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TMI Blog2020 (1) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... d. X X X X Extracts X X X X X X X X Extracts X X X X ..... ite and further interest with cost which is pending before Debt Recovery Tribunal, New Delhi. 3. The brief averments made in Counter are as follows: (a) It is averred that a Public Interest Litigation was filed by some villagers before the Hon'ble High Court of Bombay challenging the public hearing conducted by Maharashtra Pollution Control Board (MPCB) for the Project. The Hon'ble High court of Bombay, Nagpur Bench passed a judgment on 18th October, 2011 against the above PIL, directing MPCB to conduct the public hearing again. The Court Order stated that "any activity undertaken by Lanco Vidarbha Thermal Power Limited in pursuance of the impugned environment clearance shall be at its own risk and subject to the final outcome of the proceeding". (b) It is averred that delay of around 3 years on account of Force Majeure event resulted in cost and time over run. The project cost increased from ₹ 6936 Crores to ₹ 10433 Crores as appraised by Financial Creditors under additional Rupee Loan Agreement dated 30th March 2015. (c) It is averred the Promoters of Corporate Debtor maintained required Debt: Equity ratio at all times as per Common Loan Agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) It is averred that there are certain irregularities on the part of the Corporate Debtor due to which they failed to maintain the financial discipline and consequently the account of the Corporate Debtor was declared as Non-Performing Asset. 5. We have heard the Counsel for Financial Creditor and also the Counsel for Corporate Debtor. 6. The present petition is filed under Section 7 of the Code by the Financial Creditor stating that the corporate debtor had defaulted in payment of ₹ 786,74,02,966.00 (Rupees Seven Hundred Eighty Six Crores Seventy Four Lakh Two Thousand Nine Hundered Sixty Six Only). 7. The Learned Counsel for Financial Creditor contended that Financial Creditor granted various Financial Facilities to the Corporate Debtor from time-to-time. The Counsel contended the Corporate Debtor committed default of ₹ 786,74,02,966.00. 8. Mr. Rotash Saini, Authorized Representative of the Financial Creditor and working as Senior Manager has preferred the present application on behalf of the Financial Creditor for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor in terms of provisions of the Code. 9. The Financial Creditor has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground on which the petition can be rejected. Further the corporate debtor admitted default. 13. The Learned Counsel for Financial Creditor filed written submissions. Wherein in Para No: 12 it is stated as follows : "That no where in the petition filed by the Financial Creditor, there is any reference to the RBI circular dated 12.2.2018 nor the action has been initiated in terms thereof. It would be pertinent to mention that Corporate Debtor was not party to proceedings before Hon'ble Supreme court as no petition in its own capacity was filed by Corporate Debtor challenging the proceedings and therefore this Hon'ble Tribunal never stayed the proceedings pending before it at any stage. Even otherwise, as the present [proceedings have not been initiating upon directions of RBI, there is no impact of Supreme Court judgment referred above and same bench had upheld the provisions of Insolvency and Bankruptcy Code, 2016 and nothing stops the Financial Creditor to initiate the process under code when already when most of the lenders have jointly filed OA for recovery against Corporate Debtor pending before DRT -1 Delhi which has reached the stage of evidence." 14. Du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstitution 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; Transferring , encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor. (b) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) That the order of moratorium shall have effect from 03.10.2019 till ..... X X X X Extracts X X X X X X X X Extracts X X X X
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