TaxTMI 
TaxTMI 
2019 (9) TMI 1449
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....inancial Creditor. 3. The Respondent M/s. Multiwal Duplex Private Limited, incorporated on 08/05/1985 (Having its Registered Office at, Bazpur Road Kashipur US Nagar Uttarakhand. CIN U21011UR1985PTC007180). The authorised share capital of respondent is Rs. 1,80,00,00,00/- (Rupee Eighteen Crores Only) and Paid- Up share Capital is Rs. 1,80,00,00,00/-(Rupee Eighteen Crores Only). 4. The Corporate Debtor has changed its name from M/s. Satnam Paper Mills private Limited to M/s. Multiwal Duplex Private Limited on 06.06.2002 in accordance to Sec 23 of The Companies Act, 1956 which states as : Sec 23. Registration of change of name and effect thereof. (1) Where a company changes its name in pursuance of section 21 or 22, the Registrar shall enter the new name on the register in the place of the former name, and shall issue a fresh certificate of incorporation with the necessary alterations embodied therein; and the change of name shall be complete and effective only on the issue of such a certificate. (2) The Registrar shall also make the necessary alteration in the memorandum of association of the company. (3) The change of name shall not effect ....
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....ree Lakh Twenty-Nine Thousand Three Hundred and Eighty-Nine Only) in cash credit Account as on 22.01.2019 plus interest and other charges is due as outstanding against the directors jointly and severally, which is being legally recoverable from them being amount of debt due against them to the applicant bank. vi. The respondent in the counter affidavit stated that due to good paying capacity and having sufficient security the Corporation Bank was ready to sanction financial assistance of Rs. 20 Crores to Corporate Debtor subject to issuance of no objection to PNB. vii. It is also stated by the Respondent in the counter affidavit that the present application filed under Section 7 of IBC 2016 read with rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) rule, 2016 is not maintainable in the eyes of law as there is no verification of pleadings of the content of the case either in application or in separate affidavit as filed by the Financial Creditor and there is concealment of fact in the pleadings of the case regarding of pari passu charge over the movable and immovable property in question of financial creditor along with PNB, International B....
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....halt due to pollution issue raised by the Uttarakhand Environment Production & Pollution Control Board, Dehradun which adversely affected the business operations of the company as Uttarakhand Environment Protection 7 Pollution Control Board had issued direction to all pulp and Paper Industries to complete the charter implementations programme by 31.12.2012, which was extended up to 31.03.2013 and other reasons as stated above in preliminary submission and for that Corporate Debtor i.e. M/s. Multiwal Duplex Private Limited was not at fault. xiii. In reply to the counter affidavit petitioner stated that the Corporate Debtor was not good pay master and hence the present recovery proceeding was initiated against 'them and as regarding the maintainability is concerned the application is duly singed, stamp and verified by the authorised signatory of Financial Creditor and it deals with the default of Corporate Debtor and not for mortgage properties of Corporate Debtor thus there is no concealment of facts regarding pari passu charges so the petition is maintainable and regarding adding PNB in array of party the petitioner in its reply stated that PNB is not a necessary and p....
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.... iii. The copy of letter of undertakings from the borrowers accepting the terms and conditions of the loan account dated 23.03.2013. (The copy is annexed as Annexure -11 of the application) and copy of guarantee agreement dated 23.03.2013 (Annexed as Annexure -14 of the application). iv. The applicant also annexed the letter of acknowledgement of debt in respect of balance outstanding dated 22.02.2016. (The Copy is annexed as Annexure-16 of the application) v. Copy of the Registration of mortgage/charge registered by ROC Uttarakhand (Copy is annexed as Annexure- 16 of The Application). 10. From the perusal of the counter affidavit filed on behalf of the respondent I find that respondent has raised the question of maintainability on the ground referred in the counter affidavit. I have carefully examined the ground mentioned on counter affidavit along with the provisions contained Under Section 7 of IB Code. The relevant provision of Section 7(1), (2), (3) as quoted below : Section 7: Initiation of corporate insolvency resolution process by financial creditor: (1) A financial creditor either by itself or jointly with\other financial creditors,....
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....or. The moment there is existence of such a dispute, the operational creditor goes out of the clutches of the Court. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the Adjudicating Authority has merely to see the records of the information utility or other evidence produced by the Financial Creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so long as the debt is 'due', i.e., payable unless interdicted by some law or has not yet become due in the sense that it is payable at some further debt. It is only when this is prove to the satisfaction of the adjudicating authority may reject an application and not otherwise". 13. In the case of Ajay Agarwal vs. Central Bank of India (2018) 208 Comp Cas 402(NCLAT) Hon'ble NCLAT held : "When in case a "Corporate Debtor" commits a default a financial debt, the adjudicating authority has merely to see the records of the information utility or other evidence produced by the "financial creditor" to satisfy itself that a default has occurred. Other considerations, such as the existence a dispute or dis....