Allowed

In the matter of Plutus Infraventures Pvt. Ltd. Cp (Ib) No. 176-CTB-2019

NCLT15 Mar 2022

Case brief

AI extract

What is this about?

Single member order admitting a section 7 application filed by Punjab National Bank against Plutus Infra Ventures Pvt. Ltd. The corporate debtor failed to appear. The court found the debt undisputed and the petition compliant with IBC requirements, initiating CIRP with Mr. Pankaj Khetan appointed as IRP.

What did the court decide?

Petition under section 7 of IBC admitted; MORATORIUM invoked under section 74; MR. PANKAJ KHETAN appointed as Interim Resolution Professional; FIRMs served on Registrar of Companies.

In the matter of Plutus Infraventures Pvt. Ltd. Cp (Ib)… — Insolvency and Bankruptcy | NCLT (2022)

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IN TIIE NATIONAL COMPAI{Y LAW TRIBUNAL

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CUTTACK BENCH CUTTACK

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CP (IB) No. 176ICTB/2019

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In the matter of:

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An application under section 7 of the Insolvency & Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 20L6;

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-And-

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In the matter of:

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Pudab National Bank, a body corporate constituted under the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, having its Head Office at: Plot No.4, Sector-l0 Dwarka, New Delhi, PIN- 110075 Branches amongst other places atKatoraTalab, Raipur, Chhattisgarh PIN- 492 001;

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...Financial Creditor

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-Yersus-

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PLUTUS INFRAYENTURES PYT. LTD, a company constituted under the Companies Act, 2013 having its registered office at Paradise, Ring Road No.1 Kaushal Ghri Nirman Samiti, Raipura Chowk, Raipur CT 492 001.

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...Corporate Debtor

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Coram:
ShriP.MohanRaj	: Member (Judicial)
ShriSafyaRanjanPrasad	: Member (Technical)
Appearances(throaghvideo conferencing)
FortheApplicant	: Mr.Manoj Kumar Mishra,Adv
	Orderreseryedon:07,03,2022
	Order pronounced ont15,03,2022

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ORDER

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Per: Satya Ranjan Prasad, Member (Technical)

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The Court convened via video conference on 07 .03.2022.

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Page 1 of8

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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CP (lB) No.t76/CR/20t9 In re: Punjab National Bqnk^y. PLUTUS INFMVENTURES^pVT', t.TD,

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Heard the Ld. counsel appearLng for the Petitioner. There was no representation for the Respondent. In view of non-appearance of the Respondent since 0L.03.2Q22 the respondent was set ex-parte on 07.03,2022. After considering the submissions of the petitioner and on perusal of the mateialon record, we pass this order.

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This application under section 7 of Insolvency and Bankruptcy code, 2016 read with rule 4 of the Insolvency and Bankruptcy (Apprication to Adjudicating Authority) Rules, 2016, has been filed by^puqiab National Bank [Financial creditorJ, through its Authorised officer Mr. pradeep Pandey, chief Manager, thereby seeking initiation of corporate Insolvency Resolution Process (clkp) in respect of pLUTUs TNFRAVENTURES PYT. LTD [cIN: ust432crzor4prco0ts46], a company constituted under the Companies Act, 2013 having its registered office atParudise, Ring Road No.l Kaushal Ghri Nirman samiti, Raipura chowk, Raipur chhattisgarh 492 00L, (hereinafier referred to as the Corporate Debtor).

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The applicant i.e., Financial creditor claims afl amount of <12,79,79,316/- (Rupees Twelve crore seventy-Nine Lakh SeventyNine Thousand rhree Hundred Sixteen only) from the corporate Debtor. It is stated in the Petition that the Financial Creditor has sanctioned Cash credit to the tune of < 4.80 crore on 09.10.2015 and further by way of enhancement the Credit Limit was raised to t 9.00 crore (with sub limit of book debts for t 2.50 Crore) and fresh Letter of Credit limit of {2.00 crore interchangeable within overall cC limit of t 1.00 crore on28.01.20L6 andAdhoc Limit of { 2.00 crore on16.04.2016 for three months. It is further submitted that the corporate Debtor company in the meeting of its board of directors held on 06.01 .2016 inter alia resolved to take the aforesaid enhancement. The Directors of Corporate Debtor company requested the Financial Creditor to

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Page 2 of 8

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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CP (IB) No.176/CB/2019 In re: Punjab National Bank v, PLUTUS INFRAVENTURES PVT'. LTD,

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enhance the Cash Credit (Hypothecation) limit from { 4,80,00,000/- to < 9,00,00,000/- within which a fresh limit of < 2,00,00,000/ - and $ant of bank gvarurLtee limit of { 1,00,00,000/- to them vide sanction letter dated 28.01 .2016. A copy of the sanction letter has been annexed with the petition.

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It is stated in the petition that for the sanction of said loan the Corporate Debtor in their capacity as gvarantors, inter alia execvted the documents in favour of the Financial Creditor on 09.10.2015. An agreement of the

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hypothecation of Goods and Book debts of { 4,80,00,000/- dated 09.L0.20L5 by the directors of the Corporate Debtor in favour of the Financial Creditor whereby they hypothecated the present and future stocks of raw material, work in progress, finished goods, consumables, stores and spares in course and in future. Further, the Corporate Debtor ageed to pay interest atbase rate plus applicable interest taxper annum with monthly rests. The terms and conditions of the said agreement have been with the petition. To secure the various credit facilities sanctioned by the Financial Creditor to the Corporate Debtor from time to time, the Directors of the corporate Debtor intended to create equitable mortgage over the immovable properties, jointly and owned by them, the details whereof are mentioned herein below-

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Recorded Interest	Village/Mouza,/ Thesil	Khata No.	Plot No.	Area (Acres)
Smt. Chandramukhi Dewangan	Mandrihasavd/ Arang	7484/l- 2-4-5	73/16	0.086 dec.
Smt.Smriti Dewangan	Mahrishhi Valmiki/Raipur	343/3 & 343/5	113	7764 Gq.ft.)
M/s.	KalimataWard (Ward
Chandramohini Dewanqan	No.30)/ Lodhipara Chowk	220/2	109/47
M/s. Chandramohini Dewangan.	ShankarNagar Raipur, MaharishI Valmiki Ward No.28	720/747	63	1s00 (sq.ft.)

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Page 3 of8

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACI( BENC}{

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CP (IB) No.176/CB/20t9

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h re: Punjab National Bank v, PLUTUS INFMVENTURES PVT, LTD,

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M/sPlutus InfraventurePvt. Ltd.	VillageDangania,Ward: PtDeenDayal Upadhyay WardlRaipur
M/s. Chandramohini Dewangan.	KushalGrih Nirman Samiti/Raipur	376/1	208	B.5575 (sq.ft.)
M/s. Chandramohini Dewanqan.	VillageSivani/District JangrChampa	470	J	8.0.336 Hectares
M/s. Chandramohini Dewangan.	Village:Tulsi/Dharsiwa	515/3	4t	B.0.139 Hectares

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The applicant has stated that the Directors of the corporate Debtor for the aforesaid purpose, approached the Branch office of the corporate Debtor and deposited the original ritle deed as aforesaid, relating the aforesaid properties, to create mortgage on the aforesaid properties by deposit of title deeds, as security for due repayment of the entire overall limit advanced by the Financial Creditor to the Corporate Debtor along with interest, costs and expenses. The mortgage was duly registered in the mortgage register of the Financial Creditor. The copies of the entries made in the equitable mortgage register of the Financial Creditor have been annexed to the petition and marked as Annexure-H. It is stated in the petition that the Corporate Debtor fatTed to maintain satisfactory accounts and did not adhere to financial discipline. The Corporate Debtor through its directors corporate as borrowers executed Balance and securiry confirmation Letter dated 12.05.201,8 in favour of the Financial Creditor whereby they confirmed the balance outstanding amounting to { 12,79,55,802 as on 31.03.2018 in the cash credit

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(Hypothecation) limit of the Corporate Debtor bearing No. 3246008700003016. A copy of Balance and security confirmation dated 12.05.2018 has been annexed with the petition and marked as Annexure-L

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Page 4 of 8

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IN TI{E NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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CP (IB) No,1l6/CB/2019 In re: Punjab National Bank v. PLUTUS INFRAVENTURES PVT, LTD,

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The applicant has stated that for the recovery of loan, he has issued Registered Legal Notice dated 27.04.2018 to the Corporate Debtor thereby calling upon them to repay the outstanding dues in relation to the aforesaid Cash Credit Limit (Hypothecation) in the manner stated but did not yield any result. Copy of Registercd Legal Notice dated 27.04.2018 is annexed with the petition and marked as Annexure-J. Further, the Financial Creditor classified the Corporate Debtor as NonPerforming Asset with effect from 31.03. 2018. A copy of the ledger account of the Corporate Debtor is accordance with the Banker's Books Evidence 1891 is attached with the petition and marked as Annexure-L. Thereafter, the Financial Creditor issued a notice dated 07.05.20t8 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. The copy of notice dated 07.05.2018 is annexed with the petition and marked as Annexure-K. The Financial Creditor vide O.A No. 1188 of 2018 approached the Debt Recovery Tribunal, Jabalpur for realization of outstanding dues which is pending. Therefore, the plea canbe taken that this petition filed on December 1.8, 2019 is not time baned.

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The Corporate Debtor was duly served with notice and was accorded opportunity to file reply. They have not denied the debt and consequent default. However, they have stated to the effect that in the instant case the petitioner has not made any disclosure about the pendency of matter with the Hon'ble DRT Jabalpvr.It is noted that the matter has been disclosed by the Petitioner as has been referred to at Paru 6 above. There is no stay grantedby any authority prohibiting the Petitioner not to go

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ahead with IBC proceedings.

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We have carefully gone through the mateial on record. Heard the learned counsel in detail. on the merits of the case the corporate Debtor has no defence. The issue of limitation has aheady been discussed at para 6 above. Debt reflected in the balance sheet of the Corporate Debtor

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Page 5 of8

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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CP (IB) No.l76/CB/2019 In re: Punjab National Bank v. PLUTUS INFRAVENTURES PI/T, L'fD,

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for the Financial Year 20t7-18 is very clear evidence therefore this petition filed on December 18,2019 cannot be considered as barredby limitation.

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In view of the forgoing, we are convinced that the loan amount was duly disbursed to the Corporate Debtor by the Petitioner Financial Creditor, i.e., Punjab National Bank. The requisites of an application under section 7 of IBC arc avarlable on record and duly proved. Debt is reflected in the Balance Sheet of the Corporate Debtor as has been stated above.

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The Financial Creditor has taken consent from Mr. Pankaj Khetan an Insolvency Professional to become Interim Resolution Professional (IRP) of the Corporate Debtor in Form-2 and that no disciplinary proceedings are pending against him.

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We, therefore, consider it a fit case for admitting the petition, and for initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor.

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In view of the aforesaid observations, we hereby admit the petition and pass the following Orders: -

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ORDERS

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The Petition bearing CP (IB) No. 176/CTB/2019 f:dred by Punjab National Bank the Financial Creditor, under section 7 of the Code read with rule 4(1) of the Insolvency & Bankruptcy (Petition to Adjudicating Authority) Rules, 2016 for initiating CIRP agarnst PLUTUS INFRAVENTURES PVT. LTD [CIN: U51432CT2014PTC001546], the Corporate Debtor, is admiffed.

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b. There shall be a moratorium under section 74 of the Code.

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Page 6 of 8

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IN THE NATIONAL COMPANY LAW TRIBUNAT, CUTTACK BENCH

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CP (lB) No.tl6/CB/2019 In re: Punjab National Bank v. PLUTUS INFRAVENTURES^{PVT, LTD,}

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The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the Code, as the case may be.

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d. Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

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e. Mr. Pankaj Khetan (Reg. No. IBBI/IPA-002/IP-N00010/201617/10014) having address at H-38, LGF, Jangpura Extension Near Eros, Complex, New Delhi- 110014 [email id: [email protected] is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code, subject to his possessing a valid Authorisation for Assignment (AFA) in terms of 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2076. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBD. The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 2l of the Code. During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide al1 documents in their possession and fumish every information in their knowledge to the IRP within one week from the date of receipt of this Order, in default of which coercive steps will follow.

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PageT of8

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUT'TACK BENCH

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CP (IB) No.ll6/CB/2019 In re; Punjab National Bank v, PLUTUS INFRAVENTURES^{PVI'. LTD.}

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The IRP/RP shall submit to this Adjudicating Authority periodical reports conceming the progress of the CIRP in respect of the Corporate Debtor.

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o'o The Financial Creditor shall deposit a sum of t3,00,000 (Rupees three lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approyal by the Committee of Creditors (CoC).

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h. In terms of section 7(5)(a) of the Code, the Registry is hereby directed to communicate a copy of this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post and e-mail immediately, and in any case, not later than two days from the date of this Order.

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Additionally, the Financial Creditor shall serve a copy of this Order on the IRP and on the Registrar of Companies, Odisha, Cuttack by all avarlable means for updating the MasterData of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from the date of receipt of a copy of this order.

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CP (IB) No. 176ICTB/2019 to come up on 18.04.2022 for progress report.

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Certified copy of the order may be issued to all the concerned parties, if applied for, upon compliance with all requisite formalities.

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'asad

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P. Mohan Raj Member (Judicial)

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this 15th day of March,2022.

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Ravijeet _P.S,

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In the matter of Plutus Infraventures Pvt. Ltd. Cp (Ib) No. 176-CTB-2019

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In the matter of Plutus Infraventures Pvt. Ltd. Cp (Ib) No. 176-CTB-2019

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