9911796707
TMI Blog2021 (3) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... on has been filed against McNally Sayaji Engineering Limited, a corporate entity, having its office at Calcutta (hereinafter referred to as the Corporate Debtor). 3. It is submitted in the petition by the Financial Creditor that on the request of the Corporate Debtor, the Financial Creditor had granted and disbursed Rupee term loan facility of a cumulative value of Rs. 50,00,00,000/- comprising the following: - (i) Rupee Term Loan facility of Rs. 25,00,00,000/-(Rupees Twenty-Five Crores Only). ("Rupee Term Loan Facility I"); and date of disbursement dated June 18, 2015. (ii) Rupee Term Loan facility of Rs. 25,00,00,000/-(Rupees Twenty-Five Crores Only). ("Rupee Term Loan Facility II"); and date of disbursement dated June 27, 2015. (iii) Working Capital facility, which was renewed from time to time. It is stated that the total amount in default in Facility I as on 31 December, 2019 is Rs. 14,50,49,157.39 ( Rupees Fourteen Crores Fifty Lacs Forty Nine Thousand One Hundred Fifty Seven and Thirty nine Paise) and the date of default is January, 31,2019. (iv) The amount of default under Facility II as on December, 31, 2019 is 14,50,75,502/- (Rupees Fourteen Crores Fifty Lacs Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithin one week after the filing of the reply. Then the matter was listed on 26th November, 2020. However, on 26th November, 2020, none appeared for the parties because there was a resolution of the Bar Association requesting the members to abstain from appearing. The matter was then posted for 1st December, 2020. On 1st December, 2020, Ld. Counsel for the parties appeared and sought time to settle the matter. The matter was thus listed on 8th December, 2020 either to report settlement or to advance final arguments. On 8th December, 2020, it was noticed that in spite of order dated 3rd November, 2020, the reply affidavit had not been filed, and was filed quite late i.e. 7th December, 2020. The matter had to be listed on 16th December, 2020 for arguments. 7. The matter has thus been heard on behalf of both the parties. The Ld. Counsel for the Financial Creditor has taken us through the application and the annexures filed in support of the application. We find that the application is complete in all respects in terms of the provisions of the Code, and admittedly no limitation issue is involved therein. 8. The Ld. Counsel for the Financial Creditor has submitted that the loan was gra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the process as soon as possible. 15. We have heard the Ld. Counsel for the parties at length. This is a case where the Financial Creditor ICICI Bank Limited had granted a total loan by way of three facilities totaling up to Rs. 45,84,41,659.02 ( Rupees Forty Five Crores Eighty Four Lacs Forty One Thousand Six Hundred Fifty Nine and two paise ), which was duly disbursed on June 18, 2015, June 27,2015, December 29,2009, (as renewed from time to time), Retail loan June 30, 2016 and retail loan facility to July 18,2016. The Financial Creditor has placed on record various documents proving that the default has been committed by the Corporate Debtor to the tune of Rs. 45,84,41,659.02 (Rupees Forty Five Crores Eighty Four Lacs Forty One Thousand Six Hundred Fifty Nine and Two paise) as on January 28, 2019, which liability the Corporate Debtor has failed to discharge in spite of demand-cum-loan recalling notice dated 3rd January, 2020. 16. On one side, Ld. Counsel for the Financial Creditor has proved its case on the basis of various documents placed before the Bench and has satisfied the Bench step by step from the date of sanction of loan to the date of recalling of the said loan by w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 of the I & B Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: a) The institution 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; 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 (54 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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