TaxTMI 
TaxTMI 
2022 (5) TMI 920
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....rveyors, Designers, Consultants, Advisors etc., and in the course of their business, the Corporate Debtor had availed loan facilities from the Financial Creditor since 1990 and the facilities were renewed from time to time. b) That the Corporate Debtor approached the Financial Creditor on 24.05.2005 for renewal of the following facilities- Facility For Amount (Rs. In Lakhs) OSL (Short term) Loan Facility 400 SODH Loan Facility 595 Bank Guarantee 4000 c) The loan was sanctioned against hypothecation of Plant and Machinery, Raw Materials, Work-in-Progress, finished goods, book debts and other current assets including stores and spares and equitable mortgage of UREM of properties and various personal guarantees. d) That the Corporate Debtor did not repay the dues in terms of the agreement, and committed default in discharge of the debt due under the loan facilities and hence, owing to such irregularities, the accounts of the Corporate were classified as non-performing asset (NPA) since 11.06.2006. e) That even after repeated requests and demands by the Financial Creditor and issuance of notice in this regard, there was no res....
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....rores disbursement as stated on Part IV of the Application is false and created to increase the amounts in the balance sheet. b) That the Sanction letter dated 21.06.2005/19.07.2005 is Renewal of original sanction and as per the terms of the said sanction. The value of the properties as on the date of sanction is approximately Rs. 14 crores and book value of the Machinery is Rs. 25 Crores. The Mortgaged properties were sold away by mutual consent and the sale proceeds have been credited to Defendant No. 1 Company and the same are reflected in the statement of account. But as per the Statement of accounts filed by the Financial Creditor, no such credits are reflected, except an amount of approximately Rs. 1 crore. It is therefore clearly evident that the claim of the Financial Creditor Bank basing on the Statement of Account is false and invented, for the purpose of making a false claim. c) That the Financial Creditor failed to file any document to show that there is a subsisting debt. d) That the Corporate Debtor never made any false statements and is genuinely perusing the legal remedies and paid the Bank. In the year 2006, after the account was declared....
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....itor. 4. Counsel for the Applicant filed Rejoinder to the reply filed by the Respondent inter-alia, denying the allegations made in the reply and has further prayed to admit the instant Application. 5. Heard and perused the record. 6. It is the case of the Financial Creditor that it has provided various loan facilities to the Corporate Debtor from time to time and that as on date an amount of Rs. 239,51,53,055.83/- is in default. The only contention of the Corporate Debtor is that the Application herein has not accounted for the amounts received by way of sale of various assets of the Corporate Debtor and therefore the Application lacks merit. In relation to the said contention, it is settled position of Law that an Applicant under Section 7 of IB Code, 2016 cannot be rejected by the Adjudicating Authority on the ground of existence of dispute about the quantum of claim. It is for the Resolution Professional so appointed to decide the quantum of claim and not this Adjudicating Authority. No doubt, this Authority must look into the amount of the undisputed claim to find out whether after the adjustment of disputed amount, the claim amount shall become lower than the thresho....
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....Authority orders the commencement of the Corporate Insolvency Resolution Process (CIRP) which shall ordinarily be completed within the timelines stipulated in the IB Code, 2016 (as amended), reckoning from the day of this order is passed. 10. The Financial Creditor proposed the name of Mr. Kalavakolanu Murali Krishna Prasad Interim Resolution Professional and he has given here written consent in Form 2. Accordingly, this Tribunal appoints Kalavakolanu Murali Krishna Prasad, having Registration No. IBBI/IPA-001/IP-P00967/2017-2018/11588 e-mail id: [email protected] as Interim Resolution Professional. He is directed to file Authorization for Assignment within three days from the date of this order. 11. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under section 15 of the IB Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 12. We direct the Financial Creditor/Petitioner to pay a sum of Rs. 2,00,000/- towards the advance fee of IRP and expenses towards CIRP, which sh....