2021 (12) TMI 966

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....to as 'Code') read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for short hereinafter referred to as 'Rules') by UCO Bank, (Petitioner) for initiating Corporate Insolvency Resolution Process (CIRP) in the case of M/s S.R. Industries Limited (Corporate Debtor). There is an affidavit in support of the contents of the application which is from pages 28 to 30 of the application. The application has been filed in Form 1 as prescribed in Rule 4 of the Rules. 2. M/s S.R. Industries Limited (for short hereinafter referred to as the ('corporate debtor') is a company incorporated under the provisions of Companies Act, 1956 with authorized share capital of Rs.  36,50,00,000/- and paid up share cap....

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....t is stated to be 30.06.2017. 6. In Part V, the amount of the Corporate Debtor is secured by the way of hypothecation of stock of raw material goods in process, finish goods and of plant and machinery. The amount has also been secured by the mortgage of total land 03-64-43 Hect. situated at Mohal and Mauja Singhan @ Sukalan, Tehsil Haroli, District Una, HP. The value of hypothecation of stock is Rs. 3.44 crores as per the audited balance sheet for the financial year 2019-20. The value of plant and machinery is stated to be Rs. 2.02 crores as per valuation report dated 17.03.2021 and of land and building is valued at Rs. 7.70 crore as per valuation report dated 15.03.2021. The ROC certificate with regard to the creation of charge on the cor....

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....sanction letter dated 05.08.2009 and 25.08.2015 wherein the credit facilities were sanctioned to the corporate debtor on certain terms and conditions as imposed by the petitioner. The account of the corporate debtor was classified as NPA on 30.06.2017 and the Petitioner has issued a demand notice dated 24.09.2018 under Section 13(2) of SARFAESI Act, 2002 which is attached as Annexure A/11 of the petition. The copy of CIBIL and CICS report is attached as Annexure A/10 of the petition. The Petitioner has also approached Debt Recovery Tribunal for the recovery of Rs. 16,68,88,936.38 along with pendente lite and future interest and the same is pending for adjudication. The copy of the application filed in DRT-II is attached as Annexure A/9 of t....

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.... action is three years from the date of default. Thus, its period of limitation of three years expired on 01.04.2020. However, the present application is filed on 26.07.2021. It is pertinent to mention that in view of orders of Hon'ble Supreme Court in MA No. 665 Of 2021 In Smw(C) No. 3 Of 2020 In Re: Cognizance For Extension Of Limitation, the period from 15.03.2020 till 02.10.2021 shall stand excluded in the computation of period of limitation for any suit, appeal, application or proceeding. Even if the date of default is taken as 01.04.2017, and considering the orders of Hon'ble Supreme Court, the present petition falls within limitation. Moreover, the application filed in the prescribed Form No.1 is found to be complete. 14. In the giv....

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.... shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33 as the case may be." 15. The Law Research Associate of this Tribunal has checked the credentials of Mr. R.K. Jain and there is nothing adverse against him. In view of the above, we appoint Mr. R.K. Jain, Registration No. IBBI/IPA-001/IPP....