TaxTMI 
TaxTMI 
2019 (3) TMI 2099
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....nst Rabirun Vinimay Private Ltd. - the Corporate Debtor to start Corporate Insolvency Resolution Process (in short, "CIRP") of the Corporate Debtor, as the Corporate Debtor committed default in paying the financial debt of Rs. 368.45 crores towards loan outstanding and interest accrued thereon. 2. It is stated by letter dated 04.01.2011 the Financial Creditor granted and disbursed term loan of Rs. 150 crores to the Corporate Debtor. The Corporate Debtor failed to repay the loan as agreed. It is seen from the record that the corporate debtor has taken the loan from various banks other than the UCO bank. The details are as follows: i) UCO Bank - 150 crores, ii) Indian Overseas Bank - 100 crores, iii) Jammu & Kashmir....
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.... issued by the Information Utility has not been produced. 4. CA(IB) No.234/KB/2019 is filed by the applicant bank for early hearing of the main petition. Since the main petition is heard and now reserved for order, this application becomes infructuous and stands disposed off. 5. CA(IB) No.815/KB/18 is filed by the Intervenor, M/s. Great Power Trading DMCC- a company based in UAE for stay of this proceeding on a ground that the company wanted to make investment in the corporate debtor. According to them, if corporate debtor undergoes insolvency process, their proposal of investment will get frustrated. They are ready to pay bank loan taken by the corporate debtor, etc. 6. It appears to me that this application is filed by the Interv....
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....ty Zonal Manager and Zonal Head. Ld. Counsel, Mr. Sharma for the Corporate Debtor submitted that on the basis of power of attorney executed in favour of Mr. Mondal which is dated 29.01.2007, i.e. before coming in operation of I&B Code, 2016, Mr. Mondal was not competent to file the application. It is not proper authorisation. As against this, the Ld. Counsel for the financial creditor relying on the order in Appeal bearing no. 30/2017 by the Hon'ble NCLAT dated 20.09.2017 and order of this Tribunal dated 22.12.2017 in CP No. 595/KB/2017 submitted that authorisation on the basis of power of attorney is a valid authorisation. 11. I have gone through both the orders in case before Hon'ble NCLAT. The officer of ICICI Bank was authori....
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....level of Assistant General Manager is more competent to file such application. The Corporate Debtor admitted the debt. They admitted its default and now questioning the competency of the officer filing this application. Such contention of the corporate debtor to avoid CIRP has to be turned down. I hold that the application is filed by the duly authorised person. 13. Next defence raised by the corporate debtor is that the financial creditor did not produce certificate of default issued by Information Utility service. I make it clear that it is not mandatory for the financial creditor to produce certificate of default issued by information utility certificate. Section 7(3)(a) of I&B Code makes it clear that financial creditor shall produce....
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.... (i) The application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process in respect of Rabirun Vinimay Private Limited. Moratorium order is passed for a public announcement as stated in Sec. 13 of the IBC, 2016. (ii) The moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec. 15. The public announcement referred to in clause (b) of sub-section (1) of Insolvency & Bankruptcy Code, 2016 shall be made immediately. ....
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....olution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Sec.31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. viii) Necessary public announcement as per Sec. 15 of the IBC, 2016 may be made by the resolution professional upon receipt of the copy of this order. (ix) As per the proposal by the Financial Creditor for the appointment of Interim Resolution Professional (IRP), CA Kannan Tiruvengadam of LSI Resolution Pvt. Ltd., Sagar Trade Cube, 5th floor, 104, S.P. Mukherjee Road, Kolkata- 700 026 having Email id: [email protected] and ....