TaxTMI 
TaxTMI 
TaxTMI 
2020 (3) TMI 760
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....ad 380 009, Gujarat State. 3. During pendency of this application, Dena Bank is merged with Bank of Baroda vide Government of India Gazette Notification dated 02.01.2019. Accordingly cause title of the instant application is amended vide order 23.07.2019. 4. The respondent/corporate debtor M/s. Pravin Exim Private Limited is a company incorporated under the Companies Act, 1956 on 19.08.2014, having identification No. U51900GJ2014PTC080516, having its registered office at Makarba, S.G. Highway, Ahmedabad, Gujarat State. That, Authorised share capital of the respondent company is Rs. 1,10,00,000/- and paid up share capital is Rs. 1,10,00,000/- 5. That, the applicant bank has submitted that through its Ashram Road Branch, Ahmedabad granted various financial credit facilities to the corporate debtor as per the details given below: - (i) Credit facility of Rs. 14,50,00,000/- (ii) PCH/PCFC limit of Rs. 12,50,00,000/- (iii) CCH of Rs. 3,00,00,000/- (iv) Forward cover exposure of Rs. 29,00,000/- 6. The financial creditor has further stated that against the aforesaid credit facilities, the corporate debtor is in default of a total sum of Rs. 11,41,46,507.92 plus interest of Rs. ....
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..... No. 316 of 2017 filed before DRT-I, Ahmedabad 314-358 25 Special Civil Application No. 11392 of 2018 with stay order thereunder 359-400 26 Supporting affidavit dated 26.09.2018 401-420 27 Written communication by proposed IRP 421-425 Findings 9. On perusal of the records it is found that despite giving number of opportunities the respondent has not filed any reply. On perusal of the records it is also found that the respondent appeared through concerned lawyer on 13.12.2018 and was allowed two weeks' time to file reply. That, on 01.05.2019, one of the directors of the respondent company appeared and requested for time to engage the lawyer, but, till date, neither he has filed reply nor engaged any lawyer and not taking any steps in the matter. Finding no alternative, the matter was heard in the absence of respondent. Heard learned lawyer appearing for .the financial creditor. 10. On perusal of the records it is found that the application filed by the financial creditor is well within limitation. That, the documents filed along with the application is sufficient to prove that there exists financial debt. That, the account statement issued by the financial creditor....
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....nancial creditor of the corporate debtor. It need not be a debt owed to the applicant financial creditor. Under section 7 (2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in part I, particulars of the corporate debtor in part II, particulars of the proposed interim resolution professional in part III, particulars of the financial debt in part IV and documents, records and evidence of default in part V. Under Rule 4 (3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 1....
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....aying the financial debt to the Applicant and the respondent company has acknowledged the debt. 17. 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'. 18. 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. Along with the application, the applicant proposed the name of the Resolution Professional namely Mr. Sanjay Gupta. The Adjudicating Authority hereby appoint Mr. Sanjay Gupta, E-10A, Kailash Colony, Greater Kailash-l, New Delhi 110 048 (Email ID [email protected]) having registration No. IBBI/IPA-001/IP-P00117/2017-18/10252 to act as an interim resolution professional. Form 2 of the proposed interim resolution professional has been annexed and placed at page No. 421-425 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. 19. In the aforesaid bac....