9911796707
TMI Blog2019 (9) TMI 1437X X X X Extracts X X X X X X X X Extracts X X X X ..... of the consortium as reflected in page no.1033 (Volume - IV) of the petition - In the instant Petition, the Petitioner has proved its case by placing documentary evidence viz., Copies of Facility Agreements and sanction letters, date and details of all disbursements of the facilities etc., and copies of entries in Bankers Book in accordance with the Bankers Books Evidence Act, 1891 which proves that a default has occurred for which the present Corporate Debtor was liable to pay. In the present case, this Adjudicating Authority is satisfied with the submissions put forth by the Petitioner/Financial Creditor. Further, the Financial Creditor has fulfilled all the requirements as contemplated under IB Code in the present Company Petition and has also proposed the name of IRP after obtaining his written consent in Form-2 - this Adjudicating Authority is inclined to admit the petition. The instant petition is hereby admitted and this Adjudicating Authority Orders the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed as per the time line stipulated in section 12 of the IB Code, 2016 - Application admitted - moratorium declared. - CP ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor, from time to time created security by way of Hypothecation of its movable properties and mortgage of its immovable properties situated at its manufacturing units as security for due repayment of the existing loan facilities. The details of security created by the Corporate Debtor and particulars of the immovable properties pertaining to its manufacturing units are fully described under schedule - II of the aforesaid MRA. 6. It is stated that as on the last date of sanction i.e., 15.01.2015, the limits sanctioned, as per the MRA, by the Petitioner together with other consortium banks were as under: Amount in Rs. Crores Type of Limit Applicant Consortium Fund Based - Working Capital - Term Loan 84.00 62.34 121.40 150.85 Non Fund Based 15.38 30.84 Total 161.72 303.09 7. It is stated by the Financial Creditor that the Corporate Debtor had defaulted in the implementation of re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 27.03.2013 executed by the Managing Director and Executive Director of the Corporate Debtor; g) Sanction letter dated 15.01.2015; h) Notice u/s. 13(2) of SARFAESI Act, 2002 dated 15.03.2017; i) Certificate under banker's book of evidence Act issued by the Financial Creditor. 11. Respondent filed counter stating that the financial facilities are were made available by the consortium of three banks namely SBI, IOB and IDBI Bank. Therefore, the filing of the present Petition under IBC by a single financial creditor independently by coming out of the said consortium of the banks is not sustainable under law. 12. It is stated that the present petition has been filed only by the State Bank of India and it has claimed the entire amount with respect to all the consortium banks with a claim of ₹ 340,22,70,058.86/- is illegal and arbitrary. 13. It is stated that the Petitioner has applied for restructuring of the loan in the month of March, 2015 and for grant of additional facilities, but this Respondent received a letter dated 22.01.2016 with respect to the renewal of working capital facilities. However, the Petitioner bank has classified the account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the MCA portal has also been filed by the Petitioner, wherein it was admitted that All the loan accounts with SBI, SBH, IDBI and IOB have become non-performing due to non-payment of interest and Principal dues. The respective banks have initiated recovery action and filed application in DRT Hyderabad demanding the full amount and accordingly the total dues have shown under current maturities . 18. Reiterating above, the counsel for Petitioner prayed to allow the instant Petition. 19. The instant case was filed on 25.01.2019 in the registry and after scrutiny the same was listed for hearing on 19.03.2019. This Adjudicating Authority directed to issue notice to Respondent for appearance and making submissions, if any, and for filing proof of service and the matter was adjourned to 11.04.2019. 20. During the hearing held on 12.04.2019, the proxy representing the Corporate Debtor was present and did not file proof of service of notice to the other side and a fresh notice was ordered and matter was adjourned to 30.04.2019. On 30.04.2019, upon representation by proxy, the matter was further adjourned to 13.05.2019. 21. During the hearing held on 13.05.2019, upon no represen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has stated various reasons as such as (i) The financial facilities were made available by consortium of three banks but the present Petition is filed by single Financial Creditor, (ii) the present petition has been filed only by the SBI but it is claiming the entire amount with respect to all the consortium banks with a claim for ₹ 340,22,70,058.86/- etc., 29. The contention of the Corporate Debtor regarding filing of the present petition by the single Financial Creditor, though the Financial Facilities were made available by the three Banks is an untenable ground for rejection of the instant Petition, as Section 7 of IBC, 2016 provides for independent right to every Financial Creditor either by itself or jointly to file an Application for initiation of CIRP against the Corporate Debtor. Thus the said contention of Corporate Debtor is not maintainable. 30. With regard to the contention of the Corporate Debtor regarding claim of the entire amount of Consortium by the present Financial Creditor, it has been clarified by the petitioner/Financial Creditor that the claim made in the instant petition is only with respect to the financial debt owed by the Corporate Debtor to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and has also proposed the name of IRP after obtaining his written consent in Form-2. In view of the above, this Adjudicating Authority is inclined to admit the petition. 35. The instant petition is hereby admitted and this Adjudicating Authority Orders the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed as per the time line stipulated in section 12 of the IB Code, 2016, reckoning from the day this order is passed. 36. This Adjudicating Authority hereby appoint Mr. Ram Ratan Kanoongo (IRP) as the name proposed by the Financial Creditor and his name is reflected in IBBI website. He has also filed his written consent in Form -2. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I B Code, 2016 within three days from the date of this order, and call for submissions of claim in the manner as prescribed. 37. This Adjudicating Authority hereby declares the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process for the purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
