TaxTMI 
TaxTMI 
2022 (8) TMI 996
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....to be paid to the Applicant. The date of NPA as per the applicant is 29.10.2012. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: * That the corporate debtor is a company incorporated under the Companies Act, 1956. The current CIN no of corporate debtor is U74899DL1980PTC010175 and it is having its. registered office at G-54, Ground Floor, Vardhman Fortune Mall, G.T. Karnal Road, Near Gujranwala Town, Delhi North Delhi-110033 * That, on 22.11.2007, Credit facility/Term Loan of Rs. 22.50 Crores was sanctioned by Financial Creditor to Corporate Debtor for the purpose of construction of commercial mall at 13/6, Mathura Road, NH-2, Faridabad. * Loaning and Security Documents executed by Corporate Debtor and Guarantors on 14.12.2007, in accordance with the terms and conditions of the Letter of Sanction dated 22.11.2007 * That, on 14.05.2008, Inter Se Agreement executed between Bank of Baroda/Financial Creditor and Oriental Bank of Commerce with respect to the Pari Passu Charge held in the securities created by the Corporate Debtor for the credit facilities availed from the said banks. ....
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....ntal Bank of Commerce. The same was done prior to constitution of CoC. * That the OTS proposal dated 29.06.2019 was accepted and sanctioned by the Financial Creditor vide Letter of Sanction dated 24.07.2019, however, the OTS sanction dated 23.07.2019 was recalled on account of the failure of the Corporate Debtor to accept the terms and conditions thereof. * That, the corporate debtor has committed default in the discharge of its financial debts and to the financial creditor and is liable to be subjected to the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. * That, the financial creditor has nominated Sh. Vikram Bajaj to. be the Interim Resolution Professional for adjudicating the CIR Process. Written Consent of Sh. Vikram Bajaj has also been placed on record. * The present application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was filed by the Financial Creditor vide Diary No. 0710102020482020. * That based on the facts stated above, the applicant prayed to initiate CIRP against the Corporate Debtor. 2. Consequent to the notice issued by this Tribunal, the Respondent filed its ....
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....eply, has not disputed the fact that there was an agreement between the applicant and the Corporate Debtor and has reiterated the same in the reply filed by the Corporate Debtor in para 4 of the Reply. The Corporate Debtor has raised one substantive objection which needs to be adjudicated by this Tribunal which is whether the present application is barred by limitation or not. 6. The applicant, has placed on record the balance sheet of financial year ending 31.03.2017, 31.03.2018 and 31.03.2019 which reflects the entries of the loans made to the Corporate Debtor by the applicant. Further, it is well settled principle that the entries made in the Balance sheet amounts to acknowledgement of debt as per section 18 of Limitation Act, 1963. We are supported by the judgment of Hon'ble Supreme Court in Dena Bank (Now Bank of Baroda) Vs. C. Shivakumar Reddy & Anr. the Hon'ble Supreme Court has made the following observation in para 118 which reproduced as under:- "It is well settled that entries in books of accounts and/or balance sheets of a Corporate Debtor would amount to an acknowledgment under Section 18 of the Limitation Act. In Asset Reconstruction Company (India....
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....uirement of the IBBI Regulations. The applicant has also placed on record the Certificate of Registration of the Insolvency Professional dated 27.07.2017 and he has valid AFA valid till 14.11.2022. Accordingly, it is seen that the requirement of Section 7(3)(b) of the Code has been satisfied. 11. It is thus seen that the requirement of sub-section 5(a) of Section 7 of the code stands satisfied as default has occurred, the present application filed under Section 7 is complete, and as no disciplinary proceeding against the proposed IRP is pending. 12. We are satisfied that the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. 13. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is admitted. 14. Mr. Vikram Bajaj, having registration number IBBI/IPA-002/IPN00003/2016-17/10003) having email id [email protected]. is appointed as the Interim Resolution Professional. 15. In pursuance of Section 13(2) of the Code, we direct that public annou....