AI Drafter 
TaxTMI 
TaxTMI 
2020 (12) TMI 1252
X X X X Extracts X X X X
X X X X Extracts X X X X
....tion 7 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the IB Code"] read with Rule 4 of the insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016 (hereinafter referred to as "the Rules") for initiating corporate insolvency resolution process [hereinafter referred to as "CIRP") against M/s. Raghukul Cottex & Processing Pvt. Ltd., the Respondent company, the Corporate Debtor. 2. M/s. Raghukul Cottex & Processing Pvt. Ltd., the Corporate Debtor, a company incorporated under the provisions of the Companies Act, 1956 having its Registered Office at R.S. No. 318/1, Nr. Dhuadhar Khodiyar Temple, Jasdan-Ahemdabad Highway, Lilapur, Jasdan, Gujarat. The Company is engaged in the business activity of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ement of Accounts of the Corporate Debtor maintained by Applicant Bank along with Certificate issued under Banker's Book Evidence Act,1891 • Copy of Hypothecation cum Loan Agreement dated 31.03.2014 by the Corporate Debtor in favor of Applicant Bank • Copy of Memorandum of Entry dated 22.05.2014 executed by & between the Corporate Debtor and it's Mortgagors & Guarantors with Applicant Bank • Copy of Deed of Guarantee executed on 31.032014 by the Guarantors of the Corporate Debtor in favor of Applicant Bank • Copy of ROC search report dated 08.01.2019 issued by Company Secretary in respect of Corporate Debtor • Copies of Valuation Reports of Movable & Immovable Properties ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n the present insolvency application. 10. The Respondent Company has also stated that the aforesaid Insolvency Application is not filed within the period of limitation and claimed that the present insolvency application is barred by limitation. 11. The Petitioner filed an affidavit on 10.01.2020 enclosing Statement of Accounts of Corporate Debtor. Further, an Additional Affidavit is filed by the Petitioner on 05.10.2020 with a Copy of Acknowledgement of Debt dated 20/11/2018 _ signed by the two directors of the Corporate Debtor / Respondent. 12. Heard the Learned Counsels for both sides. 13. The counsel for the Respondent submitted that the said application is not filed by the authorized person competent to file the same. It is ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ndian Overseas Bank, the application filed under section 7 of IB Code filed on 06.06.2019 is within time. 17. In an affidavit filed on 08.10.2020 the respondent -Corporate Debtor has submitted that the additional affidavit filed by the petitioner should not be taken on record at such belated stage and stated the acknowledgment letter signed by Mr Kamlesh G. Pansuriya is forged and it was never signed by Mr. Kamlesh G. Pansuriya. The petitioner also enclosed a copy of the complaint sent to the police sub-Inspector by Post along with the Affidavit. However, it is noticed that the acknowledgment of the debt is signed by two directors and not one and on the face of it, the signature matches with that of the two directors who have signed....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l or other Authority. (ii) Transferring, encumbering, alienating, or disposing of by the Corporate Debtor, 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 Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(54 of 2002); (iv) the recovery of any property by an owner as lessor where such property is occupied by or in the possession of the Corporate Debtor. (2) The supply of goods and essential services to the Corporate Debtor as may be specified shall not be terminated or suspend....