TaxTMI 
TaxTMI 
2019 (11) TMI 1576
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....y authorised officer, Shri Arvindkumar Purushottamdas Parmar, Chief Manager at Dena Bank, Zonal Office Gandhinagar, Plot No. 320-321, Sector-16, Gandhinagar, Gujarat - 382016. 2. The Respondent Corporate Debtor (CD) Company, namely Alps Pharmaceuticals Private Limited was incorporated on 16-4-1980 with CIN: U24230GJ1980PTC047642. 3. The nominal share capital of the Respondent (CD) Company is Rs. 1,50,00,000/- (Rupees One Crore Fifty Lakhs only) and the paid-up capital of the company is Rs. 1,09,28,800/- (Rupees One Crore Nine Lakhs Twenty Eight Thousand Eight Hundred Only). The Registered Office of the Corporate Debtor Company is situated at: 24, Royal Crescent, Nr. Asopalav Bunglows, Thaltej, Ahmedabad GJ 380054 IN. 4. The Respondent (CD) Company is manufacturing Injection and Tablets and supplies mainly to the Government Department of Uttar Pradesh and Uttranchal. 5. It is submitted that the Respondent Company applied for various loan facilities and the same was originally sanctioned and further enhanced the CC limit from Rs. 22.00 Crores to Rs. 26.00 Crores and LC of Rs. 3.50 Crores on 29-4-2013 by the petitioner Bank for total aggregate facilities of Rs. 29,50,00,000/- (Twe....
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....in support of its Application filed. 10. The present application has been filed by the Financial Creditor under section 7 of the Insolvency and Bankruptcy Code, 2016 read with rule 4 of the Insolvency and Bankruptcy Code before this Adjudicating Authority to initiate the Corporate Insolvency Resolution Process. 11. The Financial Creditor, to substantiate their claim, has enclosed following documents:- i. Statement of Accounts of the Corporate Debtor maintained by Dena Bank (now Bank of Baroda) along with Certificate issued under Banker's Book Evidence Act, 1891 (Page Nos. 212 224 of paper book) ii. Copy of the Original Application No. 723 of 2016, dated 9-12-2016 (along with the annexures) filed before the Debt Recovery Tribunal-1 at Ahmedabad against the Corporate Debtor and the Guarantors to the CD, along with the relevant documents (Page Nos. 17 to 42 of paper book) iii. Copy of Valuation certificate/report in respect of secured assets (Page Nos. 43 to 63 of paper book) iv. Copy of Sanctioned letter No. GMO/ADV/1132/2013, dated 29-4-2013 for renewel/enhancement of CCH limit and fresh limit of Inland L/C aggregating to Rs. 29.50 Crores (Page Nos. 64 to 90 of paper b....
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...., Corporate Debtor appeared before this Tribunal on 10-12-2018 and sought time to file objections within two weeks. 13. In response to the present IB. Petition filed by the Petitioner Bank, the Respondent has referred to their request of restructuring the account but the Financial Creditor has replied that the restructuring cannot be done once the account has become NPA. 14. The Learned Lawyer of the Applicant Bank (FC) clarified their positions and put forth their arguments relying on the documents submitted by them, which were executed by the Corporate Debtor and the Mortgagors/Guarantors. They have also referred the CTBIL report filed with their application which confirms the debt is in default. The Learned Lawyer also referred to the Acknowledgement of Debt & Securities dated 31-12-2015 and Letter of Confirmation of guarantee dated 9-5-2013 by the Corporate Debtor and Guarantors for the debts due to the Financial Creditor. 15. The matter was taken up and heard both by at this Bench on 23-10-2018, 10-12-2018, 29-1-2019, 18-3-2019, 03-5-2019, 12-7-2019, 29-8-2019, and 24-9-2019. The counsels of the Petitioner and the Respondent were present and put forth their submissions be....
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....licant Bank confirm the default committed by the Corporate Debtor, 19.4 The Petitioner Bank has filed the petition within the period of limitation, as the date of mortgage of the property is 23-8-2013, SARFAESI proceeding initiated on 13-6-2015, DRT proceedings started in 2016 vide OA No. 723 of 2016 and the Credits have come into the CC accounts till 15-9-2018. 19.5 Letter of Confirmation and Acknowledgement of Debts and Securities signed on 31-12-2015 by the Corporate Debtor confirming the Cash Credit outstanding of Rs. 24,25,63,641.21 plus interest due since 1-2-2015 besides LC devolved amount of Rs. 2,14,65,140.00 and the said amount is payable to the Financial Creditor by the Corporate Debtor. 19.6 The present IB. Petition is filed by the duly authorised official of the Applicant Bank in a prescribed format under section 7 of the IB. Code annexing copies of loan documents confirming the existence of debt default and proposed a name of Resolution Professional to act as an Interim Revolution Professional (IRP). ORDER 20. Considering the material papers filed by the Financial Creditor and available on record, arguments and submissions of both parties and the facts mentioned ....
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....ts property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor; II. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. III. The provisions of sub-section (1) shall not apply to (a) such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process. 23. The IRP is hereby advised to adhere the time limit as stipulated for completion of the Corporate Insolvency Resolution Process ("CIRP" in short) and perform the duties as specified under sections 17,18, 20, 21 of IB Code. Further the personnels of the Corporate Debtor are advised to extend co-operation to the Interim Resolution Professional as required under section 19 of IB Code. 24....