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TMI Blog2017 (11) TMI 420X X X X Extracts X X X X X X X X Extracts X X X X ..... t recognition of National Interest is adherence to the rule of law impartially applicable without exceptions to one and all. The factum of an outstanding amount is admitted by the Corporate Debtor. Their inability to pay mandates Corporate Insolvency Resolution Process. This petition is, therefore, Admitted. The moratorium envisaged under Section 14 of the Code come into immediate effect. - (IB) NO. 244(ND) OF 2017 - - - Dated:- 28-9-2017 - SMT. INA MALHOTRA AND MR. .K. MOHAPATRA, JJ. For The Petitioner : Sameer Rastogi and Ms. Pooja Singh, Advs For The Respondent : Tarun Johri and Ankit Saini, Advs. PER SMT. INA MALHOTRA, MEMBER (J) The Petitioner, being the Financial Creditor, has filed the present petition under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 333.80 crores is due and payable to them by the Corporate Debtor. 3. The aforesaid facility for grant of financial assistance been extended from time to time. To enable the Corporate Debtor avail this facility, a charge was created over its movable assets, both present and future. Corporate guarantees of M/s AIP Private Limited, Athena Energy Ventures Pvt. Ltd. and Athena Infra projects Ltd. were accepted by way of pledge of their shares as collateral security and all terms and conditions of disbursement were duly accepted by the Corporate Debtor. Various other agreements for extending the financial assistance by way of Medium Term and Bridge loans were executed. However, as the Corporate Debtor failed to adhere to any financial discipli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Arunachal Pradesh which has 6% equity in the project. It is their case that ever since the contract for the project was awarded to them, a constant endeavour has been made to set it up and they have now achieved significant progress, having obtained requisite permits and clearances, acquired the required private land, tying up finances for the project including raising debt and equity, but for reasons beyond their control, like prolonged litigation, economic slow-down, delay in granting clearances by the Ministry of Environment and Forests, the financial closure of the project could not be achieved. New promoters and investors have been brought in with the consent of the Government of Arunachal Pradesh and initiation of any resolution proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... long term loan facility subject to (i) waiver of penal interest and netting of such penal interest paid in past from current outstanding interests dues, (ii) Hold all the recovery proceedings till 31-Dec-2016, (iii) Indian Bank agrees to participate in its pro-rata share in Senior Debt. 7. It is argued that in the Joint Lenders Forum of the Banks, which also includes the Financial Creditor herein, it was unanimously agreed not to proceed against the Corporate Debtor. It is also submitted that the Financial Creditor is now retracting from its undertaking given before the Joint Lenders Forum wherein it was decided that its loans would be liquidated as per the scheme envisaged. The Ld. Counsel has further emphasized that as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ult as the short term loan had to be liquidated from the disbursement of the Long Term Loan, which has not been re-sanctioned/disbursed. 9. Per contra, Ld. Counsel for the Financial Creditor submits that various opportunities have already been given to the Corporate Debtor by way of extension and restructuring of the loan facility. It is also submitted that apart from Corporation Bank, the petitioner is the only bank to have granted financial assistance and therefore there was no Joint Lenders Forum, as none of the other Banks have actually disbursed any financial assistance and have no stake in recovery. The question of any decision taken by the alleged Joint Lenders Forum was therefore unsustainable and they are not bound by the same. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration, panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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