9911796707
TMI Blog2019 (8) TMI 1491X X X X Extracts X X X X X X X X Extracts X X X X ..... for initiation of Corporate Insolvency Resolution Process against the Respondent/Corporate debtor company "M/s. Feeders Electric & Engineerng Limited." 2. The Applicant "State Bank of India" is a Banking Institution and corporate body constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 Mr. Narinder Kumar Sharma (Assistant General Manager), has Mr. Narinder Kumar Sharma (Assistant General Manager), has been authorised to file this application on behalf of Financial Creditor. 3. The Respondent/Corporate Debtor "M/s. Feeders Electric & Engineerng Limited is a Company Incorporated on 16.01.1957 under the provision of Companies Act, 1956, bearing Identification Number L29299UP1957PLC021118. The Authoriz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all type of pleadings, Vakalatnama, affidavit, execution and various other applications and to do all acts necessary for the proper conduct of legal proceedings filed by and on behalf of the Financial Creditor in view of the provisions of State Bank of India Act, 1955 read with State Bank of India Regulations 76 and 77 framed by Reserve Bank of India under Section 50 of the State Bank of India Act, 1955 and Gazette Notification published in Gazette of India in this regard on 02.05.1987. iv. In respect of the loan facility advanced to the Corporate Debtor by the Financial Creditor, the Corporate Debtor has created security on first Pari Passu charge basis hypothecation of whole of the current assets of the Corporate Debtor namely stocks o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... our of the Consortium Lenders on second Pari Passu charge basis, the first charge being in favour of the term lenders. vii. Corporate Debtor signed and executed balance confirmation letter/s dated 31.03.2016, 05.04.2017, 25.04.2017 and 11.04.2018 in favour of Consortium Lenders in acceptance of the correctness of the loan account and the outstanding therein as on 31.03.2016, 31.03.2017, and 31.03.2018. viii. The Corporate Debtor is indebted to the Applicant, in an aggregate of Rs. 451,16,45,659.18 (Rupees Four Hundred Fifty One Crores Sixteen Lakhs Forty Five Thousand Six Hundred Fifty Nine And Eighteen Paisa Only) as on 31.012019 in respect of working capital facilities sanctioned by it to the Corporate Debtor. ix. The Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnexure P-5 of the application. (ii) Applicant has also annexed the copy of the working capital consortium agreement dated, Inter-se agreement dated 30.06.2014 and undertaking cum Indemnity dated 15.10.2014 where the corporate debtor has acknowledged its liability towards applicant (Copy of letter is annexed as Annexure P6 of the Application) (iii) Further, the corporate debtor has annexed the certificate as per Bankers Book Evidence Act.(True Copy of certificate is annexed as Annexure P27 of the Application). 8. Hence, the application on behalf of financial creditor/Applicant under Section 7 of IBC is complete. It further appears that there is default due to non-payment of the debt owed by the corporate debtor, applicant has annexed s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(54 of 2002); (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. It is further directed that; (i) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period (ii) The provision of sub-section (1) shall not apply to such transaction as may be notified by the Central Government in consultation with any financial sector regulator, 1. The IRP shall comply with the Provision of Sections 13(2), 15, 17 & 18 of the Code. Further, the Direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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