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TMI Blog2018 (10) TMI 1747X X X X Extracts X X X X X X X X Extracts X X X X ..... a Company Petition filed u/s 7 of Insolvency Bankruptcy Code, 2016 (IBC) by Asset Reconstruction Company (India) Limited (hereinafter referred to as ARCIL Company ), Financial Creditor against Shivam Water Treaters Private Limited, Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on the grounds that, as on 27.09.2017, Corporate Debtor has defaulted in making repayment of debt amounting to ₹ 1,24,34,45,232/- collectively under the Cash Credit Facility, Corporate Loan I and Corporate Loan II. 2. It is pertinent to note the brief facts that led to the present petition. State Bank of India (hereinafter referred to as SBI ) i.e. the original lender sanctioned credit limits for a total amount of ₹ 39,37,00,000/- vide its sanction letter dated 17.09.2009 which was secured by various security documents. SBI along with Allahabad Bank who is also a lender of the Corporate Debtor constituted SBI consortium vide an inter se agreement on 10.10.2009 and SBI was nominated as the lead bank in the consortium. Another Working Capital Consortium Agreement dated 10.10.2009 was entered into between SBI, Allahabad Bank a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liability to pay under the facilities granted to it by the lenders and thereby admitting the debt and default. The Corporate Debtor has also made payment to the Petitioner on 21.08.2014 i.e. after the assignment of the debt by the lenders to the Petitioner on 28.03.2014 and is thereby estopped from disputing the assignment agreement. 7. The Petitioner submits that the Corporate Debtor has defaulted on the principal amount for which it has been charged with interest under various arrangements as per the following details as on 27.09.2017: Total outstanding dues Loan Facility (along with interest; in INR) 4,65,83,386/- Corporate Loan I 96,97,18,459/- Cash Credit Facility 22,71,43,388/- Corporate Loan II 1243445232/- Total outstanding 8. The Respondent in this petition has raised certain issues in its defense to establish that this Bench does not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled beyond the limitation period of three years from the date when the account of the respondent company was classified as NPA on 21.07.2011. 11. On perusal of the petition and the documents filed it is noted that the SBI i.e. the original lender sanctioned credit limits for a total amount of ₹ 39,37,00,000/- vide its sanction letter dated 17.09.2009 which was secured by various security documents. SBI along with Allahabad Bank who is also a lender of the Corporate Debtor constituted SBI consortium vide an inter se agreement on 10.10.2009 and SBI was nominated as the lead bank in the consortium. Allahabad Bank executed a Letter of Authority in favour of SBI authorizing them to take all actions and decisions on its behalf as Lead bank of the SBI Consortium. Another Working Capital Consortium Agreement was entered into between SBI, Allahabad Bank and the Corporate Debtor. On 31.03.2011 SBI issued another Arrangement Letter for renewal/enhancement of credit limit to ₹ 41,26,00,000/-, which included an amount of ₹ 10,00,00,000/- sanctioned by SBI. The account of Corporate Debtor was classified as Non-Performing Asset on 21.07.2011 after which, in the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... secured by a mortgage or otherwise charged upon immovable property is Twelve years from the date when money sued for becomes due. In the light of decision of Hon ble NCLAT in the matter of Innoventive Industries Ltd. vs. ICICI Bank Anr., in Company Appeal (AT) (Insolvency) No. 1 2 of 2017, we do not find any force in any of the arguments of the Respondent. 17. For the Petitioner having proved the existence of debt as well as existence of default, this Petition is hereby admitted against this Corporate Debtor. 18. The Corporate Debtor having named the Interim Resolution Professional with his consent, there being no disciplinary proceedings against the same, this Bench hereby admits this petition filed under Section 7 of IBC, 2016, declaring moratorium with consequential directions as mentioned below: I. That this Bench hereby prohibits 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 cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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