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2019 (11) TMI 1597
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.... the corporate insolvency resolution process against RNA Corp. P. Ltd. (hereinafter called the "corporate debtor") on the ground that the corporate debtor has committed default in making the repayments of the term loan. 2. The petitioner is a bank incorporated on September 7, 1906 having Identification Number U99999MH1906PLC000243 and filed this petition by its authorised person Mr. Rajender Kumar, Chief Manager of Andheri Large Corporate Bank whereas the corporate debtor is a company incorporated on April 13, 2010 bearing CIN U70102MH2010PTC202038, having authorised share capital of Rs. 1,12,00,00,000 and issued, subscribed and paid-up capital of Rs. 1,11,11,00,000. 3. Counsel for the petitioner submits that a corporate term loan of Rs. ....
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....ee dated October 29, 2013 and December 9, 2013. (x) Copies of the registered mortgage dated October 29, 2013, December 10, 2013 and December 16, 2013. (xi) Copy of commercial credit information report taken from CIBIL as on February 6, 2019. (xii) Certificate under section 2A of the Bankers' Books Evidence Act, 1891. (xiii) Copy of SARFAESI notice under section 13(2) dated July 29, 2015. 6. The corporate debtor on the other hand denied all the contentions, sub- missions and allegations made by the petitioner on the ground that they are false, incorrect and baseless. However, the corporate debtor does not deny the fact that the money was borrowed by them from the petitioner. 7. The corporate debtor mentioned that they had reque....
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....f Mr. Anil Kumar Aggarwal and also due to the slump in real estate market, their business was affected and the petitioner instead of acting like a prudent banker issued legal notice to them even when they were informed by the corporate debtor about the downturn in the market condition and were requested time to make repayments. 12. The corporate debtor submitted that vide its letter dated December 10, 2015, it had proposed to repay the credit facilities in instalments and accordingly, payments of Rs. 7,50,00,000 were made by them in instalments. 13. Further the corporate debtor mentioned that in the mean time the petitioner took symbolic possession of the secured assets of the corporate debtor and its directors. Against this action of the....
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....18 of the Limitation Act. In the present case payments have been made regularly even after the first date of default up until April, 2016 and this petition has been filed in February, 2019 making this petition well within the limitation period. 17. The corporate debtor has prayed to dismiss this petition and has stated that the said petition is incomplete due to want of Form II. But later the petitioner has submitted copy of Form II and therefore, the matter can be very well proceeded. 18. The technical objection raised by the corporate debtor regarding the absence of a board resolution in the petition holds no water, because this issue has already been settled by the National Company Law Appellate Tribunal in the case of Palogix Infrastr....
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.... Bank. 19. The requisite conditions for admission of a section 7 petition are found to be fulfilled inhere. There is debt and default on the part of the corporate debtor which they themselves have not denied. 20. This Adjudicating Authority, on perusal of the documents filed by the creditor, is of the view that the corporate debtor defaulted in repaying the loan availed. In the light of above facts and circumstances, the existence of debt and default is reasonably established by the financial creditor as a major constituent for admission of a petition under section 7 of the I and B Code. Therefore, the application under sub-section (2) of section 7 is taken as complete, accordingly this Bench hereby admits this petition prohibiting all of....