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TMI Blog2019 (10) TMI 276X X X X Extracts X X X X X X X X Extracts X X X X ..... essional with directions. Application admitted - moratorium declared. - IBA/453/2019 - - - Dated:- 5-7-2019 - MR B. S. V. PRAKASH KUMAR, MEMBER (JUDICIAL) For The Applicant : Mr Varun Srinivasan, Adv. or The Respondent : Mr B. Dhanaraj, Adv. ORDER Per : MR B. S. V. PRAKASH KUMAR, MEMBER (JUDICIAL) 1. It is the main Company Application filed by the Financial Creditor u/s. 7 of the Insolvency Bankruptcy Code, 2016 (the Code) for initiation of Corporate Insolvency Process (CIRP) on the ground that this Corporate Debtor defaulted in repaying an amount of ₹ 130.30 Crores as on 31.12.2018 and failed to discharge duty of a Guarantor i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the original sanction already provided to M/s. Siva Ventures Limited. On 24.06.2011, M/s. Siva Ventures Limited filed an amended Deed of Hypothecation in favour of the Financial Creditor. In the meanwhile, since the M/s. Siva Ventures Limited merged with M/s. Siva Industries and Holdings Limited (the Corporate Debtor) on 22.08.2013 with transfer of its liabilities to the Transferee Company, this Corporate Debtor has become liable to pay the loan facilities availed by the Transferor Company namely, M/s. Siva Ventures Limited (M/s. Siva Ventures Limited merged with M/s. Siva Industries Holdings Limited with effect from 01.04.2011) by virtue of the Scheme approved by the Hon'ble High Court of Madras in CP/84 to 93/2013 on 22.08.2013. Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial assistance on 18.10.2011. Again, the Financial Creditor on 22.01.2014 reduced the Letter of Credit Limit from USD 50 million to USD 35 million. In this process, the Corporate Debtor on 11.02.2015, issued a Continuing Security Letter to the Financial Creditor with respect to re-structured sanction viz. No.2174/ICG/RMPL/2013-13 for reduction of stand-by Letter of Credit Limit from USD 50 million to USD 35 million. Thereafter on 16.03.2014 and 15.07.2016 sanction limits were modified. 5. To prove this debt is not barred by limitation, the Financial Credit has placed acknowledgement of loan on 03.12.201, 09.10.2014 and 05.01.2015. To show that the acknowledgement of loan is within three years before filing of this case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gregating to ₹ 61,64,31,723.25 along with processing fee of USD 28015 as per the details given in the letter dated 10.04.2017. 7. But whereas this Corporate Debtor having failed to discharge its liability on both Accounts, this Financial Creditor filed this comprehensive application including two accounts (i) earlier given to Siva Ventures Limited (subsequently merged with Siva Energy - the Corporate Debtor) and Rudhra Minerals Pte Limited (the Principal Borrower) seeking initiation of CIRP. 8. As against this petition, the Corporate Debtor Counsel having not disputed existence of debt and default, this Bench being satisfied that the Petitioner has proved existence of debt and default, I am of the view th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from 04.07.2019 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of IBC. VI. That this Bench hereby appoints Mr. Mr. Savan Godiawala, having Reg. No: [IBBI/IPA-001/IP-P000239/2017-18/10468] Deloitte Touche Toh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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