TaxTMI 
TaxTMI 
2019 (12) TMI 1325
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....nt of Rs. 115,63,16,587/- (Rupees One Hundred Fifteen Crores Sixty Three Lakhs Sixteen Thousand Five Hundred and Eighty Seven Only) as on 30.06.2019. 2. Brief facts of the case, as mentioned in the Company Petition, and in written submissions, are as follows: (1) M/S. Pridhvi Asset Reconstruction and Securitisation Company Limited (hereinafter referred to as 'Petitioner/ Financial Creditor') is a Company incorporated on 27.03.2007 under the Companies Act, 1956 and registered as a Securitisation and Asset Reconstruction Company pursuant to Sec. 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act), with CIN: U67120AP2007PLC053327 and having its registered office at D. No. 1-55, 4th Floor, Wing-I, Raja Praasadamu, Masjid Banda Road, Kondapur, Hyderabad-500084. (2) M/S. Alpine Wineries Private Limited (hereinafter referred to as 'Respondent/ Corporate Debtor') is a Private Limited Company incorporated on 16.03.2005 under the provisions of Companies Act, 1956 with CIN: U01551KA2005PPC035845 and having its registered office at No.33/ 1, Sapthagiri Arcade, Il Floor, 8th Cross,....
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....rm Loan - Agricultural of Rs. 2.56 Crores as per Sanction letter dated 30.10.2012 was renewed as per the Board Resolution dated 10.07.2014. (8) It is stated that the Corporate Debtor has failed to operate the loan accounts satisfactorily, hence BOM called upon the Corporate Debtor to repay the entire outstanding amounts in the said loan accounts. Further, the Corporate Debtor executed the balance and security confirmation letters dated 16.07.2014, in respect of all the aforesaid loans agreeing to repay the loan amounts along with interest as per the terms agreed upon. (9) The Bank of Maharashtra issued a Demand Notice dated 12.08.2014 under Section 13(2) of the SARFAESI Act, calling upon the Corporate Debtor to pay the entire outstanding loan an-lount. Despite receipt of the said notice, the Corporate Debtor failed to repay the entire loan amount or to reply to the said notice, hence BOM filed OA No.2327 of 2014 before Debt Recovery Tribunal, Karnataka at Bengaluru, and the same was admitted and awarded in favour of Bank of Maharashtra. The Bank BOM conducted auction of Secured Assets under the provisions of SARFAESI Act in the captioned account on 31.01.2017. But....
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.... to collect the movable articles from the premises located at RK Puram, Bangalore, failing which, the same was scheduled to be auctioned on 16.07.2018.Mr.T.Suresh Kumar, Son of Smt.K.Savitramma filed W.P. No. 17303/2018 wherein the Karnataka High Court has directed on 09.07.2018 not to remove alleged stock located in the property till further orders and accordingly the sale of the furniture was deferred. (13) The W.P. No.3317/2017 was disposed of by the Hon'ble High Court of Karnataka on 29.01.2019 with the liberty to file an appeal within one week from the date of receipt of the certified copy. Till date the Corporate Debtor has not filed any appeal. (14) In light of the above, due to failure of the Corporate Debtor to pay its admitted debt, despite several opportunities, request and pleas, the Financial Creditor filed the instant petition as the Corporate Debtor is unable to discharge its legally admitted debt. 3. Heard Mr.M.Jagadeesh, learned Counsel for the Petitioner. We have carefully perused the pleadings of the party and extant provisions of the Code and the Rules made thereunder and the law on the issue. 4. The case is listed for admission on va....
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....the considered opinion that the instant case is a fit case to admit by initiating CIRP in respect of the Corporate Debtor, appointing IRP, imposing Moratorium etc., as per the Code. 7. In view of the above facts and circumstances of the case, and by exercising powers conferred on this Adjudicating Authority, under Section 7(5)(a) and other extant provisions of the Code, C.P. (1B) No. 286/BB/2019 is hereby admitted with the following consequential directions: (1) We hereby appointed Mr. Ravindranath No, with Regn. No.IBBI/IPA-001/IP-P00645/2017-2018/11099 as the Interim Resolution Professional (IRP) to conduct the Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor namely M/S. Alpine Wineries Private Limited and to carry out the functions as mentioned under the I&B Code, 2016 and the Rules framed by the IBBI from time to time. (2) The following moratorium is declared prohibiting all of the following, namely: 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 aut....