TaxTMI 
TaxTMI 
2020 (3) TMI 489
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.... petition. The Power of Attorney and Authority Letter in favour of Shri Niranjan Biswal as constituted attorney for the Bank is at Annexure-A/1 and A/2 of the petition. 2. The master data of the Corporate Debtor is stated to be filed at page 75 of the petition. The Corporate Debtor is stated to be incorporated on 18.05.2001 and the registered address is stated to be at House No.04, Ward No.01, Bandla Tea Estate, Near T-Bud Hotel, Palampur, Himachal Pradesh - 176061. 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 has been availing loan since year 2012 from the Financial Creditor. It is also stated that the Corporate Debtor was sanctioned term loan of Rs. 15 crores in order to set up 4.5 MW Hydro Power Project at village Doel, Tehsil Baijnath, District Kangra, Himachal Pradesh. As per the initial sanction, the loan was stated to be repaid in 28 quarterly instalments starting from 30.09.2014. It is also stated that vide letter dated 05.03.2016 COD of the project was envisaged on 31.03.2017 and therefore, the repayment of the loan was allowed to commence from June, 2017. The details of the present ou....
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....ificate under Banker's Book of Evidence Act. 5. It is stated that no repayment of loan has been made after 06.03.2017 and there has been default in the payment of instalments and interest since 06.03.2017 and the account was classified as NPA on 07.06.2017. Further, demand notice dated 06.12.2018 was issued upon the Corporate Debtor to discharge all the liabilities towards the Bank within a period of fifteen days and it is stated in the notice that in the event of failure to discharge the liability, the Bank would be constrained to initiate proceedings under Section 7 of the Code. It is contended that no amount has been paid by the Corporate Debtor even after successful service of this demand notice. Hence, this petition. Copy of the demand notice is marked as Annexure A/8 of the petition. 6. In Part-III of Form No.1 Mr. Sanjay Kumar Agarwal, Registration No.IBBI/IPA-001/IP-00062/2017-2018/10140 has been proposed as Interim Resolution Professional (IRP). Form No. 2 dated 11.02.2018 submitted by the proposed IRP is stated to be attached as Annexure A/5 of the petition. 7. Vide order dated 29.03.2019, notice of the petition was directed to be issued to the Corporate Debtor. 8....
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....15 days from the date of receipt of the notice, the payment was not received by the Bank. It is stated in the reply of the Corporate Debtor that an OTS proposal dated 19.11.2018 has been pending with the Bank and it is contended that the Bank cannot prior to its decision of either rejecting or approving the OTS, commence proceedings under the Code against the Corporate Debtor. We note that the demand notice dated 06.12.2018 was sent by the Bank after the date of 19.11.2018 of the OTS proposal. Therefore, the OTS proposal is to be taken to be rejected by the Bank. Moreover, the issue involved is whether a default has occurred and pendency, if any, of OTS proposal would be irrelevant. Similarly, the contention of the Corporate Debtor that the market value of the mortgaged immovable properties is more than the outstanding loan is not a bar to the initiation of proceedings under Section 7 of the Code, when occurrence of default is proved. Thus, this petition deserves to be admitted as it is clear that both 'debt' and 'default' are proved beyond doubt here. 14. The application filed in the prescribed Form No. I is found to be complete. 15. The proposed Interim Resoluti....
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....ked the credentials of Mr. Sanjay Kumar Agarwal and there is nothing adverse against him. In view of the above, we appoint Mr. Sanjay Kumar Agarwal, resident of Draupadi Mansion, 3rd Floor, 11, Brabourne Road, Kolkata, West Bengal -700001 having Registration No.IBBI/IPA-001/IP-00062/2017-2018/10140 and email address [email protected], Mobile No. 9830946380, 9903167554 as an Interim Resolution Professional with the following directions: (i) The term of appointment of Mr. Sanjay Kumar Agarwal shall be in accordance with the provisions of section 16(5) of the Code; (ii) In terms of section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under section 18 and other relevant provisions of the Code, including taking control and custody of ....