2019 (11) TMI 1641

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....hereinafter as Rules) in the capacity of "Financial Creditor" on 06.08.2019 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code) against 'Churakulam Tea Estates Private Limited' (hereinafter as 'Corporate Debtor'). The registered office of the Corporate Debtor is stated to be at Vandiperiyar, Idukki, Kerala - 685 533. 2. In the requisite Form, under the head "Particulars of Financial Debt" the total amount of Debt as on 31.07.2019 is stated to be Rs. 14,81,37,929.37/- (Rupees Fourteen Crores Eighty-One Lakhs Thirty Seven Thousand Nine Hundred and Twenty Nine and Thirty Seven Paisa Only). The date on which the default occurred is 28.02.2017. 3. The Corporate Debtor is a private limite....

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....o the application) and that the statement of account for Cash Credit (CCOL Agri Loan) Account No. 080508300000002 for the period 28.01.2015 to 31.08.2018 (Annexure 9 to the application) were duly certified under the Banker's Book of Evidence Act, 1891. 7. The Counsel for the Bank stated that the statement of account for Suit Filed account No. 0805658000000205 for the period 01.09.2018 to 29.07.2019 was also duly certified under the Banker's Book of Evidence Act (Annexure 10 to the application). 8. The Counsel further stated that the Corporate Debtor executed Loan cum hypothecation agreement (agricultural Advances) dated 02.05.2014 and an Agreement of Hypothecation dated 28.01.2015 by way of first charge. The estimated value of th....

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....cres of tea plantation, Securitisation and Reconstruction of Financial Assets and Enforcement of security Interest Act, 2002 (SARFAESI in short) proceedings were initiated against an extent of 118.50 Cents together with factory building and machinery dated 13.11.2017. The physical possession of the said property was taken on 28.06.2018. The said Original Application is pending before DRT. 13. Hence the Financial Creditor filed this petition and prayed for admission and initiating Corporate Insolvency Resolution Process under section 7 of IBC. Submissions by the Corporate Debtor: 14. The Ld. Counsel for the Corporate Debtor prayed time for settling their dues on each hearing dates, i.e., 30.09.2019, 09.10.2019, 24.10.2019 and 14.11.....

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.... Kerala- 683 101, a registered Insolvency Professional having registration No. IBBI/IPA- 001/IP-P00695/2017- 2018/11225 (Email id- [email protected]), for appointment as Interim Resolution Professional(IRP). The IRP proposed also has filed a declaration in Form 2 affirming that he is a registered insolvency professional and no disciplinary proceedings are pending against him. Therefore, the application on behalf of Financial Creditor is complete. ORDER 19. In the aforesaid background, and after thoroughly perusing the records, we are of the view that, the application filed on behalf of Financial Creditor is complete. Therefore, this application under Section 7(5)(a) of the I & B Code, 2016 deserves to be Admitted. 20. According....