2020 (4) TMI 702

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....f the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as" the Rules") on behalf of Dena Bank, now Bank of Baroda. 2. That the Petitioner/Financial Creditor i.e. Dena Bank now Bank of Baroda is a body corporate and having Identification No. the BSR Code 1:250260, having its registered office at Dena Corporate Centre, C/10-, "G" Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Vide order dated 6-9-2019, the Petitioner was allowed to make amendment in the cause title of the petition as Bank of Baroda in view of merger of Dena Bank with Bank of Baroda. 3. The Respondent/Corporate Debtor Aswaraj Infra Private Ltd. is a company incorporated under the Companies Act, 1956 on 27-9-201....

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....t the account was classified as NPA on 31-5-2015 and issued Demand Notice under the provisions of the SARFAESI Act dated 24-7-2015 and 22-10-2018 and an amount of Rs,. 17,98,61,001.10/-remaining due. 9. The Petitioner has annexed copies of documents regarding the existence of financial debt; -Board Resolution dated 31-12-2014 of Aswaraj Infra Private Ltd. Annexure-P -Letter dated 31-12-2014. Annexure-Q -Agreement for Working Capital Demand Loan dated 31-12-2014. Annexure-R -Agreement for re-phasement of loan dated 31-12-2014. Annexure-S -Power of Attorneys dated 31-12-2014 in favour of the Financial Creditor. Annexure-T -Fresh Letter of Guarantee given by the Directors of the Corporat....

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....s also given liberty to file his written submissions within 3 days. 11. In respect of petition filed under section 7 of I&B Code for initiation of CIRP by Financial Creditor, the Adjudicating Authority has to see the existence of financial debt, whether the default has occurred and whether the petition is complete. 12. From the records submitted alongwith the petition; (a) Petition in Form-1 filed by Shri Dinesh Kumar Patwari, AGM of the Bank and in support of the same, the Petitioner has filed authorization papers. The petition is complete. (b) There is financial debt owed by the Respondent to the Petitioner. (c) Date of NPA is 31-5-2015. (d) The last date of transaction is on 30-6-2016. The petiti....

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....ecurity 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); (iv) The recovery of any property by an owner as lessor where such property is occupied by or in the possession of the Corporate Debtor. (2) The supply of goods and essential services to the Corporate Debtor as maybe specified shall not be, terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall, however, not apply to such transaction as maybe notified by the Central Government in consultation with any financial sector regulator. (4) Th....