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TMI Blog2019 (12) TMI 1415X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor with respect to the outstanding amount of ' 2,83,10,52,539.32 as on 14.01.2019, this application is admitted. Application admitted - moratorium declared. - IBA/1017/2019 - - - Dated:- 18-12-2019 - B.S.V. Prakash Kumar, Member (J) and S. Vijayaraghavan, Member (T) For the Appellant : M.L. Ganesh and S. Arunkumar, Advocates For the Respondents : Rahul Balaji and Vishnu Mohan, Advocates ORDER S. VIJAYARAGHAVAN, MEMBER (T) 1. It is an Insolvency and Bankruptcy Application (in short IBA ) filed u/s 7 of the Insolvency Bankruptcy Code, 2016 ( the Code ) by Punjab National Bank (hereinafter referred as ''Financial Creditor ) for initiation of Corporate Insolvency Resolution Process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total 107.3 4 31.25 13.72 9.50 23.14 15.00 28.40 228.35 Sanction Letter 12/5/0 9 21/9/11 15/12/15 8/3/11 19/3/11 3/10/11 22/1/11 -- In pursuance of the grant of aforesaid credit facilities, the Corporate Debtor and Guarantors executed the loan security documents on 28.12.2011 in favour of PNB consortium. 2.1. The Financial Creditor counsel further states that the Corporate Debtor executed Memorandum of Title Deed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Guarantee (EPBG) facility vide loan application dated 10.01.2015. In consideration of the grant of aforesaid EPBG facility, the Corporate Debtor had offered collateral security of 1st paripassu charge on all present and future fixed assets of the company (excluding current assets of distillery and co-generation division). On the request of Corporate Debtor vide letter dated 19.10.2015 for release of undisbursed amount against the EPBG facility of USD 43 million, non-fund based facilities aggregating to USD 95.91 million equivalent to about ' 595.08 crores was sanctioned for which Corporate Debtor executed loan security documents and general counter indemnity on 04.06.2015. 2.3 To support their claim, the Financial Creditor filed date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor 10. 05.11.2018 Demand Notice issued by PNB Consortium through its security trustee, IDBI Trusteeship company u/s. 13(2) of the SARFAESI Act 11. 21.01.2019 Certificate of Charge for the total limit of ' 608.80 crores issued by RoC in favour of PNB consortium 12. 11.02.2019 Legal Notice issued to the Corporate Debtor 13. 19.02.2019 Certificate issued under Banker's Book Evidence Act 2.4. Looking at the dates and events as well as the annexures to the Application, we hereby hold that the Creditor Bank h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .02.2019 to the Corporate Debtor but for no avail. Since the Corporate Debtor has not come forward to repay the loan amount, the Financial Creditor and other banks have jointly filed OA. No. 262 of 2019 for recovery of ' 643,10,31,414.99 crores as on 14.01.2019 before DRT-II Chennai and it is pending for adjudication. 3. The Corporate Debtor counsel submitted that prolonged drought and shortage of cane took a heavy toll on the availability of molasses and bagasse for viable operation of the distillery and co-generation plants and that these factors had already been brought to the attention of Bankers and it had proposed one Time Settlement (OTS). The Corporate Debtor made a request that the recovery proceedings initiated before NCLT/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontinuation offending 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 corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by a owner or lessor where such property is occupied by or in the possession of the corporate debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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