Page 458 - IBC Orders us 7-CA Mukesh Mohan

Order Passed under Sec 7
By Hon’ble NCLT Chandigarh Bench
3. 'Corporate-Debtor' was incorporated on 29.09.2005 having authorised share capital of ` 7,00,00,000/-

(Rupees seven crores only) and paid up capital of ` 5,85,42,010/- (Rupees five crores eighty-five lacs
forty-two thousand and ten only). It has been allotted CIN No. U55100PB2005PTC29009. The registered
office of the 'Corporate-Debtor' is at Amritsar and thus the matter falls within the territorial jurisdiction of

this Tribunal.

4. The 'Financial-Creditor' also proposed the name of C.A. Navneet Gupta, #1598, Level-I, Sector 22-B,
Chandigarh, Email: indiaiip@gmail.com. as Interim Resolution Professional to satisfy the requirement of

Section 7(3)(b) of the 'Code' Mr. Navneet Gupta, CA has filed the written communication in Form No. 2
(Annexure A-44) which is found in order.

5. It is stated that the total loan granted to the Corporate-Debtor' was ` 25,00,00,000/- (Rupees twenty-five
crores only) with details of disbursement mentioned at Annexure A-3 (colly), These are different term

loans and working capital (cash credit facility). The Term Loan No. I was for ` 13.00 crores; Term Loan
No. II for ` 4.50 crores; Term Loan No. III for ` 5.00 crores and CC limit of ` 2.50 crores.

6. The 'Financial-Creditor' has also relied upon various documents of loan. In respect of the Term Loan

No. I, the documents are at Annexure A-9 to 15. Annexure A-9 is the loan application; the sanction letter
dated 23.11.2006 Annexure A-10; resolution of Board of Directors of the 'Corporate-Debtor' of the year
2006 Annexure A-12; document of hypothecation of assets Annexure A-13 dated 01.12.2006; the

agreement of term loan of December, 2006 Annexure A-14 and guarantee agreement Annexure A-15
(colly).

7. Similarly, various documents of Term Loan No. II are from Annexure A-16 to A-21 of the year 2011

and for Term Loan No. III at Annexure A-22 to A-28. In respect of the working capital loan the
documents are from Annexure A-29 to A-33 comprising of the sanction letter dated 31.01.2012,
hypothecation deed, guarantee agreement and the renewal letter of the year 2015. The 'Financial-Creditor'

also placed on record copies of Statements of Account in respect of all the four loan facilities. These are
from Annexures A-36 to A-39.

8. It is further disclosed that the 'Corporate-Debtor' along with its directors/guarantors mortgaged the

below mentioned property in favour of applicant by way of deposit of various sale deeds along with all
the movable property, plant, machinery, machinery spares, tools and accessories, office equipments,
computers furniture and fixtures both present and future.

DESCRIPTION OF PROPERTIES MORTGAGED

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