TaxTMI 
TaxTMI 
2022 (2) TMI 462
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.... Act, 1956 with CIN No. L24139HR1988PLC030300 having its registered office at Railway Road, Siwani, Haryana HR 127046 IN which falls within the territorial jurisdiction of this Adjudicating Authority. 2. The Authorized Share Capital of the Respondent Company is Rs. 2,87,500,000/- and Paid-Up Share Capital of the Company is Rs. 2,04,439,600/- as per the Company Master Data attached as Annexure 1 of the Petition. 3. The facts of the case, as briefly stated in the petition, is that the corporate debtor has requested the petitioner to avail/enhance the credit facilities. In pursuance of the same, the following documents are executed between the Corporate Debtor and Petitioner:- a) Form 8 for creation of charge vide charge ID 10318886 dated 09.11.2011-Annexure 4. b) Form 8 for creation of charge vide charge ID 10379510 dated 12.09.2012-Annexure 5. c) Form 8 for modifications dated 25.09.2012 of charge created under charge ID 10379510 dated 12.09.2012- Annexure 6. d) Form 8 for further modifications dated 05.08.2013 of charge created under charge ID 10379510 dated 12.09.2012 to record the increase in the limit of existing facilities from Rs. 105 ....
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.... Working Capital Consortium Agreement dated 12.09.2012-Annexure 19. q) Copy of Letter of undertaking for creating a Pari-passu charge on Fixed Assets to the PNB dated 12.09.2012-Annexure 20. r) Copy of Deed of Guarantee dated 12.09.2012 executed by Mr. B.D. Agarwal, Mrs. Bimla Devi and Mr. Megh Raj Jindal in favour of the Consortium-Annexure 21. s) Copy of Continuing Oral Assent in respect of Extension of Equitable Mortgage of Immovable Property was given by the Financial Creditor-Annexure 22. t) Copy of sanctioned letter dated 12.02.2013 issued by the Financial Creditor to the Corporate Debtor for the exposure of Rs. 100 Crores-Annexure 23. u) Copy of resolution passed in board meeting dated 04.08.2013 of the Corporate Debtor accepting the sanction letter dated 27.07.2013 issued by the PNB lead Bank-Annexure 24. v) Copy of Joint Deed of Hypothecation dated 05.08.2013 executed by the Corporate Debtor in favour of the consortium Annexure 25. w) Copy of Working Capital Consortium Agreement dated 05.08.2013-Annexure 26. x) Copy of letter of undertaking & declaration dated 05.08.2013-Annexure 27. y) Copy o....
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....tstanding level along with 10% amount of the outstanding balance as on date (to keep in no lien accounts) to enable to initiate the process of Compromise-Annexure 40. ll) Copy of Letter dated 04.04.2019 issued by the Financial Creditor to the Corporate Debtor asking it to clear the dues of Rs. 49,71,20,262/- Annexure 41. 4. In Part-III of Form No. 1, Mr. Darshan Singh Anand, Registration No. IBBI/IPA-002/IP-N00326/2017-18/10931 has been proposed as Interim Resolution Professional (IRP). Form No. 2 stating that there are no disciplinary proceedings against the proposed Resolution Professional is at page no. 825-827A of the Petition. It is also stated that the interim Resolution Professional is currently serving in two other proceedings. 5. It is stated in Part-IV of Form No. 1 that the total amount of default is Rs. 90,09,15,442.30/- as on 16.05.2019. The Petitioner has stated that vide its letter dated 04.04.2019 given the final notice to, and ask the corporate debtor to clear the dues of Rs. 49,71,20,262/- plus uncharged interest/penal interest and other expenses including legal expenses by 12.04.2019. In addition to the above, the petitioner has submitted that the ....
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....debtor and therefore, could not make the payment to its creditors including the petitioner. 10. We have heard the learned counsel for the petitioner and have also perused the record carefully. Section 7(5)(a) of the Code is as follows:- "5) Where the Adjudicating Authority is satisfied that-- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application." 11. In the present case, the occurrence of default of debt is evidenced by the copy of the agreement of term loan, General Power of Attorney, letter of undertaking cum declaration, common deed of hypothecation and sanction letter dated 24.10.2011. The corporate debtor has defaulted in making the regular payments of the credit facilities sanctioned by the petitioner and a demand notice under Section 13(2) of the Sarfaesi Act, 2002 recalling debt. 12. The other issue for consideration is whether the present application is filed within limitation. The corporate debtor has acknowledged the debt by offering one-time settlement vide its letter dated 20.0....