TaxTMI 
TaxTMI 
2020 (1) TMI 1392
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....uthorised officer, Shri Mr. Vishal Gori, authorised Person of the Petitioner, 4th Floor, B-405, Shivalik Corporate Park, Above D'mart, Shivranjini Cross Road, Ahmedabad, Gujarat-380015. 2. The Respondent Corporate Debtor (CD) Company, namely, SRK DEVBUILD PRIVATE LIMITED was incorporated on 25/08/2011 with CIN: U45200MP2011PTC026631. 3. The nominal share capital of the Respondent (CD) Company is Rs. 4,25,00,000/- (Rupees Four Crores Twenty Five Lakhs Only) and the paid-up share capital of the Corporate Debtor Company is Rs. 4,25,00,000/- (Four Crores Twenty Five Lakhs Only). The Registered Office of the Corporate Debtor Company is situated at: 18/2, Lasudia Mori, Dewas Naka A. B. Road Indore, Madhya Pradesh-452010. The Corporate Debtor Company is engaged in the business of Construction. 4. It is submitted that the Petitioner Bank sanctioned a Term Loan Facility of Rs. 4,00,00,000/- to the Respondent Company as per the terms of sanctions letter dated 09.02.2015 and upon execution of the Loan Agreement dated 11.02.2015. 5. It is stated that the petitioner respectfully submits that at the time of availing the said Rupees Term Loan Facility amount, the Respondent compan....
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....arly mentioned in the said statement annexed with ledger account. 11. It is submitted that the Financial Creditor has to recover an amount of Rs. 3,34,96,299/- which is a financial debt still remaining unpaid by the Respondent as on 25.07.2018. 12. The Corporate Debtor has defaulted payment and the date of default is 31/05/2016 as stated by the Petitioner Bank. 13. The statements of accounts of the Corporate debtor have been filed and the Petitioner Bank has submitted a Certificate to this effect under Section 2A of the Banker's Book of Evidence Act, 1891. (Page no. 94 of paper book). The Petitioner Bank has claimed their dues of Rs. 3,34,96,299/- as on 25.07.2018 14. The Financial Creditor, to substantiate their claim, has enclosed following documents: - i. Details of the loan agreements has been annexed (Page no 70 to 92 of the paper book) / ii. Copy of the sanction letter dated 09/02/2015 and Loan Agreement dated 11/02/2015 and other security Documents have been annexed (Page no. 15 to 62 of the paper book) iii. Copy of the statutory demand Notice dated 30/08/2016 issued under Section 13(2) of the SARFAESI Act. (Page no. 63 to 65 of pap....
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....eet of company dated 31.03.2017, Respondent Company has assets worth crores of rupees which are more than the alleged liability and, therefore, the Respondent Company cannot be said to be a company which is unable to pay. 17.7 It is submitted that the Petition filed by the petitioner is based on incomplete facts and documents and only some selected facts have been stated in the position. It is submitted that in a series of judgments, various decision of various Hon'ble High Courts and the Hon'ble Supreme Court of India has held that for want of an affidavit in accordance with law, the petition is liable to be dismissed. 17.8 It is stated that the loan agreement dated 11/02/2015 is not an admissible evidence because it is neither sufficiently stamped nor registered. 17.9 It is submitted that the Applicant has purposely not disclosed complete facts of the case and his claim is disputed. 17.10 It is stated that the Application is defective for want of certification and verification the averments in the application and the documents attached can be relied upon. 17.11 It is submitted that the subsequent affidavit dated 08/07/2019 cannot be looked into or considere....
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....ulted and proposed a name of Resolution Professional to act as an Interim Resolution Professional (IRP) 20. Considering the material, papers filed by the Petitioner and the facts mentioned in the Para No. 19, 19.1, 19.2, 19.3, 19.4, 19.5, and 19.6 this Adjudicating Authority is satisfied that, (a) The Corporate Debtor availed loan facilities from the Financial Creditor (AU SMALL FINANCE BANK LIMITED). (b) Existence of debt is above Rs. One Lac; (c) Debt is due; (d) Default has occurred on 31/05/2016 (e) Petition has been filed within the limitation period; (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank Under Section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Hence, the present IB Petition is admitted with the following Directions/observations. The date of admission of this petition is 03/01/2020. 21. This Adjudicating Authority hereby appoints, as proposed, Mr. RAVI KAPOOR, having Insolvency Professional Registration No. IBBI/IPA-002/IP....