2021 (7) TMI 852

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....n Process (CIRP) against M/s. Siddharth World Trade Private Limited, ("the Respondent") alleging default in payment of a Financial Debt. 2. The Respondent is a Private Company and incorporated on 08.03.2008 under the Companies Act, 1956. 3. The Authorized Share Capital of the Respondent/Corporate Debtor Company is Rs. 100,00,000/-, Paid Up Share Capital is Rs. 100,00,000/-. 4. The facts in brief of the Petitioner are as follows:- (a) The total amount outstanding to initiate the Corporate Insolvency Resolution Process (CIRP) against the Respondent is Rs. 92,01,03,572 Crores (Rupees Ninety Two Crores One Lakh Three Thousand Five Hundred and Seventy Two Only) as on 31.10.2018. The date of default is 30.03.2012 and the Account....

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....Fixture and other fixed Assets dated 12.12.2009 was executed between Bank of Baroda and Canara Bank. (k) The Credit Facilities were also secured by the Personal Guarantees by Mr. D.G. Salunkhe and one Mr. Uday Bhosale dated 30.03.2011 guaranteeing the repayment of the additional loan of Rs. 10,00,00,000/- Crores for meeting working capital requirements. The estimated value of the aforementioned securities is approximately Rs. 20.19. Crores. (l) A Demand Promissory Note executed in favour of the Lenders dated 30.03.2011 was issued by the Respondent. (m) The Corporate Debtor has acknowledged its Debt on the Acknowledgement Letters dated 15.06.2012 which is signed by Mr. D.G. Salunkhe and one Mr. Uday Bhosale. ....

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....ard ex parte on its merits. FINDINGS 6. We duly considered the submissions made by the Learned Counsel for the Petitioner and have gone through the pleadings and documents available on record. It is evident that the Respondent availed Loan amount Rs. 92,01,03,572/-. The Bank of India being the Assignor of debt to the Petitioner granted Credit facilities of Rs. 36,00,00,000/- to the Respondent vide an assignment agreement dated 26.03.2014. The date of default occurred on 30.03.2012 and the account was classified as NPA on 30.06.2012. 7. The applicant has clearly demonstrated by placing a copy of the Assignment Agreement dated 26.03.2014 that there was an Agreement between the Petitioner and the Respondent for a total sum of Rs. 36,0....

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....imitation. 13. Since the Respondent did not file its Reply/objection to the present IB petition, it goes uncontested. Hence the Debts which are more than Rs. One Lakh stands admitted and the default in making repayment of loan goes undisputed. Therefore the present IB petition is found to be filed in conformity with the provisions of the Code and rules, regulations made thereunder. Hence is found complete and CIRP can be triggered in respect of present Respondent. For the aforesaid reasons, the present IB petition deserves for Admission. 14. Further the Petitioner has proposed the name of Mr. Sameer Kakar, Registration No. IBBI/IPA-001/IP-P00218/2017-18/10418, as the Interim Resolution Professional of the Respondent. He has filed his ....

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....disposing of by the Respondent any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Respondent in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Respondent. (b) Notwithstanding the above, during the period of moratorium:- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the mora....