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Order Passed Under Sec 7
                                                                           By Hon’ble NCLT Mumbai Bench

                                     IN THE NATIONAL COMPANY LAW TRIBUNAL
                                                     MUMBAI BENCH

                                              C.P. (IB) No. 03/7/NCLT/MAH/2017


                                                   Decided On: 19.01.2017

                                       Applicant: M/s. VIP Finvest Consultancy Pvt. Ltd.
                                                             Vs.
                                           Respondent: M/s. Bhupen Electrinic Ltd.


               Judges/Coram:
               Hon'ble Sh. B. S. V. Prakash Kumar, Member (J)


               Counsels:
               For Appellant/Petitioner/Plaintiff: Mr. Arvinde Kumar Gupta


               For Respondents/Defendant: Ms. Ami Jain

                                                          ORDER


               Hon'ble Sh. B. S. V. Prakash Kumar, Member (J)


               1. This is an insolvency and bankruptcy application for initiation of insolvency resolution process by a

               financial  creditor  M/s.  VIP  Finvest  Consultancy  Pvt.  Ltd.  against  the  corporate  debtor  Mis.  Bhupan
               Electronic Ltd. (formerly M/s. Parasarampuria Polymides Ltd.).
               2.  The  said  financial  creditor  is  an  assignee  of  the  assets  and  liabilities  of  the  corporate  debtor  for  a

               consideration of Rs. 15,00,000/- in terms of assignment agreement dated 23-09-14 with MIs. India SIDE
               Asset Reconstruction Company Ltd.
               3. Previously M/s. Industrial Investment Bank of India Ltd. (IIBI) has sanctioned a Term Loan of Rs.

               4,60,00,000/-  to  the  corporate  debtor  vide  loan  agreement  dated  23-12-95  and  the  corporate  debtor
               executed a deed of hypothecation over the stock of materials and book debts, likewise the directors of the
               corporate  debtor  have  given  their  personal  guarantees  and  the  immovable  assets  of  the  company  as

               security to the loan.
               4. M/s. IIBI Ltd. filed Original Application No. 529 of 2000 before DRT, Mumbai for issue of recovery

               certificate for Rs.4,82,32181 together with interest against the corporate debtor.
               5. Subsequently, on 23-03-13 M/s. IIBI Ltd. assigned financial assets of the corporate debtor in favour of
               M/s. India SME Asset Reconstruction Company Ltd., who is the financial creditor herein.

               6. The financial creditor has named one Mr. Manish Gupta flat no. 199 SFS flats, Haus Khasi New Delhi
               110016.  Email:  manish.gupta@jhalani.co.in,  registration  no.  IBBI/IPA-01/2016-14/67  as  the  proposed



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