2022 (5) TMI 991

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....IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by the Petitioner/Financial Creditor Punjab National Bank. 2. The Applicant has submitted that M/s. Bansal Diamonds Private Limited, the Respondent/Corporate Debtor (CD) is indebted to the Financial Creditor, for a sum of Rs. 96,59,24,446 (Rupees Ninety Six Crores Fifty Nine Lakh Twenty Four Thousand Four Hundred Forty Six only) as on 15.03.2020, based on the total amount of debt including interest in relation to the loan sanction letter dated 29.04.2013 (Annexure-P7, pages 91-99) and Working Capital Consortium Agreement dated 30.08.2013 (Annexure-P8, pages 100-134). 3. The Corporate Debtor is a company engaged in the ....

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....e Debtor will alienate/dispose of its assets including secured assets. 7. The applicant has further submitted that the application is within the period of limitation as there is a continuing cause of action and the Corporate Debtor has acknowledged its debt towards the Financial Creditor in its balance sheet for the financial year 2018-19 (Annexure P-22 at Page 195-287), which has the effect of extending the period of limitation under Section 18 of the Limitation Act, 1963. 8. During the course of hearing, it was submitted by Ld. Counsel for applicant that entries in books of account and/or balance sheets of the Corporate Debtor would amount to an acknowledgement of debt under Section 18 of the Limitation Act in the light of the Judgm....

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....od of limitation of 3 years. Further, in its reply dated 28.11.2020 and written submission dated 11.01.2021, it is stated that Part-IV of the application does not give amount of debt granted and date of the disbursement of credit facilities. The bank has failed to give details of disbursement, hence cannot justify computation of interest in Part-V "Particulars of Financial Debt (document/records and evidence of default)". 10. It is also submitted that the bank has failed to attach copy of certificate of registration of charge issued by ROC and also in Part - V, the Financial Creditor fail to furnish particulars of orders of Court/Tribunal adjudicating of default. The Bank has mentioned not applicable (NA) whereas the bank has filed OA be....

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.... by him in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record. There is a declaration made by him that no disciplinary proceedings are pending against him in the Insolvency and Bankruptcy Board of India or ICSI. In addition, further necessary disclosures have been made by Mr. Reetesh Kumar Agarwal as per the requirement of the IBBI Regulations. Accordingly, he satisfies the requirement of Section 7(3)(b) of the Code. Hence, we appoint Mr. Reetesh Kumar Agarwal as the IRP of the Corporate Debtor. 16. In pursuance of Section 13(2) of the Code, we direct the IRP to make public announcement immediately with regard to admission of this Petition under Section 7....