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TMI Blog2018 (5) TMI 857X X X X Extracts X X X X X X X X Extracts X X X X ..... ore found devoid of any merit. Annexure- “C” is the calculation of the amount due from the corporate debtor. It shows that total outstanding due on the corporate debtor on 31/12/2017 is ₹ 469,29,69,983.63 /-. As per Annexure C the date of default in regards cash credit and term loan is on 31-03-2016. It is also clear that corporate debtor has committed default as alleged by the petitioner. The total outstanding as on 31-12-2017 is ₹ 469,29,69,983.63, which include interest, penal interest which the corporate debtor failed to pay. The contention that the calculation of the amount in default is wrong also found without any supporting data. The acknowledgment of liability evidently found executed by the corporate debtor i.e. Annexure LL dated 2nd April 2016, Annexure MM, dated 19th August 2017, Annexure NN date 2nd May, 2017 and Annexure OO dated 7th April, 2017 are evidently executed by the corporate debtor. Therefore, the corporate debtor being confirmed the balance amount outstanding as per the above referred documents the claim is not at all barred by limitation as alleged. The petition filed by the financial creditor under Sec.7 of the Insolvency & Bankruptcy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Avenue, 3rd floor, Kolkata - 700 013 Mob. 9432207517, E-mail [email protected]. A written communication dated 15th January, 2018 in terms of Rule 9(1) of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and consent in Form 2 have been filed before this Tribunal. A declaration has also been made to the effect that no disciplinary proceedings is pending against him. Other disclosures and eligibility under rule 9(2) as required have also been made by him. 5. The Applicant has also affirmed in the petition that Mr. Bishwatosh Misra, Assistant General Manager and Relationship Manager, State Bank of India has been authorized, whose address is State Bank of India, Industrial Finance Branch, Kolkata, 1st floor, Constantia Building, 11, Dr. U.N. Bramhachari Street, Kolkata- 700 017 and Email id: [email protected]. He has been empowered in accordance with Regulations 76 and 77 of the State Bank of India General Regulations, 1955 read with the Gazette notification dated March 27, 1987 issued by the SBI Central Office. The Copies of the same have been submitted and annexed with the petition as Annexure B . Chairman, State Bank of India, vide Board Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. In addition to the above, the applicant has also submitted the following documents: (i) Copy of sanction letter dated 4th May, 2016 as Annexure- O (ii) Copy of sanction letter dated 30th March, 2015 as Annexure-P (iii) Copy of Restructuring Agreement dated 30th March, 2015 as Annexure-Q (iv) Copy of certificate of registration of modification of charge dated 29th May, 2015 by the Corporate Debtor for creation of charge as Annexure-R. (v) copy of sanction letter dated 9th October, 2014 as Annexure-S (vi) copy of Agreement of Overall Limit dated 29th October, 2014 as Annexure T (vii) Copy of certificate of registration of modification of charge dated 29th November, 2014 annexed as Annexure-U (viii) copy of sanction letter dated 25th April, 2012 issued by the State Bank of India for working capital facilities of ₹ 108.18 crores has been submitted and marked as Annexure -V . Moreover, the applicant has submitted all the copies of relevant documents along with the petition. 8. The applicant has further stated that the liability of the Corporate Debtor has been duly admitted by them by the copies of entries in a Bankers Book in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the dates on which the accounts of the respondents were declared as non-performing assets are not uniform between the petitioner and its associated banks. 16. The corporate debtor also contends that the applicant has also failed to disclose the correct amount of default and the term loan account of SBBJ and SBP have been deliberately inflated by an amount of ₹ 57.06 Crores. The corporate debtor further stated that the common loan agreement based on which the instant application is filed is insufficiently stamped and as such, inadmissible as evidence before this Adjudicating authority. 17. Heard both sides and perused the records. 18. Upon hearing the arguments and on perusal of the records the point that arises for consideration is whether default occurred as alleged by the Financial Creditor? 19. This is a petition filed by a financial creditor under section 7 of the I B Code. In a case of this nature what is to be looked into is settled by the Hon ble Supreme Court in Innoventive Industries Ltd. v. ICICI Bank Ltd. Anr . The NCLAT has laid down that .......for initiation of corporate resolution process by financial creditor under sub-sec.(4) of Sec.7 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 24. In the above said background, let me see whether the objections raised on the side of the respondent is sustainable. At the outset I would say that the objections raised are vague and inconsistent with that of the documents admittedly executed by the corporate debtor. The petitioner produced Annexure- B proving the authority given to the Asstt. General Manager Mr. Bishwatosh Misra for signing a petition like this nature. The above said authorisation was issued by the Chairman, SBI as per notification dated 2nd May 1987. As per clause A in the notification all officers in the grade of SMGS IV and above are empowered to do business of the Bank in respect of all matters coming in discharge of functions of the posts held for the time being. Annexure -B proves special authority to file a petition before NCLT also. So the petitioner has got the authority to file a petition like the petition in hand. The contention of the corporate debtor that petitioner has no authority is therefore found devoid of any merit. 25. Annexure- C is the calculation of the amount due from the corporate debtor. It shows that total outstanding due on the corporate debtor on 31/12/2017 is ₹ 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process. Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Sec.31 or passes an order for liquidation of corporate debtor under Sec.33, the moratorium shall cease to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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