TaxTMI 
TaxTMI 
2021 (8) TMI 63
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....tion is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 17,53,80,008/- (Rupees Seventeen Crores Fifty-Three Lacs Eighty Thousand Eight Hundred only) (Principal Amount Rs. 9,55,63,193/- Plus interest: Rs. 7,98,16,815/-) 3. The brief facts of the Operational Creditor are as follows:- i. M/s Jalgaon Janata Sahakari Bank Limited is a Co-Operative Society registered under the Maharashtra Co-Operative Societies Act, 1960 and a bank registered under the Banking Regulation Act, 1949. ii. The Corporate Debtor has availed various loan facilities from the Corporate Debtor since year 2003 and has continuously availed loan facilities from the Financial Creditor till the year 2016. iii. In the year 2006, the Financial Creditor along with Janaseva Sahakari Bank Ltd., Pune and Dombivali Nagari Sahakari Bank Ltd. formed a consortium viz. "The Jalgoan Janata Sahakari Bank Ltd. Consortium" (JJSB Consortium) and the Financial Creditor has been designated and recognized as the lead bank of the JJSB consortium. iv. Thereafter, on 30.09.2006, the documents such as Acknowledgement of Debt & Lette....
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.... 663.39 12.50% Hypo.CC 160.00 12.50% 919.82 2. FITL 0 -- Janaseva Sahakari Bank Limited (Janaseva) WCTL 50.00 12.50% Hypo.CC 30.00 12.50% 80.00 3. Dombivali Nagari Sahakari Bank (DNSB) FITL 32.10 -- WCTL 50.00 12.50% Hypo.CC 30.00 12.50% 332.49 Total 1332.31 xiv. The Acknowledgement of debt dated 31.03.2015 has been executed between the Financial Creditor along with Dombivali Nagari Sahakari Bank Limited and Janaseva Sahakari Bank Limited and the Corproate Debtor. The letter of lien and set off and Term Loan Agreement has also been executed between the parties. xv. The Financial Creditor has provided a report dated 25.04.2015 to sanction for extending time period of utilization of letter of credit of Rs. 30.00 Lacs. Further, the present loan positions i.e. the due amount as on 31.03.2015 is reflected as Rs. 146....
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....ther banks in consortium and Corporate Debtor for temporary overdraft facility/additional limit of Rs. 60,00,000/-(Rupees Sixty Lac only). xxvi. The Financial Creditor and Corporate Debtor has executed a Term Loan Agreement dated 31.03.2016 for working capital term loan amounting to Rs. 6,63,39,000/- (Rupees Six Crore Sixty-Three Lacs and Thirty-Nine Thousand only). xxvii. On 05.12.2016, the Mortgage Deed was Executed between Financial Creditor and Mr. Uday Achyut Kulkarni. Mr. Uday Achyut Kulkarni has Mortgaged Residential Premises as a Guarantor to the tune of Rs. 60,00,000/- (Rupees Sixty Lacs only) against the loan availed by the Corporate Debtor as per sanction letter dated 05.12.2016. xxviii. The Financial Creditor has issued a letter dated 04.03.2017 to the Chairman of Kulkarni house Co-Operative Housing Society to register mortgage on Flat no. 206 vide mortgage deed dated 05.12.2016. Further, the Financial Creditor has sent a legal notice dated 15.03.2019 the Corporate Debtor. xxix. The details of the debt granted by the Financial Creditor to the Corporate Debtor is as mentioned below: Sr. no. Loan Acc. No. Sanction Date Ef....
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....n the petition and its Annexure, the Corporate Debtor is unable to ascertain the accounts as stated in the petition as well as the amount claimed by the Financial Creditor and hence all accounts are required to be produced and inspected from the inception of loan. ii. The various loans availed by the Corporate Debtor from all the consortium banks have been duly serviced/repaid by it and till date the amount repaid by the Corporate Debtor along with interest thereon is about Rs. 22,00,00,000/-. iii. However, the Financial Creditor is alleging that the amount payable/outstanding as on date is to the tune of Rs. 25,00,00,000/- (Rupees Twenty-Five Crores only) approximately which is absolutely illegal, unlawful and without any supporting documentary evidence to prove the said amount. iv. On 09.07.2019, the meeting was fixed up at Jalgaon Janata Sahakari Bank ltd at their Thane Branch. The said meeting was attended by the respective officers of the consortium banks, the Director of the Corporate Debtor and its Charted Accountants. On the said also accounts from 31st March, 2015 onwards were shown to the Corporate Debtor contrary to what was requested. ....
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....e inspection of the documents. On receiving the reminder, the Branch Manager of the Financial Creditor on 24.09.2019 addressed a letter to the Corporate Debtor fixing the date and venue on 26th September and 27th September between 11.00 a.m. to 5.00 p.m which was after the expiry of two weeks of the order dated 11.09.2019 and further imposed several unreasonable conditions upon the Corporate Debtor which conditions were not recorded by this Bench in the order dated 11.09.2019. xii. On receiving the letter dated 26.09.2019, the Branch Manager of the Financial Creditor addressed an email to the Corporate Debtor to fix the date of inspection of documents on 4th and 5th October, 2019 between 11.00 to 5.00 p.m. Notwithstanding the fact that the Financial Creditor had committed a breach of the order dated 11.09.2019 passed by this Bench, only with a view to show their bona fides the representative of the Corporate Debtor visited the Thane Branch of the Financial Creditor on 04.10.2019 to take inspection. Even on 04.10.2019, the inspection of the documents was not completed and the officers of the Financial Creditor represented to the representatives of the Corporate Debtor that ....
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....m April 2015. ii. WCTL to be rapid in 84 months (including moratorium period of 3 months) EMI of the loan to be started from April 2015. 3. Mr. Rohit Gupta, further submits that the last payment in respect of Term Loan Facility was paid by Corporate Debtor on 02.05.2017 entry of which has been captured in the Bank statement at page 43 of the application and the last payment amounting to Rs. 1,40,000/- towards the CC facility was paid by Corporate Debtor on 11.11.2016 entry of which has been captured in the bank statement at page no. 110 of the application and there was no payment thereafter. Thereafter the Financial Creditor got issued a legal notice on 14.12.2018 through their advocate to which the Corporate Debtor sent a routine reply notice dated 19.03.2019 disputing the amount claimed by the Financial Creditor. 4. Thus, Mr. Gupta prayed for admission of above company petition contending that the debt and default in the above case are clearly proved by the Financial Creditor and the Financial Creditor received last payment in respect of term loan facility on 02.05.2017 and the last payment in respect of cash credit facility was paid on 11.11.2016 and t....
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....im Resolution Professional in part-3 of the Petition along with his consent letter in Form-2. However, the Financial Creditor sought the appointment of Mr. Vivek Murlidhar Dabhade in the place of Mr. Hansraj Chandanlal Ahuja whose name was initially suggested in the petition since the said Mr. Hansraj Chandanlal Ahuja has become ineligible on account of attaining the age of 70 years. The petitioner also filed form-2/consent letter of Mr. Vivek Murlidhar Dabhade along with written submissions. Thus, the present Company Petition satisfies all the necessary requirement for admission. 9. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the same is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -1808(MB)/2020 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s Desimran Cartons Private Limited. b. This Bench hereby appoints Mr. Vivek Murlidhar Dabhade Insolvency Professional, Registration No: IBBI/IPA-001/IP-P00306/2017-2018/10570 as the Interim Resolution Professional to carry ou....