Ch Mohd Sharief Tariq. Member - (1.) Under adjudication is C.P.No.515 of 2017 that has been filed under section 7 of I&B Code, 2016.
(2.) We heard both the counsel for petitioner and respondent. Counsel for petitioner, with the help of the documents placed on file established the default. In support of his contention, he has drawn our attention to the Annexure in Page 562 of the petition which is a copy of loan sanctioned by the bank and the acknowledgement is also there. The other documents are placed at Page 567 wherein it is clearly mentioned that ROC is in the process of removal of names of the company which are not carrying on business and dormant for a period of two years or more as per the Register of the Companies. In the letter, the name of the corporate debtor is clearly mentioned as Summer India Textile Mills Private Ltd., Counsel for Petitioner has also drawn our attention to the demand notice (page 491) u/s 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The demand has been raised to the tune of Rs.105 crores with further interest and incidental expenses, cost as stated in the notice to which no reply has been given by the Corporate Debtor. The company's position is reflected from the Directors' Report dated 09.09.2014 which clearly states that the deficit carried to balance sheet is 3577 lakhs. At Page 586, there is an admission to this effect by the company itself. It provides that the company has defaulted in the payment of both the principal and interest to the banks. The names of the banks are also mentioned as State Bank of India and State Bank of Patiala. At Page 592, it has further been confirmed that the company has not settled the payment of dues as on 31.03.2014 where the name of SBI is mentioned. The total amount to be paid to SBI and State Bank of Patiala is Rs.3051 lakhs.
(3.) Counsel for respondent has submitted that the company has received orders, but it does not have the finance for the operations of the company. It is on record that an application has also been filed by the corporate debtor for restructuring/revival plan. In the circumstances, there does not appeal" to be any hurdle in the way of corporate debtor to submit the plan to the Interim Insolvency Professional for restructuring/revival.;