TaxTMI 
TaxTMI 
2021 (5) TMI 640
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....Adjudicating Authority) Rules, 2016, has been filed by Union Bank of India (earlier known as Corporation Bank) (hereinafter referred to as the Financial Creditor), through one of its Officers Mr. Dipak Kumar Tiwari, who was authorised to file this Petition before this Adjudicating Authority vide GPA dated 18th September, 2010 along with circular resolution dated 12th December 2017 and Authority Letter dated 25th July, 2019, thereby seeking initiation of Corporate Insolvency Resolution Process in respect of M.M. Agro Ventures Private Limited, a corporate entity having its registered office at House No. 6B/26, Tilak Marg, North S.K. Puri Patna Bihar-800013, CIN No. U63022BR2012PTC018144 (hereinafter referred as the Corporate Debtor). 3. It....
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....ntor Sri Subesh Kumar and Sri Nitesh Kumar were mortgage by the Bank by execution of equitable mortgage by deposit of Registered Sale Deed No. 4499 dated 20th November, 2012. A letter of continuing Guarantee dated 9th June, 2015 was also executed by Personal Guarantors for Cash Credit Loan of Rs. 95,00,000/- (Rupees Ninety Five Lakhs) and for Term Loan of Rs. 5,70,00,000/- (Rupees Five Crore Seventy Lakhs only) on behalf of the Corporate Debtor. 7. The Financial Creditor has also placed on record various documents annexed with the petition from 'Annexure-G to Annexure-Q'. The Financial Creditor has also placed on record statement of Accounts maintained by the Financial Creditor along with the certificate under Banker's Book E....
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....erials going very high. It is submitted that the Corporate Debtor had obtained certified copy of judgment and order dated 30.03.2019 passed by the DRT, Patna, Bihar and was contemplating to prefer an Appeal against the said order before the DRAT, Allahabad, Uttar Pradesh. 10. We have carefully gone through the pleadings filed by the parties. The reply submitted by the Corporate Debtor has no substance at all. It does not give any valid or plausible ground or reason for not making the payment. 11. We have also been taken through the contents of the Petition and each and every relevant portion of the pleadings filed by the Financial Creditor along with Annexures, and the reply of the Corporate Debtor. We are fully convinced that the loa....
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....f the aforesaid observations, we hereby admit the petition and pass the following Orders:- ORDERS i) The application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor MM Agro Ventures Private Limited is hereby admitted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I & B Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission ....
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..... vii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under Sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. viii) CA Sonu Jain, registered with Insolvency and Bankruptcy Board of India, having Registration No. [Reg. No. IBBI/IPA-001/P-00575/2017-18/11016] Email Id: [email protected] is hereby appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution p....