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TMI Blog2017 (8) TMI 1478X X X X Extracts X X X X X X X X Extracts X X X X ..... dent on interest. Therefore, the amount due from the respondent to the applicant is a financial debt. The applicant is a financial creditor. Respondent is a corporate debtor. This application is admitted under section 7(5)(a) of the insolvency code. This adjudicating authority is appointing Mr. Sundaresh Bhat, B-905, National Seaqueen Excellency, Sector 44A, Seawood, Nerul West, Navi Mumbai 400 076 as interim resolution professional. The applicant is directed to make public announcement about initiation of Corporate Insolvency Resolution process as required by Section 13(1)(b) of the Code. - CP No. (IB) 53/7/NCLT/AHM/2017 - - - Dated:- 1-8-2017 - Bikki Raveendra Babu, J. For Appellant: Saurabh Soparkar, Learned Senior Advocate, Gautam Sundaresh and Abhishek Mukherjee, Learned Advocates For Respondents: Parth Contractor, Learned Advocate Order Bikki Raveendra Babu, 1. ICICI Bank Ltd. (hereinafter called as applicant/financial creditor) having its registered office at Vadodara, Gujarat through its General Power of Attorney holder Bhairavi Deshpande has filed this application to initiate Corporate Insolvency Resolution Process in respect of ABG Shipyard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ility as on June, 21, 2017 is ₹ 290.32 crores. (5) The amount in default under the FITL facility - I facility as on June 21, 2017 is ₹ 22.28 crores. (6) The amount in default under the FITL facility - II facility as on June 21, 2017 is ₹ 89.65 crores. (7) The amount in default under the FITL facility - III facility as on June 21, 2017 is ₹ 6.82 crores. (8) There are no amounts outstanding in respect of the FITL facility - V as this facility was to be constituted of interest accrued but not paid in respect of outstanding under priority loan I (which was never disbursed) (9) The amount in default under the FITL facility - VI facility as on June 21, 2017 is ₹ 4.93 crores. (10) There are no amounts outstanding in respect of the FITL facility - VII as this facility was to be constituted of interest accrued but not paid in respect of outstanding under Priority Loan III (which was never disbursed) (11) The amount in default under the FITL facility - VIII facility as on June 21, 2017 is ₹ 1.47 crores. (12) The amount in default under the FITL facility - IX facility as on June 21, 2017 is ₹ 5.73 crores. (13) The amount in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the MRA) of ₹ 539,39,84,000 (Rupees Five Hundred and Thirty Nine Crores Thirty Nine Lakhs and Eighty Four Thousand Only) (constituting a limit of ₹ 58,60,00,000 (Rupees Fifty Eight Crores and Sixty Lakhs Only) and USD 80 Million (USD Eighty Million Only), equivalent to ₹ 480,79,84,000 calculated as per the prevailing exchange rate of ₹ 60.0998 as on March 28, 2014 (as per the Reserve Bank of India website) ( Term Debt upon Invocation of CG ). The details of the Term Debt upon Invocation of CG have been set out in Schedule XIV of the MRA read with Schedule XIV of the Second Amendment to MRA. 7) Various funded interest term loan facilities, as set out below: (i) Restructured funded interest term loan facility of ₹ 39,00,00,000 (Rupees Thirty Nine Crores Only) ( FITL Facility-I ), as set out in Schedule XVI to the MRA; (ii) Restructured funded interest term loan facility of ₹ 148,80,00,000 (Rupees One Hundred and Forty Eight Crores and Eighty Lakhs Only) ( FITL Facility-II ), as set out in Schedule XVI to the MRA; (iii) Restructured funded interest term loan facility of ₹ 105,30,00,000 (Rupees One Hundred and Five Crores and Thirty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charged towards bank guarantees issued by the Financial Creditor on behalf of the Corporate debtor, which have since been devolved ( Bank Guarantee Commission ). The above-mentioned facilities are hereinafter collectively referred to as the Restructured Facilities . The total debt granted under the Restructured Facilities is ₹ 4405,58,84,000 (Rupees Four Thousand Four Hundred and Five Crores Fifty-Eight Lakhs and Eighty-Four Thousand Only). Note: The restructuring package pertaining to the facilities under the MRA has not been revoked. The Financial Creditor reserved the right to do so in accordance with Clause 7.4 of the MRA. In addition to the Restructured Facilities mentioned above, the Corporate Debtor issued several corporate guarantees and letters of comfort in favour of the Financial Creditor in respect of facilities granted by the Financial Creditor to the Corporate Debtor's group companies. The various corporate guarantees by the Corporate Debtor in favour of the Financial Creditor have been issued: (i) Vide Deed of Guarantee dated June 27, 2012 in respect of certain working capital facilities granted to PFS Shipping (India) Limited over all l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the independent auditor. 13. The letter issued by the Reserve Bank of India dated 15.06.2017 appealing the financial creditor to initiate Insolvency Resolution Process singly or jointly with other lenders under the provisions of the Insolvency and Bankruptcy Code, 2016 in respect of the default committed by the Corporate Debtor. 14. Applicant proposed Mr. Sundaresh Bhatt as interim resolution professional and filed his written communication in form No. 2. 15. Financial creditors filed copies of financial debt and documents and evidence of default in Part V of the application. 16. Financial creditor filed this application before this Tribunal on 03.07.2017. This application, for the first time was listed before adjudicating authority on 20.07.2017. Corporate debtors appeared through advocate. As can be seen from form No. 1 filed by the financial creditors, winding up petition No. 375 of 2016 filed against the corporate debtor is pending before the Hon'ble High Court of Gujarat and after its admission by order dated 19.06.2017. This Adjudicating authority listed the matter on 27.07.2017 with direction to file reply within one week for hearing before admission. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... complete and (c) Whether any disciplinary proceeding is against the proposed Insolvency Resolution Professional. Once it is satisfied it is required to admit the case but in case the application is incomplete application, the financial creditor is to be granted seven days' time to complete the application. However, in a case where there is no default or defects cannot be rectified, or the record enclosed is misleading, the application has to be rejected. Beyond the aforesaid practice, the 'adjudicating authority' is not required to look into any other factor, including the question whether permission or consent has been obtained from one or other authority, including the JLF. Therefore, the contention of the petition that the Respondent has not obtained permission or consent of JLF to the present proceeding which will be adversely affect loan of other members cannot be accepted and fir to be rejected. 20. In the case on hand there is material on record to substantiate that default has occurred. Application filed by corporate debtor is complete in all respects. It is evident from the written communication filed for appointment of Insolvency Resolution Profe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 44A, Seawood, Nerul West, Navi Mumbai 400 076 as interim resolution professional. The applicant is directed to make public announcement about initiation of Corporate Insolvency Resolution process as required by Section 13(1)(b) of the Code. 27. Adjudicating authority hereby pass order declaring moratorium under section 13(1)(a) prohibiting the following as laid down in Section 14 of the Code. (i) 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, (ii) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 (54 of 2002); (iv) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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