TaxTMI 
TaxTMI 
2017 (3) TMI 1979
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....ency and Bankruptcy Code (Application to Adjudicating Authority) Rules, 2016 to initiate Corporate Insolvency Resolution Process against the Corporate Debtor. 2. Brief facts of the case are such that the Financial Creditor, RBL Bank Limited (hereinafter referred to as "Applicant"), a Banking Company, having Identification No. U65191PN1943PLC007308 and having its registered office at Fist Lane, Shahupuri, Kolhapur-416 001 and one of its Zonal Office at 28, Dr. Gopal Das Bhawan, GF, Barakhamba Road, Connaught Place, New Delhi-110 001 is duly recognised as a banking institution by the RBI. 3. MBL Infrastructures Limited (hereinafter referred to as the "Corporate Debtor") having Corporate Identity Number L27109WB1995PLC073700, a public li....
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....the credit facilities were enhanced by the applicant, i.e. Letter of Credit was enhanced from Rs. 20 crore to Rs. 40 crore but the same was not disbursed due to receipt of negative feedback about the Corporate Debtor from reliable sources. The Corporate Debtor vide letter dated 16.01.2016 assured the Applicant of complete payment of the dues by 30.01.2016 but the Corporate Debtor failed to comply with the assurances made to the Applicant. On 17.11.2016, the bank guarantees were invoked to the tune of Rs. 7 crore by the beneficiary, i.e. SICOM Limited and accordingly the Applicant paid Rs. 7 crore to the beneficiary. The Applicant vide its letter dated 29.11.2016, demanded the said amount from the Corporate Debtor, which remains unpaid till ....
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....s, it appears that Corporate Debtor has committed default in making payment of credit facilities and credit facilities were extended to the tune of Rs. 7,00,00,000/- and charge was created by way of hypothecation of assets. The applicant has filed the application under section 7 of the IBC, 2016 and has proposed the name of Mr. Atanu Mukherjee as Interim Resolution Professional whose address is mentioned as below. Mr. Atanu Mukherjee, Advocate 54, Lawyers Chamber, Supreme Court of India, Delhi-110 002 [email protected] Registration No. IBBI/IPA-002/IP-00088/2016-2017/1115. 10. The consent letter of the Interim Resolution Professional is attached as Annexure A-11 with the ....
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.... 13. Declaration of moratorium and public announcement (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order- (a) declare a moratorium for the purposes referred to in section 14; (b) cause a public announcement of the initiation of corporate insolvency resolution process and call for the submission of claims under section 15; and (c) appoint an interim resolution professional in the manner as laid down in section 16. (2) The public announcement referred to in clause (b) of sub-section (1) shall be made immediately after the appointment of the interim resolution professional. 14. Moratorium ....
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....till the completion of the corporate insolvency resolution process. Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 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." 14. Necessary public announcement as per section 15 of the IBC, 2016 may be made by the Company. 15. We hereby appoint Mr. Atanu Mukherjee, Advocate as Interim Resolution Professional. On the basis of records available with the applicant, it appears that the Corporate Debtor has committed de....