The Statement of accounts and the CIBIL Reports submitted by the applicant Bank confirm the default committed by the Corporate Debtor. 23.3 The Petitioner Bank has filed the petition within the period of limitation, as the date of mortgage of the property is 15.06.2009, SARFAESI proceeding initiated on 17.10.2014, DRT proceedings started in 2014 and the Credits have come into the loan accounts on 04/03/2015. 23.4 Revival letters have been executed on 07/12/2010, 04/05/2012, 09/01/2014. Corporate Debtor has acknowledged the debts of the Applicant by creating charge with ROC, Ahmedabad in favour of Financial Creditor on various dates including 25/08/2008, 24/02/2009, 13/05/2014 & 11/01/2017. Corporate Debtor also filed Balance Sheet with ROC upto 31/03/2017 acknowledging their liability to the Applicant bank. 23.5 Corporate Debtor offered OTS proposed on 27/02/2018 for Rs. 15.50 Crores to Rs. 16.25 Crores referring the earlier correspondence on 27/11/2017, 20/01/2018 and JLF meeting on 26/12/2017....
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....6. As per the provisions of Sections 13 and 14 of the I.B. Code on the date of commencement of insolvency, this Adjudicating Authority declares moratorium with effect from today is 18/12/2019 for prohibiting all of the following, namely: - I. (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any Court of Law, Tribunal arbitration panel or other authority. (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein. (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002). (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. The supply of essential goods or services to the corporate debtor as may be specified shall not be te....