TaxTMI 
TaxTMI 
2022 (3) TMI 1171
X X X X Extracts X X X X
X X X X Extracts X X X X
....Act, 1970 having its Registered Head Office at Office No. 254-260, Avvai Shanmugam Salai, Royapettah, Chennai-600014 and carrying on its Banking business through diverse branches and in particular a branch named, Indian Bank, SRCB Road, Fancy Bazar, Guwahati, Assam, Assam and is represented by its Chief Manager, Mrs. Vandana Singh. TAN of Indian Bank is IDIB000S504. 3. The Corporate Debtor namely Guwahati Construction Private Limited was incorporated on 21st Day of April, 2008 under the provisions of the Companies Act, 1956 vide CIN: U45201AS2008PTC008661 having its Registered Office at Suren Paradies, Opposite Hanuman Mandir, G.S Road, Lachit Nagar, Guwahati, Assam- 781007. 4. It is submitted by the Petitioner that: 4.1 The Total defaulted amount in the Term Loan account including uncharged interest calculated up to 23.06.2021 stands at Rs. 3,41,41,590.00 (Rupees Three Crores Forty-One Lakhs Forty-One Thousand Five Hundred Ninety Only) as on 23.06.2021. 4.2 The loan account became Non-Performing Asset (NPA) on 27.12.2018 and is still continuing as NPA account. The statements of account along with Memorandum of Interest and Loan Instalments Report and Certificate in acc....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he new demarcation stands as Dag No. 2017 of K.P Patta No. 199 of Village Gotanagar Mouza Jalukbari in the district of Kamrup(M) Assam in the name of Isha Biswas. 6.4 A residential Flat with super buildup area 1175 Sq. ft. being Flat No. 2A, situated at 2nd Floor under the name and style of SWARNALI APARTMENT. Along with proportionate share of 0.54 Acres situated over a plot of land measuring 1 Bigha 5 Lechas covered by Dag No. 996/1973 of K.P. Patta No. 1355 situated at revenue village Sahar Ulubari Part-II, under mouza Ulubari in the district of Kamrup (M), Assam. 6.5 The M/s. Guwahati Construction Pvt. Ltd. (Borrower) had also registered the charge over the secured properties (hypothecation and mortgaged properties) with the Registrar of Companies and relevant documents have been filed. The directors of M/s. Guwahati Construction Private Limited i.e. Shri Ashil Kumar Mandal and Smt. Rita Mandal along with one Ms. Isha Biswas stood as guarantor of the credit facility sanctioned to the borrower i.e. M/s. Guwahati Construction Pvt. Ltd. 7. Further, it is mentioned that since M/s. Guwahati Construction Pvt. Ltd (Borrower) failed to comply with the terms and conditions of th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....per valuation, the title documents have been annexed herewith and marked as ANNEXURE No. I-XXVI. d. Equitable mortgage of a plot of land measuring 3 Kathas adjacent to the project land held under irrevocable Power of Attorney by the company in the name of Isha Biswas covered by Dag No. 175 and Patta No. 218. The title documents have been annexed herewith and marked as ANNEXURE No. I-XXI. 9.2 Particulars of an order of Court, Tribunal or Arbitral Panel Adjudicating on the Default: e. The Financial Creditor as Applicant had filed an Original Application bearing O.A. No. 209 of 2019 before the Learned Debts Recovery Tribunal at Guwahati against the M/s. Guwahati Construction Private Limited / Corporate Debtor and personal Guarantors as Defendants for recovery of Rs. 4,97,21,710.00 (Rupees Four Crores Ninety-Seven Lakhs Twenty-One Thousand Seven Hundred Ten) and the said application is pending for disposal. 9.3 Record of Default as Available with any Credit Information Company: Credit Information reports as generated from Trans Union CIBIL (Annexure No. XXXXVI). 9.4 Entries in a Bankers Book in accordance with the Bankers Book Evidence Act, 1891 (Annexure No.....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... v. Trace Map. (ANNEXURE I-XXIX) w. Deed of Sale No. 5123/08 dated 01.04.2008 (ANNEXURE I-XXX) x. Certificate dated 08.06.2007 issued by M/s Swarnali Construction (ANNEXURE I-XXXI) y. Letter dated 22.01.2015 executed by Sri Ashim Kumar Mandal confirming deposit of title documents of his property. (ANNEXURE IXXXII) z. Recital of Mortgage (ANNEXURE I-XXXIII) aa. Deed of Indemnity executed by representative of Corporate Debtor dated 17.01.2015 (ANNEXURE I-XXXIV) bb. Deed of Indemnity executed by representative of Corporate Debtor dated 13.07.2015 (ANNEXURE I-XXXV) cc. Deed of Indemnity executed by representative of Corporate Debtor dated 13.07.2015 by Ashim Kumar Mandal in favor of financial creditor (ANNEXURE I-XXXVI) dd. Deed of Indemnity executed by representative of Corporate Debtor dated 13.07.2015 by Smti. Rita Mandal in favor of financial creditor (ANNEXURE I-XXXVII) ee. Valuation Report (Series) (ANNEXURE I-XXXVIII) ff. Letter from corporate debtor requesting financial creditor for allowing repayment period of 42 months for the project loan of Rs. 400 lacs for their Tagore Apartment ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....or; 13.2 Existence of debt is above One Crore; 13.3 Debt is due, payable and defaulted; Credit Information reports as generated from Trans Union CIBIL has been filed. (Annexure No. XXXXVI). 13.4 Application has been filed within the limitation period, as the date of default is 27.12.2018, when the Application under Section 7 of the IBC has been filed by the FC i.e. Indian Bank on 23.09.2021; Debt Liability has been acknowledged on 22.03.2016, 24.01.2017 and 04.12.2018 13.5 Copy of the Application filed before this Bench has been sent to the Corporate Debtor, though returned but the notice was published in two News Papers for the appearance of the Respondent and the application filed by the Applicant Bank under Section 7 of the IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor; Hence, the present IB Petition is admitted with the following directions/observations. The date of admission of this petition is 24/03/2022. 14. As per the provisions of Section 13 and 14 of the IB Code on the date of commencement of insolvency, this Adjudicating Authority declares moratorium with effect from ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....orm the duties as specified under Section 17, 18, 20 and 21 of IB Code. The IRP shall perform all his functions contemplated, inter-alia, in Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost 29 dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other persons associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the IRP as may be required by him in managing the day-today affairs of the Corporate Debtor. In case there is any violation, the IRP would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The IRP shall be under duty to protect and preserve the value of the property of the Corporate Debtor as a part of its obligations imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 17. It is also observed that the Applicant Bank has claimed an ag....