AI Drafter 
TaxTMI 
TaxTMI 
2020 (10) TMI 911
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....ial Facilities/Debt of Rs. 58,10,00,000/- (Fifty Eight Crores Ten Lakhs only) granted by the Financial Creditor to the Corporate Debtor as on 31 October, 2017. The application is filed by the duly authorised officer Shri Vikas Arora, Head-Compliance Legal and Company Secretary. 2. The Respondent- Corporate Debtor Company, namely Parsoli Motor Works Private Limited was incorporated on 21.08.2007 with CIN: U29199GJ2007PTC051546. 3. The share capital of the Respondent Corporate Debtor Company is Rs. 18,00,00,000/- (Rupees Eighteen Crores only) and the paid-up share capital of the company is Rs. 9,10,40,420/- (Rupees Nine Crores Ten Lakhs Forty Thousand Four Hundred Twenty Only). The Registered Office of the Corporate Debtor Company is situated at: Ground Floor & First Floor, Signature - 1 Building, Makarba, S.G. Highway, Ahmedabad - 380051. 4. It is stated that the Financial Creditor, carries on business of financing or assist in financing the sale of automobiles and all kinds of goods, articles, vehicles, machineries or equipment by way of hire purchase, instalments sale, leasing, loans deferred payments and to enter into arrangements for promoting the sale and maintenance o....
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....: The Financial Creditor issued a sanction letter dated 11 April, 2014 to the Corporate Debtor sanctioning Spare Part Financing Facility of INR 5,10,00,000/- (Rupees Five Crores Ten Lakhs only) as per the terms and conditions stated in the said sanction letter dated 11 April, 2014. The regular rate of interest was 12.25% per annum and additional interest was 8% per annum. The said sanction letter dated 11 April, 2014 stated that the Corporate Debtor would be liable to provide personal guarantees of the persons/individuals mentioned therein, that the Corporate Debtor shall be required to execute such documents that may be necessary to secure the interest of the Financial Creditor. The sanction letter dated 11 April, 2014 was signed by the Corporate Debtor in acknowledgment and acceptance of the terms and conditions contained therein. A copy of the sanction letter dated 11 April, 2014 is annexed with the petition as Annexure-IV/14. 4.5 Working Capital Demand Credit Facility Agreement: The Financial Creditor issued a sanction letter dated 27 June, 2014 to the Corporate Debtor sanctioning Working Capital Facility of INR 20,00,00,000/- (Rupees Twenty Crores only) as per the ter....
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....06/- (Rupees Sixty-One Lakhs only). Out of the same, the principal amount outstanding as on 31 October 2017 stands at INR 56,30,236.83 (Rupees Fifty-Six Lakhs Thirty Thousand Two Hundred Thirty-Six and Paisa Eighty-Three only). It is stated that Financial Creditor reserves its right to initiate appropriate proceedings against the Corporate Debtor and Mr. Talha Sareshwala in the event of any default under the aforesaid facility as and when it occurs. 8. It is stated that aggregate amount in default under the financing agreements as on 31 October 2017 stood at INR 54,48,54,249.97 (Rupees Fifty Four Crores forty Eight lakhs Fifty Four Thousand Two Hundred forty nine and Paisa Ninety Seven only) which comprises of INR 46,84,37,427.55 (Rupees Forty Six Crores Eighty Four Lakhs Thirty Seven Thousand Four Hundred Twenty Seven and Paisa Fifty Five only) and an interest amount of INR 7,64,16,822.42 (Rupees Seven Crores Sixty Four Lakhs Sixteen Thousand Eight Hundred Twenty Two and Paisa Forty Two only). 9. It is stated that default by the Corporate Debtor occurred on different dates when the disbursed amounts became due under the respective financing agreements. A table showing the da....
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....etter dated 17 August 2017 referred the meeting dated 20 June 2017, letters dated 29 June 2017 and 18th July 2017. It was stated in the said letter dated 17 August 2017 that as on date 17 August 2017 a total sum of INR 54,11,43,429.56 (Rupees Fifty-Four Crores Eleven Lakhs Forty-Three Thousand Four Hundred Twenty-Nine and Paisa Fifty- Six only) was overdue. It was stated that there was serious breach of trust and gross violations of the terms of the various agreements entered into between the Financial Creditor and the Corporate Debtor and called upon the Corporate Debtor to make immediate payment of INR 25,22,99,678.64 (Rupees Twenty-Five Crores, Twenty- Two Lakhs Ninety-Nine Thousand Six Hundred Seventy-Eight and Sixty-Four Paisa only) overdue against Sale Out of Trust and the balance payment by 25 August, 2017. It is submitted that Corporate Debtor vide its letter 23 August 2017 reaffirmed its commitment to repay the dues of the Financial Creditor and requested for 2 to 3 more weeks for making the overdue payments. 12. The Financial Creditor by its email dated 30 August 2017 gave details to the Corporate Debtor of the monthly interest, 360 (days) plus overdue and working capi....
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.... BMW India Private Limited, the Respondent No. 2 in the IA in collusion with each other, has perpetrated a systematic fraud against the Corporate Debtor. The Corporate Debtor, in the IA has based his submissions purely on ground that Respondent No. 2 of IA 300 allowed the dealers from outside Gujarat to sell to customers based in Gujarat, mainly because of an indirect tax advantage that could be gained from sales that took place outside Gujarat committing territory infringement. 16. The Petitioner has submitted the documents and guarantees duly executed by the Corporate Debtors as per details given below: TABULAR CHART OF COLLATERALS AND SECURITIES ISSUED BY CORPORATE DEBTOR IN FAVOUR OF THE FINANCIAL CREDITOR: i) List of Deeds Hypothecation executed in favour of Financial Creditor: Sr. No. Date of the Hypothecation Deed Name of the Financial Facility Secured Details of Hypothecation 1. 15 November 2010 Floor plan Agreement Modification of charge to create first charge on a pari passu basis in favour of Financial Creditor with BMW India Private Limited on all the stocks, book debts and machinery of Corporate Debtor to the tune of INR 2.5 Crore....
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....issory Notes furnished by Corporate Debtor. Sr. No. Name of the Beneficiary Date of Issuance Amount 1. Financial Creditor (for Floor plan Agreement) 15 November 2010 INR Crore2.5 2 Financial Creditor (for Floor plan Agreement) 30 January 2012 INR Crores 12 3. Financial Creditor (for Floor plan Agreement) 1 February 2013 INR Crores 16 4. Financial Creditor (for Spare Parts Agreement) 11 April 2014 INR Crores 5.1 5. Financial Creditor (for Working Capital Agreement) 26 June 2014 INR Crores 20 A copy of the aforesaid five Promissory Notes are enclosed herewith and marked as Annexure-V/4 Colly. iv) Table of Personal Guarantees: various shareholders, promoter and directors of the Corporate Debtor have furnished personal guarantees to secure the borrowings by the Corporate Debtor under the abovementioned Financial Facilities granted by the Financial Creditor. In relation to such below enlisted personal guarantees, the Financial Creditor reserves its rights to file appropriate proceedings. Sr. No. Date Name of the Guarantor Beneficiary Amount In relation to the Floor plan A....
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....otal sum due under the three Financial Facilities Agreements executed between the Financial Creditor and the Corporate Debtor. In relation to Working Capital Agreement 19. 28 June 2014 Uves Yunus Sareshwala Financial Creditor INR 20 Crores 20. 28 June 2014 Umar Uves Sareshwala Financial Creditor INR 20 Crores 21. 28 June 2014 Fatema Uves Sareshwala Financial Creditor INR 20 Crores 22. 28 June 2014 Talha Yunus Sareshwala Financial Creditor INR 20 Crores 23. 28 June 2014 Qudsiya Talha Sareshwala Financial Creditor INR 20 Crores 24. 28 June 2014 Zafar Yunus Sareshwala Financial Creditor INR 20 Crores 25. 28 June 2014 Mohammed Habib Sareshwala Financial Creditor INR 20 Crores 26. 28 June 2014 Khadija Zafar Sareshwala Financial Creditor INR 20 Crores In relation to Spare Parts Agreement 27. 22 April 2014 Umer Uves Sareshwala Financial Creditor INR 5.1 Crores 28. 22 April 2014 Zafar Yunus Sareshwala Financial Creditor INR 5.1 Crores 29. 22 April 2014 Talha Yunus Sareshwala Financial Creditor INR 5.1 Crores 30. 22 ....
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.... car from any part of the country. The concept that a customer to purchase from a particular dealer is not tenable and it may be considered as an attempt to infringe on the right of a customer. Hence we do not find any merit in the IA. Hence the prayer made in IA No. 300 of 2018 is hereby rejected. Main Petition No. 161 of 2017 19. The Corporate Debtor has defaulted in making repayment of financial facilities/debt to the Petitioner and the date of default is from 10.04.2016 and onwards as per Annexure-IV/27 Colly. The Statement of accounts and the CIBIL Reports submitted by the applicant confirm the default committed by the Corporate Debtor. Judgment 20. Considering the material, papers filed by the Petitioner, facts mentioned hereinabove and the arguments of both sides, this Adjudicating Authority is satisfied that, (a) The Corporate Debtor availed Financial Facilities from the Petitioner. (b) Existence of debt is above Rs. One Lac; (c) Debt is due and defaulted. (d) Default has occurred on various dates starting from 10.04.2016 onwards as per Annexure IV/27 Colly. (e) Petition has been filed on 13.11.2017 i.e. within the li....