TaxTMI 
TaxTMI 
2021 (10) TMI 1352
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...., Advocate, Ms. Pubali Sinha Choudhury, Advocate, Mr. Shwetank Ginodia, Advocate, Ms. Mini Agarwal, Advocate, Ms. Saloni Thakkar, Advocate, ORDER Per: Rajasekhar V.K., Member (Judicial) 1. The Court convened via video conferencing. 2. This is an application filed by the Reserve Bank of India (Appropriate Regulator) under section 227 read with section 239(2(zk) of the Insolvency and Bankruptcy Code, 2016 (in short "IBC") for initiations of Corporate Insolvency Resolution Process (in short "CIRP") against Srei Infrastructure Finance Limited (in short "SIFL"), the Financial Service Provider. 3. The respondent/Financial Service Providers (in short "FSP") is a company registered under the Companies Act, 1956, having CIN: L29219WB1985PLC-05....
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....10/2018 - - the Working Capital Consortium Agreement dated 30/11/2018; - UCO Bank Account Classification Ledger Statement as of 05/10/2021; - Central Repository of Information on Large Credits (CRILC) Report as of 06/10/2021. These documents demonstrate that the account is in default with the status of "SMA-2", which means that the interest of principal has been overdue and remains unpaid for a period in excess of 60 days calculated in accordance with the RBI Master Circular on Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to advances. E-mail communication evidencing classification of SIFL as a Red Flag Account by UCO Bank. The Certificate under the Bankers' Book Evidence Act, 1891 is also a....
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....h specifies that an application under sub-clause (i) shall be dealt with in the same manner as an application by a financial creditor under section 7. 10. Therefore, the first requisite to be seen is whether present petition satisfies the ingredients of section 7 of the Code. For this the existence of debt and default are required to be proved to the satisfaction of the Adjudicating Authority. At page 22 against Sl. No. 2 it has been claimed that the date of default of interest payment in respect of the working capital facility is 01/11/2020 and in respect of principal sum it is 13/02/2021. The amount stated to be in default in respect of the principal sum is Rs.150 crores and Rs.15.56 crore towards interest. Therefore, the total amount in....
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....strator whether he was willing to give his consent to act the Administrator unconditionally. Mr Rajneesh Sharma confirmed that he would do so. He is, therefore, hereby directed to file a fresh Form 2 with his unconditional consent to act as Administrator. 15. The Petition made by the Reserve Bank of India is complete in all respects as required by law. It clearly shows that the Respondent/FSP is in default of a debt due and payable, and the default is more than the minimum amount as stipulated under section 4(1) of the Code. Therefore, the default stands established and there is no reason to deny the admission of the Petition. Therefore, this Adjudicating Authority hereby admits this Petition and orders as follows: a. The Petition bearin....