TaxTMI 
TaxTMI 
2022 (9) TMI 629
X X X X Extracts X X X X
X X X X Extracts X X X X
....olution Process in respect of Dynametic Overseas Private Limited, (hereinafter referred to as the Corporate Debtor). Submissions of learned Counsel for the Financial Creditor 3. It is submitted that Part -I of this petition contains particulars of the Financial Creditor. Part-II contains particulars of the Corporate Debtor and Part-III contains details of the Interim Resolution Professional proposed to be appointed in this matter. Part IV- contains details of the debt to the tune of Rs.1,48,36,62,808.65 (Rupees One Hundred Forty Eight Crore Thirty Six Lakh Sixty Two Thousand Eight Hundred and Eight Paise Six Five) along with interest @ 16.75% per annum and the date of default is stated to be occurred on 28/12/2020. 4. The Corporate Debtor availed the loan facility from time to time the amount of loan was reconstructed and disbursed to the Corporate Debtor. The details of loan facility granted by the applicant bank and availed by the Corporate Debtor mentioned in tabular form from page 33 to 34 of the C.P. 5. Part- V of the petition shows details particulars of the financial debt (documents, records and evidence of default). These documents find place in Annexure '3-Y', ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tter dated 24.04.2008, Omnibus Counter Guarantee dated 24.04.2008; annexed and marked as Annexures '2-M' to '2-Q' respectively; i. Copy of the Balance Confirmation Letter dated 15.05.2008; marked and annexed as Annexure '2-R'; j. Copy of revival letter dated 30.08.2010; annexed and marked as Annexure '2-U'; k. Copies of supplemental agreement of Loan, supplemental agreement of hypothecation of goods and assets, supplemental agreement of pledge of goods and assets, letters dated 28.12.2010; annexed and marked as Annexures '2-W' to '3-A' respectively; l. Copies of letter dated 27.03.2012, Omnibus Counter Guarantee and Agreement cum Indemnity; annexed and marked as Annexures '3-D' to '3-F' respectively; m. Copies of supplemental agreement of Loan, supplemental agreement of hypothecation of goods and assets, supplemental agreement of pledge of goods and assets, Omnibus Counter Guarantee, Agreement cum Indemnity, letters dated 12.02.2013; annexed and marked as Annexures '3-L' to '3-T' respectively; n. Notice under section 139(2) of the SARFAESI Act, 2002, annexed and marked as Annexure '3-U'; o. Demand Notice dated 08.12.2014; annexe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ven at page 35 of the application under Section 7 of IBC. It is stated in the rejoinder apart from the express admission of default in the balance sheets for the financial year ending on 31.03.2018 and 31.03.2019 which are annexed as Report annexed as Annexure- '3-W', the Corporate Debtor has also admitted its default in CIBIL Report annexed as Annexure- "3-Z" in the Company Petition, dated 10th June, 2019. 14. It is further submitted that Mr. Sourav Kumar Sharma, the Assistant General Manager of the Financial Creditor is well authorized to file the application under section 7 and competent to execute affidavits, applications related to the instant matter in terms of authority letter at page 40 of petition. 15. It is also stated in this affidavit that the claim of the Financial Creditor is genuine and authentic and is backed by proper documentary evidence and is well within the Limitation Act. There is no embargo for filing the petition under section 7 of the Code and pendency of the suit filed by the Corporate Debtor is no bar for filing the instant application. The suit does not diminish the default on the part of the Corporate Debtor, for which the Financial Creditor has f....
X X X X Extracts X X X X
X X X X Extracts X X X X
....er of the rank of a Scale V Officer of the State Bank of India. 22. On 16th June, 2017, the Chairman of State Bank of India in exercise of powers under Section 27 of the State Bank of India Act, 1955 has authorized all officers on whom signing powers has been conferred to sign applications, reply affidavit, rejoinder and generally all pleadings and file applications for initiation of CIRP before the National Company Law Tribunal under the IBC, 2016. 23. In terms of the Gazette Notification of the Government of India published on 2nd May 1987 all officers of State Bank of India of a grade of SMGC-IV and above are empowered to sign all documents, accounts, receipts, letters etc. In the circumstances, the CP has been affirmed by an authorized and competent officer of the State Bank of India. 24. While considering the main plea of debt and default, it is found on the basis of record that the Corporate Debtor has in clear terms acknowledged its debt in its balance sheets from the year ending 31st March, 2018 and 31st March, 2019 which are at page 531, 532 and 613 of the petition under section 7 of the Code. For the proposition that the acknowledgement of debt as well as the def....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d by the Financial Creditor as mentioned above. 28. From the record in the shape of various documents placed in record with the instant petition, it is established that there is a debt due on the part of the Corporate Debtor and also there is a default on the part of the Corporate Debtor to repay debt to the Petitioner bank. The documents/ record placed on record along with this petition is sufficient evidence to establish the debt and the default by the Corporate Debtor in contrary to the contention of the Corporate Debtor that the Financial Creditor has failed to disclose the total amount of debt granted to the Corporate Debtor. 29. The Corporate Debtor for One Time Settlement. This in itself is an admission of having availed the loan facilities from the applicant Bank and also the default to repay the same. 30. Apart from the above, the Corporate Debtor has contended that the Financial Creditor has failed to procvide a record of default with the Information Utility. The Financial Creditor has placed various documents on record which reflect that the Corporate Debtor has defaulted in payment of the debt and has also acknowledged the debt. 31. In view of the above fact....