TaxTMI 
TaxTMI 
2020 (10) TMI 494
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...., seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bothra Metals and Alloys Limited (Corporate Debtor). 2. The Corporate Debtor is a listed public company limited by shares and incorporated on 09.11.2001 under the Companies Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is L27100MH2001PLC-133926. Its registered office is at No. 6A, Ground Floor, Bothra House, No. 5, Assembly Lane, Dadiseth Agyari Lane, Kalbadevi, Mumbai 400 002, within the State of Maharashtra. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 04.07.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed t....
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.... the Petition); (d) Copies of entries in the bank account coupled with certificates under the Bankers Books Evidence Act, 1891, have been attached as Exhibit K to the Petition (para 7 at page 12 of the Petition); (e) Annual Returns of the Corporate Debtor for the Financial Year 2017-18 dated 29.09.2018 has also been attached as Exhibit L-4 to the Petition (para 8 at page 13 of the Petition). 5. Bank statements are also attached as Exhibit 'K' at pages 522-525. The total debt due and payable to the Financial Creditor is Rs. 61,47,52,521.59 (Rupees sixty-one crore forty-seven lakh fifty-two thousand five hundred and twenty-one and fifty-nine paise only), as mentioned at page 36 of the Petition. 6. Mr. Man....
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....ed as NPA before issue of notice under section 13(2) of the SARFAESI Act, 2002. The bank did not apprise the Corporate Debtor of the fact that the account had become NPA. No opportunity was given to upgrade the account, nor did the Financial Creditor considered any restructuring to enable the Corporate Debtor to come out of the crisis (para 6.7(b) at page 10-11 of the Reply); (d) The Corporate Debtor has outstanding amounts payable to it from its customers, which, if recovered, would be sufficient to repay the debt of the Financial Creditor (para 8 at page 11-12 of the Reply); (e) The Corporate Debtor has long term loans and advances payable to it by the Income Tax Department, VAT and GST authorities, and security deposits....
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....tion. 9. This is a matter where the question of limitation will have to be considered, since the date of default is stated to be 02.09.2015 and the date of declaration as NPA is 03.12.2015. 10. Upon perusal of the documents on record, it is seen that there is acknowledgment of debt in the balance sheet of the corporate debtor all along. It is well-settled through various judgments of the Hon'ble Supreme Court now that an acknowledgement in the balance sheet of the company satisfies the requirements of section 18 of the Limitation Act, 1963, leading to a fresh period of limitation commencing from each such acknowledgement. Further, the reply also makes it clear that there is a debt due and payable to the Financial Creditor, which r....
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....of the IBC at the relevant time. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 14. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP (IB) No. 2579/MB/C-IV/2019 filed by Syndicate Bank, the Financial Creditor, under section 7 of the IBC read with rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Bothra Metals and Alloys Limited [CIN: L27100MH2001PLC133926], the Corporate Debtor, is admitted. (b) There shall be a mo....
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.... plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Harish Kant Kaushik[Reg. No. IBBI/IPA-001/IP-P01469/2018-2019/12340], having address at Flat No. 1904, Sapphire, Regency Towers, Kavesar, Ghodbundar Road, Thane (W) 400615 [email: [email protected], Mobile: +91-9819799455], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the f....