TaxTMI 
TaxTMI 
2020 (1) TMI 1258
X X X X Extracts X X X X
X X X X Extracts X X X X
....na Corporate Centre, C-10, G-Block, Bandra Kurla Complex, Bandra E, Mumbai 400 051 and branch at Ashram Road, Ahmedabad 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 dated 29.07.2019. 4. The respondent/corporate debtor M/s. Shivpuri Water Infrastructure Private Limited is a company incorporated under the Companies Act, 1956 on 28.08.2009, having identification No. U41000GJ2009PTC057906, having its registered office at Bodakdev, Ahmedabad, Gujarat State. That, Authorised share capital of the respondent company is Rs. 51,00,000/- and paid up share capital is Rs. 51,00,000/-. 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) Fresh term loan of Rs. 20.27 crores on 15.06.2010 which was disbursed on 14.08.2010; (ii) The aforesaid term loan was restructured on 28.07.2014 to aggregating Rs. 29.67 crores including existing term lo....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... 11. On perusal of the records it is found that the objections raised by the respondent company are illusory, imaginary and not supported by any document. On perusal of the records it is found that fresh term loan of Rs. 20.27 lacs was sanctioned to the respondent company on 15.06.2010 and the same term loan was reviewed and the terms of sanction were amended on 25.10.2011. Again, the said term loan was reviewed/restructured on 28.07.2014. It is also found that on 18th March, 2016 some modifications in terms and conditions of the sanctioned loan has been approved by the applicant bank. On perusal of the records it is also found that on 21.06.2017 fresh sanction of advance bank guarantee of Rs. 8.00 crores have been granted by the petitioner bank in favour of the respondent company. It is also found that the corporate debtor has acknowledged the debt by letter dated 20th July, 2016 which is annexed to the application at page No. 105. 12. 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 and default occ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ection 7(1), a default is in respect of a financial debt owed to any financial 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 furnis....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ny has acknowledged the debt. 19. 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'. 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 Mr. Prawin Charan Dwary. The Adjudicating Authority hereby appoint Mr. Pravin Charan Dwary, 407, Akchhat Tower, Nr. Kotak Bank, Pakwan Cross Road, S.G. Highway, Bodakdev, Ahmedabad 380 054 (Email ID [email protected]) having registration No. IBBI/IPA-002/IP-N00331/2017-18/10937 to act as an interim resolution professional. Form 2 of the proposed interim resolution professional has been annexed and placed at page Nos. 16-17 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. 21. In the aforesaid background and as also discu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on Professional. ============= Document 1 SL No. 1. Form 1 Particulars 2. Letter of authority dated 29.09.2018 along with power of attorney dated 28.08.2012 3. Extract of the details of the corporate debtor from web portal of the MCA 4. Written communication by the proposed IRP 5. Sanction letters dated 15.06.2010, 25.10.2011, 28.07.2014, 18.03.2016 and 21.06.2017 along with statement of accounts for the period from 14.08.2010 to 09.10.2018 Page Nos. 1-10 11-14 15 16-17 18-40 6. Working computation of the amount claimed to be in default along with the statement of account 41-50 7. Certificate of registration of charge with ROC. 51-55 8. Valuation report evidencing the valuation of the properties given as security as per financial creditor 56-82 9. Declaration cum affidavit dated 03.08.2010 83-84 10. Declaration with respect to pending court cases of banks and financial institutions 85-87 11. Affidavit cum declaration dated 15.10.2014 88-90 12. Declaration in respect of pending court cases of bank and financial institutions dated 25.03.2016 91-95 13. Unattested memo....