AI Drafter 
TaxTMI 
TaxTMI 
2017 (11) TMI 2058
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....ated on 19.09.2002 and its identification 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 d....
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....rred are mentioned as below: - i, Rs. 1,85,37,13,958/- (Rupees One Hundred Eighty-Five Crores Thirty-Seven Lakh Thirteen Thousand Nine Hundred Fifty-Eight Only) as 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 ....
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....admeasuring 600 Sq. ft. Besides the aforementioned assets the loans are inter-alia secured by, Personal Guarantee from: 1. Shri Deepak Puri 2. Mrs. Neeta Puri Corporate Guarantee from: 1. Moser Baer Infrastructure & Developers Limited 43B, Okhla Industrial Estate New Delhi-110020. 6. As per Part-V of the application the total estimated value of the security held by all the lenders of the Company as per estimate made by AARC is Rs. 271.85 Crores. 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 ....
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....016 issued by CDR Cell informing the lenders that the account of the corporate debtor stands exited from CDR system on account of failure of approved restructuring package is enclosed as Annexure 50. v. Copy of the Recall Notice dated 04.04.2017 issued by AARC to MBIL and its guarantors for recall of the loan facility is enclosed as Annexure 60. vi. Copy of the Notice dated 13.09.2017 issued by Alchemist Asset Reconstruction Company Limited (AARC) to MBIL & its guarantors under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security 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 I....
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....be made by the Interim Resolution Professional immediately (3 days as prescribed by Regulations) with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d). Thus, the following prohibitions are imposed: "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of oy the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the securitization end Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corpo....