M.K. Shrawat, Member - (1.) This Petition is filed on 5th June 2010 invoking the provisions of Section 10 of Insolvency and Bankruptcy Code, 2016 (hereinafter The Code) by a "Corporate Debtor". This Application is filed by the Debtor to initiate Corporate Insolvency Resolution Process against itself.
(2.) Facts:-Farts in brief are that the Corporate Debtor raised the total debt from Two Banks namely Dhanlaxmi Bank and Standard Chartered Bank respectively of Rs.4,54,61,524/- and Rs.14,48,504/-. Dhanlaxmi Bank had sanctioned the Loan on 19.12.2011 and the Standard Chartered Bank had sanctioned the Loan on 17.04.2012. Thereafter, Dhanlaxmi Bank had assigned and transferred the impugned debt to M/s. Phoenix ARC Pvt. Ltd., presently contesting and opposing the impugned Application filed by the Corporate Debtor (Petitioner) under Section 10 The Code. This Application is moved so as to initiate Corporate Insolvency Resolution Process so that under the provisions of Section 14 of The Code the process of "Moratorium" may commence.
(3.) The documents annexed with the impugned Application have demonstrated that an "Assignment Agreement" was executed between Dhanlaxmi Bank Limited (Assignor) and M/s. Phoenix ARC Pvt. Ltd. (Assignee) dated 28.03.2014 through which the "Assignor" had assigned the total outstanding debt to the "Assignee". The Assignee is a Company incorporated under the Companies Act and registered as a Securitization and Asset Reconstruction Company pursuant to Section 3 of SARFAESI Act. Initially the personal properties were mortgaged to Dhanlaxmi Bank Limited and on modification of charge those properties stood mortgaged with "Assignee" detailed as under:- (a) Residential flat admeasuring about 224 sq. ft. carpet area bearing Flat No. 107 on the 1st floor in the building known as Autumn Grove situated at Plot No. H-D5 of Sector III, Lokhandwala Township, Akurli Road, Kandivaii (East), Mumbai. (b) Residential flat admeasuring about 224 sq. ft. carpet area bearing Flat No. 104 on the 1st floor in the building known as Autumn Grove situated at Plot No. H-D5 of Sector III, Lokhandwala Township, Akurii Road, Kandivali (East), Mumbai. (c) Residential flat admeasuring about 1165 sq. ft. carpet area bearing Flat No. 904, C Wing on the 9th floor in the building known as "Whispering Palms Building No. 3 Cooperative Housing Society Limited" situated at Lokhandwala Complex, Akurll Road, Kandivali (East), Mumbai.;