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TMI Blog2019 (3) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy Resolution Process in respect of respondent M/s Santosh Overseas Limited (for brevity the 'corporate debtor'). 2. The Respondent Company namely- M/s Santosh Overseas Limited was incorporated on 09.04.2007, having CIN U52100DL2007PLC161735 and its registered office is situated at Unit No. DPT- 105, DLF Prime Towers, Okhla Phase- I, New Delhi- 110020. 3. The authorised share capital of the respondent company is Rs. 5,00,000/- (Rupees Five Lakhs only) and the Paid-up share capital is Rs. 1,00,000/- (Rupees One Lakh), respectively. 4. As per averments made in the application, the respondent company had been availing Term Loan on standalone basis and Working Capital Facilities under the consortium arrangement from time to time. The Respondent Company had also been availing the Short-Term Loans and Pledge Loans which were repaid by the respondent from time to time. 5. It is submitted by the applicant that respondent company had availed six Term Loans at different times, details of which are briefed below: DATES EVENTS 24.07.2007 Upon the request of the respondent, the applicant bank sanctioned Term loan of Rs. 14 Crores, Cash Credit facility of Rs. 18 crores and LER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acility. 8. It is further submitted by the applicant that the respondent company failed to maintain the financial discipline and the account of the Respondent was declared Non-Performing Assets on 20.01.2017. The applicant bank served the Recall Notice dated 15.09.2017 on the respondent company and other parties i.e. guarantors, mortgagors and pledger. 9. Further the applicant bank issued a notice dated 30.10.2017 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on the respondent company and other concerned parties. 10. In Part-IV of the Petition, the Financial Creditor has given the details of the total amount of the financial debt and the transactions on account of which the debt fell due. PARTICULARS OF FINANCIAL DEBT 1, TOTAL AMOUNT OF DEBT GRANTED AND DATE (S) OF DISBURSEMENT The Applicant Bank/ Financial Creditor had granted various credit facilities to the Respondent Company/Corporate Debtor at its Registered Office at Delhi. 2. AMOUNT CLAIMED TO BE IN DEFAULT AND THE DATE ON WHICH THE DEFAULT OCCURED Rs. 1,61,10,65,388.05/- (Rupees One Hundred Sixty-One Crores Ten Lakh Sixty-Five Thousan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t that the decision agreed upon by the minimum 60% of the creditors by value and 50% of the creditors by member in the JLF would be considered as the basis of deciding a CAP and will be binding on all the lenders, subject to the exit/substitution available in the framework. While the other creditors representing about 74.5% of the creditors by value by working in close co-ordination with the respondent for restructuring of the debts as the S4A scheme had already been sanctioned, is still continuing. 15. It is further submitted by the Respondent in its reply that in terms of Circular dated 26.02.2014 alongwith the subsequent circulars in the subject matter, it is thus not open for the dissenting creditors to continue with its existing exposure and not to agree with the rectification or restructuring as per the TRA Account, which has been allowed to be operated with the consent of all lenders at the common platform. The said legal proposition has also been noted and affirmed by the Bombay High Court in the matter of IDFC Bank Ltd. v. Ruchi Soya Industries Ltd. [CP No. 570 of 2016, dated 14-2-2017]. 16. It is further argued by the respondent that account has been classified as NPA o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he part of the respondent and ultimately the account was declared NPA on 20.01.2017 and the TRA Account was opened and maintained originally as per the terms of Joint Lender's Forum (JLF). In fact the current account maintained with the applicant was being monitored as per TRA mechanism in terms of the decision of JLF to have a better vision and monitoring on the working of the Corporate Debtor, however the same was done much prior to even consideration of restructuring proposal. 21. It is further submitted that the resolution plan under S4A Scheme was not found eligible by the Overseeing committee. The Letter of Indian Banks Association dated 19.04.2017, wherein the IBA has clearly stated that the Committee has concluded that the Resolution plan does not meet the stipulations under the S4A Scheme. The respondent is well aware of the same and vide letter dated 21.04.2017 acknowledged the same. Also the rejection of the resolution plan under S4A Scheme was also recorded in the Minutes of Consortium/JLF meeting held on 09.05.2017, wherein it was also declared that the accounts of the Corporate Debtor with all the lenders have been declared as NPA in their respective books/ledger ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional. 28. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14(1)(a), (b), (c) & (d) and thus the following prohibitions are imposed which must be followed by all and sundry: "(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 wher ..... X X X X Extracts X X X X X X X X Extracts X X X X
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