TaxTMI 
TaxTMI 
2021 (1) TMI 386
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....lution Professional (IRP). 2. Part I of the application, sets out the details of the Financial Creditor from which, it is evident that the Financial Creditor is Limited Company incorporated on 27.01.1989. As per Part II of the application, the Corporate Debtor is a Limited Company with Corporate Identification Number U92490TN1983PLC009942 and registered office of the Corporate Debtor as per the Application is stated to be situated at PGP House, No. 57, Sterling Road, Nungambakkam, Chennai - 600 034. As per Part III of the application, the Financial Creditor has proposed the name of one Shri. Mukesh Kumar Gupta, Registration Number: IBBI/IPA-001/IP-P00207/2017-18/10407 as the Interim Resolution Professional 3. Part IV of the application signifies the amount of debt to the tune of Rs. 17,87,09,463/- along with further interest at contractual rates with effect from 30.11.2019. Part V of the application describes the particulars of Financial Debt, documents, records and evidence of default as described below: Term Loan I - Rs. 2000 lakh: a. Sanction Letter dated 19.08.2009 issued by the Financial Creditor to Corporate Debtor for term loan of Rs. 2000 lakh. ....
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.... up hotel at Coimbatore. 5. The Learned Counsel for the Financial Creditor submitted that on account of liquidity constraints, the Corporate Debtor found it difficult to serve the debts to the Banks and the Financial Institutions and as such in the month of November 2017, the outstanding loans of the Banks and the Financial Creditor aggregating to Rs. 210.60 Crore, including the Financial Creditor's amount of Rs. 18.44 Crores was restructured as "flexible structure" under the 5/25 Scheme of RBI. Thus, the Financial Creditor's stake as on 27.11.2019 was restructured as follows; 6. It was submitted that as per one of the terms of flexible structuring of outstanding loans under 5/25 structuring scheme, the Corporate Debtor has to complete the sale of non - core assets of land admeasuring 26.64 acres at Gerugambakkam, Chennai by 31.03.2019 and make one bullet payment of Rs. 7.53 Crores immediately upon realization of sale proceeds of the same. It was submitted that the Corporate Debtor has finalized the sale of the above land to one M/s. Casagrande Builders Private Limited Chennai at Rs. 100 Crores, however the sale did not materialize. 7. The Learned Counsel for the F....
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....or sale by way of advertisement in the leading newspaper (both English and Tamil) as advised by the Asset Sale Committee constitute by the banks and the Financial institutions and most of the enquiries were only for joint development which would take 5 to 6 years for receipt of the sale consideration. 11. The Learned Counsel for the Corporate Debtor submitted that a leading real estate Company in Chennai, viz. Casagrand had made commitment to purchase of 25.64 acres of the vacant lands for a total consideration of Rs. 100 Crore and make the full payment before May 2019, however due to the delay in arranging the funds, they could not complete the transaction within the committed time even with the extended time upto 30th June 2019. Avowing to all these difficulties faced by the Corporate Debtor, the Learned Counsel for the Corporate Debtor submitted that the Corporate Debtor is ready to settle the dues and is ready to cooperate with the Financial Creditor for OTS negotiations and if the present application is allowed, irreparable loss would be incurred to the Corporate Debtor and under the said circumstances, prayed for dismissal of the Application. 12. Heard the Counsel for b....
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....f Law, we are of the view that this Application as filed by the Applicant - Financial Creditor is required to be admitted under Section 7(5) of the I&B Code, 2016. 15. The Financial Creditor has proposed the name of one MUKESH KUMAR GUPTA having Registration Number [IBBI/IPA-001/IP-P00207/2017-18/10407] (Email id:[email protected]) (Mob:- +91-9810798961) as Interim Resolution Professional (IRP) and a written communication in the format prescribed under Form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 has been filed by the proposed IRP who is appointed as the IRP to take forward the process of Corporate insolvency Resolution of the Corporate Debtor. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the Code and file his report within 20 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIR Process in relation to the Corporate Debtor in terms of the provisions of I&B Code, 2016. 16. As a consequence of the Applic....