TaxTMI 
TaxTMI 
2019 (9) TMI 1324
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....ying the contents of the application is at pages 27 to 28. The authorization in favour of Shri Kailash Chander as constituted attorney for the Bank is at page 29 of the petition. Regulation 76 & 77 of the State Bank of India General Regulations, 1955 and The Gazette of India No.44, containing the order dated 31.08.2005 of the Executive Committee of the Central Board, under which he derives power to sign the petition are at page Nos.30 to 35. 2. The copy of certificate of incorporation is at Annexure A-3 and Memorandum and Articles of Association of Corporate Debtor are stated to be filed at Annexure A-4 of the petition. The Corporate Debtor is stated to be incorporated on 23.10.2007 and the registered address is stated to be at B-XXXV/539-A/10, Jalandhar Byepass Road, Karabara, Near Shiv Puri, Ludhiana - 141008, Punjab. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. It is stated in Part-IV of Form No.1 that the Corporate Debtor was sanctioned credit facilities on 20.09.2008 and 30.01.2009 and the respective dates of disbursement are indicated in the statement of accounts thereof. The credit facilities sanctioned are as under:- Facility by State Bank o....
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....Due to the default in repayment of loan instalments, the Bank issued a notice dated 12.10.2011 (Annexure A-12) under section 13(2) of the SARFAESI Act, 2002. In this notice, it is informed to the corporate debtor that the operation and conduct of the financial assistance/credit facilities have become irregular and the debt has been classified as Non-Performing Asset (NPA) in accordance with the directives/guidelines of Reserve Bank of India. The outstanding amount as on 08.10.2011 was Rs. 113,37,34,402/-inclusive of interest as per this notice. The amount outstanding included the facilities offered by SBI, SBOP as well as Allahabad Bank. Further, another notice under section 13(4) of the SARFAESI Act, 2002 was issued on 11.09.2017 to the respondent-corporate debtor for undertaking the possession of the two properties as it has failed to repay the default amount. Copies of these notices are found to be attached as Annexures A-12 and A-13 with the petition. 7. In Part-III of Form No.1 Mr. Sanjay Kumar Aggarwal, Regn. No. IBBI/IPA-002/IP-N00126/2017-2018/10295 has been proposed as Interim Resolution Professional (IRP).Form No. 2 submitted by the proposed IRP is stated to be attache....
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....ebtor failed to pay the debt due to the petitioner. 14. In Form No.1 and accompanying Annexures, the bank has brought out that credit facilities were sanctioned to the respondent-corporate debtor on 20.09.2008 and 30.01.2009 and that in respect of the these facilities, acknowledgement of debt was furnished by the Corporate Debtor vide Board Resolutions dated 19.04.2008 and 11.09.2008 (Annexure A-7 and A-9 of the petition). The copies of the statement of account pertaining to the credit facilities duly certified under the Bankers Books Evidence Act 1891 have been filed as Annexures A-14 to A-19 of the petition. The amounts due along with the calculation sheets along with due interest up to and including 30.09.2018 is given as under:- Sl. No. Bank Name & Account No. Date of NPA Balance as on 30.09.2018 Interest from 01.04.2009 to 30.09.2018 Total Dues as on 30.09.2018 1. SBI 33090726452 31.03.2009 Rs. 586563113.30 Rs. 2025101139.19 Rs. 2611664252 2. SBOP 31.03.2009 Rs. 121041221.08 Rs. 322718755.92 Rs. 443759977 Total Rs. 3055424229 15. It has been stated by the Bank that origina....
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....nding against him with the Board so far or Insolvency Professional Agency (ICSI). 21. The conditions provided for by Section 7(5)(a) of the Code being satisfied in the present case, we direct that the application for initiation of CIRP against Priknit Retails Limited be admitted. The directions regarding moratorium and appointment of IRP are given below. 22. We declare the Moratorium in terms of sub-section (1) of section 14 of the code as under:- (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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such....