AI Drafter 
TaxTMI 
TaxTMI 
2020 (2) TMI 1653
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....r i.e. M/s. Emerald Mineral Exim Private Limited. 2. The application was filed by the applicant before Hon'ble High Court of Orissa numbered as COPET No. 55/2016. The same was transferred of this Adjudicating Authority and re-numbered as TP No. 182/CTB/2019. 3. The applicant submits that the applicant is a Bank duly constituted under banking company being governed by the provision of Banking Regulation Act, 1949. The Corporate Debtor is a Company incorporated under the Companies Act, 1956 having Registered Office at Mastan Road, PO- Buxi Bazar, Cuttack, Odisha-753001. Hence, this Adjudicating Authority has jurisdiction to entertain this application. 4. The Corporate Debtor approached the applicant for a loan to the tune of Rs. ....
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....ecured by equitable mortgage of the proposed construction. On execution of the sale deed and other documentation, the Corporate Debtor ought to complete the formalities of equitable mortgage in favour of the applicant. 6. The corporate debtor, along with builder Bengal Shrachi Housing Development limited executed a nomination agreement dated 31.03.2013, thereby conveyed the rights of the property to and in favour of one M/s. Jupiter Pharmaceuticals limited. The corporate debtor sold the securities of the loan of the applicant bank to third party, and has illegally enriched from the deal, since, the formalities of deposit of original title deeds for completion of the equitable mortgage were not completed. Hence, the secured loan of the ap....
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....e applicant had filed appeal before Hon'ble DRAT and same was dismissed for non-prosecution. 9. Aggrieved by this, the applicant has filed one revision appeal before Hon'ble High Court of Calcutta CO-1019/2018. The applicant had filed an application under Section 7 of Insolvency and Bankruptcy Code, 2016 against the M/s. Bengal Shrachi Housing Development Limited before NCLT, Kolkata Bench which was dismissed vide order dated 05.07.2018. Order of the NCLT, Kolkata Bench was annexed as Annexure-25. 10. The applicant states that the Corporate Debtor availed the loan and failed to repay the same. As on 31.10.2019 a sum of Rs. 3,08,86,374.50 (Three crore eight lakhs eighty six thousand three hundred seventy four rupees and fifty p....
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....porate Debtor, has conveyed the property, under nomination agreement along with the builder dated 31.03.2013 to and in favour of M/s. Jupiter Pharmaceuticals Limited, In other words, the Corporate Debtor having availed the loan for purchase of commercial property from the applicant bank without the knowledge of the bank, illegally has enter into an agreement, with the concurrence of the builders and has conveyed the property to Jupiter Pharmaceuticals Limited. As per the Nomination Agreement dated 31st March, 2013, the total sale consideration is sum of Rs. 2,26,77,250/- (Two Crore Twenty-Six Lakh Seventy-Seven Thousand Two Hundred and Fifty). Hence, the property which ought to have been created as an equitable mortgage for the loan availed....
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....on 7 of Insolvency and Bankruptcy Code, 2016. 13. The debts and the default are proved beyond reasonable doubt. Financial Creditor has suggested the Name of Mr. Pratim Bayal having registration No. IBBI/IPA-003/IP/-N00213/2018-19/12385 and E-mail id:- [email protected] residence at 18/1, Tarapukur Road, Ghoshpara, Panihati(m), North 24 Parganas, West Bengal. There is nothing on record to say that any disciplinary proceedings against the proposed Insolvency Resolution Process. This application is defect free. Hence, we ADMIT the application by following Order. ORDER i) The application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Pro....
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....of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. v) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi) The provisions of sub-Section (1) shall not apply to such transactions may be notified by the Central Government in consultation with any Financial Sector Regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the Corporate Insolvency Resolution Process. viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating ....