TaxTMI 
TaxTMI 
2017 (11) TMI 2058
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....number is U74999DL2002PLC117052 and has its registered office at D-54, First Floor, Defence Colony, New Delhi-110024 2. Mr. Manish Nihalani, Assistant Vice-President has been authorised by the Board of Directors of AARC vide Resolution passed in the Board Meeting held on 30.12.2016 inter-alia to file the requisite application before the Hon'ble Tribunal. Copy of Board of Directors' Resolution dated 30.12.2016 is attached as Annexure 1. 3. The Corporate Debtor- M/s Moser Baer India Ltd. (MBIL) was incorporated on 21.03.1983. The identification number of the Corporate Debtor is L51909DL1983PLC015418 and its registered office is situated at 43-B, Okhla Industrial Estate, New Delhi- 110020. Its nominal share capital of equity shares is Rs. 1250.00 Crores (1,25,00,00,000 shares of Rs. 10 each) and paid-up share capital is Rs. 221.77 Crores (22,17,65,983 shares of Rs. 10 each). 4. In the application, the Financial Creditor has given the details of financial debt granted to the 'Corporate Debtor' with the dates of disbursement. A perusal of part IV of the application has highlighted the following particulars of financial debt: "PARTICULARS OF FINANCIAL DEBT 1. TOTAL ....
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....s on 10.09.2017 along with future interest at contractual rate. ii. Account of the Company acquired by AARC became NPA with effect from 26.11.2014 and that the said date may be considered as date of default. From the said date, total number of days of default as on 10.09.2017 are 1020. iii. After the account of the company became NPA, AARC issued recall notice dated 04.04.2017 to the Corporate Debtor giving it time of 15 days for making payment of the dues, however, again Corporate Debtor defaulted in making payment of the dues demanded. iv. Working by AARC for computation of amount outstanding. as on 10.09.2017 along with the account statements is enclosed as Annexure 3. The computation of claim as on 10th September 2017, and computation of days of default is given below: - Computation of Claim as on September 10, 2017 Moser Baer India Limited S. No. Account Account No. Amount 1 Term Loan 62271047709 85,85,90,910.19 2 Cash Credit 62132691020 90,32,65,284.45 3 WCTL 62271050802 6,75,59,395.23 4 FITL-I 52270986524 2,23,91,383.44 5 FITL-II 62271012925 19,06,984.89 Total 1,85,37,13,958.21 Total no of Days of Default from declarati....
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....es. Copies of Certificates of Registration of Mortgage and of Modification of Mortgages issued by Registrar of Companies, New Delhi have also been enclosed with the Application as Annexure 5 (Colly). The financial creditor Applicant has also placed the copies of the financial contracts with respect to the facilities given by the consortium lenders including State Bank of Hyderabad (now merged with State Bank of India), now held by AARC are as Annexure 6 to 54 with the Application as Proof of Existence of Debt. 7. The 'financial creditor' has placed on record an overwhelming amount of evidence to prove the amount advanced to the Corporate Debtor. 8. Copies of entries in a Banker's Book in accordance with the Bankers Books Evidence Act, 1891 (18 of 1891) have also been filed. The entries in books of accounts of State Bank of Hyderabad (now merged with State Bank of India) are as follows: (a) Term Loan (TL) (A/c No. 62108454191) - 25.09.2009 to 16.02.2013 (b) Restructured Term Loan (TL) (A/c No. 62271047709) - 16.02.2013 to 30.03.2016 (c) Working Capital (WC) (A/c No.- 62132691020) - 01.06.2010 to 30.03.2016 (a) Working Capital Term Loan (WCTL) (A/c No. 62271050....
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....curity Interest (SARFAESI) Act, 2002 along with the corrigendum dated 14.09.2017 is enclosed as Annexure 61. vii. Audited Balance Sheet of MBIL as on 31.03.2017 downloaded from the website of the Corporate Debtor is enclosed as Annexure 62. On page 103 of the said balance sheet (on Page No. 1180 of the application), in Note No. 45, there is an admission by the Corporate Debtor of the existence of default to its lenders. viii. The Company was registered with Hon'ble BIFR vide Registration No. 49/2014 on 16.09.2014. However, subsequently on notification of provisions of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 with effect from 01.12.2016, the reference of the Company with Hon'ble BIFR got abated. Copy of the last order of the Hon'ble BIFR dated 17.02.2015 is enclosed as Annexure 63. ix. Proof of Service to Corporate Debtor is enclosed as Annexure 64. 10. The Learned Counsel for the Corporate Debtor accepted the notice of the application on 28.09.2017 and stated before us at the hearing that filing of reply would not be necessary. Thus, it is apparent that the Corporate Debtor does not oppose the application of the Financial Creditor filed u/s....