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TMI Blog2017 (10) TMI 758X X X X Extracts X X X X X X X X Extracts X X X X ..... and Mohit Taneja, Advs. JUDGMENT Ms. Deepa Krishan, Member (Technical) The Punjab National Bank (for brevity 'PNB-Financial Creditor') has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer for triggering the insolvency resolution process in the matter of Samtel Colour Ors. (for brevity the 'Corporate Debtor'). It is appropriate to mention that 'PNB-Financial Creditor' is a body corporate constituted by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its registered office at 7, Bhikaji Cama Place, New Delhi. 2. The Corporate Debtor is M/s Samtel Color Limited having its registered office at 501, 5th Floor, Copia Corporate Suits, Plot No.-9, District Centre - Jasola, New Delhi - 110025. Its identification number is L51909DL1986PLC024222, and date of incorporation is 16.06.1986. The Corporate Debtor's nominal share capital is ₹ 175,00,00,000/- (Rupees One Hundred and Seventy-Five Crores Only) and paid up capital is ₹ 1,16,28,53,870/- (Rupees One Hundred Sixteen Crores, Twenty-Eight Lakhs, Fifty-Three T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with Section 7 of the Code, has given the following details about the financial debts: Part-IV Particulars of Financial Debt 1. Total Amount of Debt Granted Punjab National Bank (PNB) sanctioned the following facilities: Applicant Bank sanctioned various facilities which were extended from time to time to the Respondent no.-1 company, lastly sanctioned on 05.12.2006. The facility sanction and availed by Respondent no.-1 were Fund based limit of ₹ 31.32 crores, Non-Fund based limit of ₹ 55.04 crores and Corporate Loan of ₹ 25.00 crores. Date(s) of Disbursement: The brief particulars of the various facilities which was earlier extended to M/s. Samtel Colour Ltd. by Consortium led by Applicant Bank before another consortium led by ICICI Bank were as under :- Date of Sanction Details of the Facilities Sanctioned by the Applicant and availed by the M/s. Samtel Colour Limited. 2101.1987 1. Fund-based limit of ₹ 1.60 Crore 2. Non-Fund Based Limit of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17.02.1997 Fund Based Limits was enhanced to ₹ 36.90 Crores Non-Fund Based Limit was enhanced to ₹ 32.50 Crores with Specific FLC (DP) of ₹ 10 Crore, Specific LG of ₹ 10 Crore. 01.12.2000 Working Capital Consortium Agreement was entered into between Samtel Color Limited (Respondent no.-1) PNB, Canara Bank, Standard Chartered Bank, Grindlays Bank Ltd., ICICI Bank Ltd. The Applicant Bank share was to the tune of ₹ 36.90 Crore for fund based facilities and ₹ 34.50 Crore for non-fund based facility. 15.03.2003 Inter se agreement dated 15.03.2003 executed between consortium banks and Joint deed of Hypothecation dated 15.03.2003 between company and consortium banks. In terms of the consortium documents, the applicant bank facilities were to the tune of ₹ 30.40 Crore for fund based facility and ₹ 32.20 Crore for non-fund based facility. 23.05.2003 Working Consortium Agreement entered into between Samtel Color Limited with Applicant Bank being Consortium Leader and Canara Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Respondent no.-1. 17.08.2007 Agreement of Guarantee dated 17.08.2007 executed by Shri Satish Kaura, Director of the Respondent no.-1 in his personal capacity as guarantor, for Term Loan of ₹ 25 Crore. 2. Amount Claimed = ₹ 236,20,17,559.29/- Date of Default = 14.01.2016 6. It is also averred in the application that on the request of the Respondent No. 1 through its M.D./authorized person, Applicant Bank vide letter dated 16.06.2009 reviewed the NFB Limit of ₹ 41 crores and deferred the TL instalments falling due in 2009-10 by another one year, In regard to the facility the Respondent No. 1 executed following letters/documents: - Supplemental and Amendatory Agreement of Guarantee dated 29.06.2009 executed by the Respondent no. 2. Supplementary Agreement for Reschedulement of Term Loan (Corporate Loan) dated 29.06.2009 executed by the Respondent no. 1. Supplementary Agreement for Reschedulement of Working Capital Term Loan dated 29.06.2009 executed by the Respondent no. 1. Supplemental and Amendatory Agreement of Guarantee dated 30.06.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncluding stocks, consumables, book debts, Plant and Machinery (hereinafter referred to as the Hypothecated Assets ) of the Respondent No. 1 situated, at: (a) Chhapraula Village, Bullandshahar Road, Tehsil Dadri, Distt Ghaziabad (Now in Distt. Gautam Budh Nagar) Ghaziabad, Uttar Pradesh. (b) Plot No. 6, Sector-II, Parwanoo Industrial Area, Parwanoo-173 220, (HP). (c) Plot No. C-1/1, C-2 C-3, Industrial Area, Sector-22, Meerut Road, Ghaziabad, U.P. (d) Village-Naya Nohra, Kota Barran Road, Tehsil-Laadpura, District- Kota. The Respondent no. 1 executed the following balance security confirmation letters dated 07.05.2009 in favour of applicant bank:- S.No. Facility Amount 1. WCTL-I 259459172/- 2. Corporate Loan 252557299/- 3. FITL 54628730/- 4. WCTL-II 45100000/- In terms of the Amendatory MRA dated 19.01.2010, the liability of the Respondent no. 1 company, was also duly acknowledged by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Respondent No. 2 has proceeded and taken symbolic possession under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 qua all the mortgaged properties which was a secured assets of the applicant bank on 11.04.2014, 16.04.2014 24.04.2014. 13. That the applicant bank also sent recall notice on 14.01.2016 and called upon the respondent no. 1 to the pay due with interest up to 14.01.2016 which comes to ₹ 236,20,17,559.29 (Rupees Two Hundred Thirty Six Crores Twenty Lakhs Seventeen Thousand Five Hundred Fifty Nine and Twenty Nine Paise). The copy of the recall notice dated 14.012016 is annexed hereto as Annexure-QQ to the list of documents. 14. The amount due with interest up to 14.01.2016 comes to ₹ 236,20,17,559.29 (Rupees Two Hundred Thirty Six Crores Twenty Lakhs Seventeen Thousand Five Hundred Fifty Nine and Twenty Nine Paise). Applicant bank is filing the statement account duly certified as per banker's books evidence act and re drawn statement of accounts as per pre-CDR t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, expenses, etc. and cost of the application. 17. It is stated in the above para- IV of the application that Corporate Debtor had filed a reference under Section 15(1) of the Sick Industrial Companies Act (Special Provisions) Act, 1985 being Case No. 58/2012 before Board for Industrial and Financial Reconstruction Branch Office-III, (BIFR) and BIFR vide order dated 03.12.2014 declared the Corporate Debtor as a sick company. 18. It is further stated in the application that the Corporate Debtor has been availing credit facilities from other banks apart from Punjab National Bank-Financial Creditor/Applicant and other banks and financial institutions. These banks also have pari passu charge over the property and assets both movable and immovable, hypothecated in their favour. The details of charges created in favour of applicant bank and other banks as per ROC search report have been filed in Part-V of the application. 19. Copies of entries in Bankers Books in accordance with Bankers Book Evidence Act, 1891 for the period from 13.06.2006 to 14.01.2016 are attached as Annexure-B to the list of documents. 20. Counsel for the Financial Creditor/Applicant has filed before u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency (OA). The revival plan was prepared, considering the interest of all stakeholders including the secured creditors, the Workers Employees and the Statutory Authorities (for Statutory Dues). However, instead of deliberating and exploring the possibilities of revival of the Company, the secured creditors. including Punjab National Bank opt for actions under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and got the proceedings at BIFR abated. By this action of the Secured Lenders, not only the revival of the Company was jeopardized, but the future of approximately 4500 workers, many employees and other stakeholders was adversely affected. (6) That your client i.e. Punjab National Bank to recover its alleged dues has also approached the Hon'ble Debt Recovery Tribunal, Delhi and the matter is subjudice. 21. Learned Counsel of the Corporate Debtor was given an opportunity to file a reply to the petition within one week on 10.07.2017. However, it is seen that the Corporate Debtor has not availed of this opportunity, even by the next date of hearing i.e. 18.07.2017. So be it. 22. We have also hear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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