2020 (3) TMI 1056

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....use, Bandra Kurla Complex, Bandra (East), Mumbai-400 005, having PAN No. AAACB0472C, is in the banking business of providing various types of financial facilities including business loans, personal loans, consumer loans, loan against property, home equity loans, term loan, etc. 3. M/s. L. G. Fibre P. Ltd., is a company incorporated under the Companies Act, 1956 on February 21, 2013 having identification No. U17200GJ20113PTC073653 having its registered office at G-19, Basement, Sarthi Avenue, Behind Satellite Police Station, Satellite, Ahmedabad-380 015. That the authorised share capital of the respondent-company is Rs. 4,00,00,000 and paid-up share capital is Rs. 4,00,00,000. 4. That, the applicant/financial creditor has submitted that the respondent is in default towards principal and interest against the term loans, working capital fund based limited and non-fund based limits sanctioned to the respondent/corporate debtor as per detailed computation placed at page Nos. 98-103, annexure 1/6 to the application. 5. The applicant has submitted copy of the following documents in support of their claim : Sl. No. Particulars Page Nos. 1. Application by the financi....

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....-2018 353-385 28. Valuation report dated 3-1-2018 386-402 29. CIBIL report 403-419 30. Demand notice dated 2-6-2018 420-424 6. That, the petitioner being financial creditor has to recover an amount of Rs. 10,85,68,092.75 (rupees ten crores eighty five lakhs sixty eight thousand ninety two and paise seventy five only) as on July 31, 2018. That, the above amount include principal amount of loans sanctioned under different schemes, accrued interest and penal interest, as applicable as on July 31, 2018 as per the calculation in tabular form annexed to the application at page Nos. 98-103. That, date of default is May 31, 2018. 7. That, the respondent filed affidavit in reply, inter alia, raising the following objections : (a) the power of attorney holder is not competent to file an application on behalf of financial creditor ; (b) the petitioner has failed to establish the default on the part of the respondent ; (c) the respondent-company is a going concern and a viable company ; (d) the corporate debtor has made an offer for one-time settlement. Findings 8. Heard both sides at length as also perused the....

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....icer, which can be delegated even by designation. It is further stated in paragraph 36 of the judgment that, in case such officer delegated with power can claim to be the "authorised representative" for the purpose of filing any application under section 7 or section 9 or section 10 of the "I and B Code". 12. In that judgment in paragraph 38, it is further held that if an officer of a bank such as senior manager who has been authorised to grant loan, for recovery of loan can also initiate "corporate insolvency resolution process". 13. The hon'ble Supreme Court, in the judgment delivered in the matter between Innoventive Industries Ltd. v. ICICI Bank [2017] 205 Comp Cas 57 (SC) in Civil Appeal Nos. 8337-8338 of 2017, in paragraph 30 has clearly held as follows (page 88): "On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the adjudicating authority has merely to see the records of the information utility or other evidence produced by the financial creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so long as the debt is 'due' i. e., payable unles....

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....ority has to satisfy whether a default has occurred ; whether the application is complete ; and whether any disciplinary proceeding is pending against the proposed insolvency resolution professional. 18. In the instant application, from the material placed on record by the applicant, this Authority is satisfied that the corporate debtor committed default in paying the financial debt to the applicant. As can be seen from the written communication of the proposed insolvency resolution process, no disciplinary proceedings are pending against him. 19. In the instant case, the documents produced by the financial creditor clearly establish the "debt". Section 13(2) notice issued by the financial creditor clearly indicates that entire debt was recalled. There is a default on the part of the corporate debtor in payment of the "financial debt". 20. 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, Ms. Vineeta Maheshwari to act as an interim r....