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TMI Blog2017 (12) TMI 1724X X X X Extracts X X X X X X X X Extracts X X X X ..... n kruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process against Visa Power Ltd., a Corporate Debtor. 2. The brief facts of the case, as stated in the application, are that Bank of Maharashtra is engaged in the business of providing loans and various credit facilities to its customers and also one of the co-lenders in the consortium finance having a share of 5.1% to the total debt requirement of ₹ 1964 crores to Visa Power Limited for setting up a 2X 270 MW Coal fiels independent power Plant at Raigarh, Chattisgarh involving a project cost of ₹ 2619 crores .Shri D.Chatterjee has filed this application on behalf of Bank of Maharashtra by authorisation letter dated 30/12/2015 annexed with the petition on page 28-37 marked and annexed as Annexure- 'I-A'. 3. The Corporate Debtor Visa Power Ltd., Identification No. is U40101WB2005PLC105797. The name and registration number of the proposed Interim Resolution Professional are Mr Anil Goel; Registration No. is IBBIPA-001/lP-P00118/2017-18/10253 email: [email protected] 4. The applicant has stated that a faci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o identify the alternate use of the assets of the project and to find a strategic/financial investor/buyer for the project. 11. He also submitted that no JLF meeting convened after that. Moreover, it was agreed in the JLF meeting dated 05th August 2017 that other member Banks obtain approval from their competent authorities for referring the matter of corporate debtor to Hon'ble NCI-T. Therefore the claim of the corporate debtor that the majority of secured financial creditors have been working on the restructuring on the debt of the corporate debtor is not tenable. 12. We have heard the arguments of the Cd. Counsels for the parties and perused the record. On perusal of the records, it appears that the Financial Creditor has filed the documents to prove that up to 31st August 2017 Corporate Debtor is liable to pay ₹ 76.71 crores as principal amount and ₹ 17.37 crore as unpaid interest, total ₹ 94.08 crores. The petitioner has filed a statement of account, which is Annexure-IB at page 38 of the petition, which shows that up to 30th December 2015, the total due principal amount was ₹ 76.72 crores, which was disbursed to the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xure IQ page 212 to 213); a copy of the letter dated 17.05.2012 (Annexure IR page 214) regarding review of term loan of ₹ 95 crore and requested amendment in sanction term; copy of letter dated 15.06.2017 (Annexure IS) regarding communication of sanction by hig her authorities on amended stipulation (page 216 to 224); copy of acceptance letter dated 15.06.2015 (Annexure IT page 225 to 226) regarding acceptance of the revised term loan conditions issued by the Corporate Debtor; copy of the ledger account of the Corporate Debtor from 01.08.2010 to 31.08.2017 (Annexure IU page 227 to 234) showing total due amount including penal interest up to 31st August, 2017 was ₹ 94,07 ,96,837/-; copy of date-wise mail and letters exchanged to recover the default amount and the response by the Corporate Debtor for extending the due date of payment (Annexure IV page 235 to 236); copy of balance-sheet of Corporate Debtor as on 31st March, 2016 (Annexure IW page 237 to 256). All the documents mentioned above filed by the Financial Creditors proves that total amount of due including principal and interest was ₹ 94.08 crores. Copy of the ledger a/c of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttached as Annexure R-4. In the Reply filed by the Corporate Debtor, it has not denied the liability of the dues as claimed by the Financial Creditor and the only plea that has been taken by the Corporate Debtor is regarding the JLF decision. It is pertinent to mention that Corporate Debtor itself has stated in its reply that in JLF meeting dated 5th August 2017, it was decided by JLF to approach NCLT. Therefore, it cannot be said that the Financial Creditor has filed this petition without the approval of JLF. However, it is to be made clear that in case of Innovative Industries Ltd. [2017] SCC Online SC page 1025, the Hon 'ble Supreme Court has held that in the case of the Corporate Debtor, who commits a default of financial debt, the Adjudicating Authority has merely to see the records of the Information Utility or other evidence produced by the Financial Creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed, so long as the debt is due, i.e. payable unless inter-dicted by some law or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 Insolvency Bankruptcy Code, 2016 shall be made immediately. Moratorium under Sec. 14 of the Insolvency Bankru ptcy Code, 2016 prohibits the following: 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 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 occu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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