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TMI Blog2021 (3) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... plication of the Financial Creditor being complete in all respects and there being no denial of the default having taken place in repayment of the debt due to the Financial Creditor - Application admitted - moratorium declared. - CP No.131/KB/2020 - - - Dated:- 11-2-2021 - Mr. Rajasekhar V.K., Member (Judicial) and Mr. Harish Chander Suri, Member (Technical) For the Financial Creditor : Mr. Rishav Banerjee, Advocate, Mr. Avishek Guha, Advocate, Ms.Kasturi Dasgupta, Advocate ORDER The Court is convened by video conference on 12/01/2021. 2. This Company petition being CP (IB) No. 131/KB/2020 has been filed by ICICI Bank Limited, having its registered office at Vadodara, Regional office at Kolkata (hereinafter referred as the Financial Creditor), who has authorised Mr. Ayush Bagri, vide Power of Attorney dated 6th February, 2019 along with Board Resolutions dated May 3, 2002, October 30, 2019 ,October 27, 2017 and July 27,2017 and July 27,2018 (Annexure- B) empowering him, inter alia, to sign, verify, and file all petitions or legal proceedings, including but not limited to initiation of Corporate Insolvency Resolution Process under the IBC Code ,2016. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 Rupee Term loan 1 125,000,000.00 2,00,49,157.39 14,50,49,157.39 January,3 1, 2019 334 2. Rupee Term Loan 2 125,000,000.00 2,00,75,502.00 14,50,75,502.00 January,3 1, 2019 334 3. Cash Credit 23,23,64,561.78 3,79,09,345.00 27,02,73,906.78 January, 28,2019 337 4. Letter of Credit 14,65,75,511.22 2,69,02,250.26 17,34,77,761.48 5. Bank Guarantee 1,16,84,511.76 30,05,479.00 1,46,89,990.76 Total 64,06,24,584.76 10,79,41,733.65 74,85,66,318.41 5. The Financial Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oposed the name of Mr. Jitendra Lohia, to act as IRP with Registration No. IBBI/IPA-001/IP-P00170/2017- 18/10339 and the proposed IRP has also given Form-2 dated 31 st December, 2019, consenting to act as the RP in the matter and mentioning therein the usual mandatory clause. 10. The Corporate Debtor has filed an affidavit in opposition, though late, sworn on 7th December, 2020 by Shri Purajit Roy, the Chief Financial Officer of the Corporate Debtor submitting that the Management of the Corporate Debtor has been relentlessly pursuing several debts restricting initiatives for Corporate Debtor in the past year. ANGCC capital management, Iceland had actively considered investing in the Corporate Debtor s having evaluated its business prospects in the presence of the Corporate Debtor s lenders since November, 2019. As a matter of fact, the lenders, including the Financial Creditor herein, had sought some further improvement in the offer at that point in time. 11. It is stated that due to outbreak of the Covid-19 pandemic, the Resolution Plan could not be implemented but the said company has never walked away from their offer. 12. It is submitted on behalf of the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 59.02 ( Rupees Forty Five Crores Eighty Four Lacs Forty One Thousand Six Hundred Fifty Nine and Two paise) and having failed till date to make the re-payment of the said loan with interest, being ₹ 74,85,66,318.41 ( Rupees Seventy Four Crores Eighty Five Lacs Sixty Six Thousand Three Hundred Eighteen and Forty One paise), this application deserves to be admitted. 17. From the aforesaid facts, it is clear that on the request of the Corporate Debtor, the Financial Creditor had sanctioned the loan, which was duly disbursed to the Corporate Debtor in its Bank Account and was duly acknowledged. It is also not denied that the default has not occurred resulting in triggering the process of insolvency. Section 7(1) of the Code expressly envisages a default is in respect of financial debt, that is owed to any financial creditor by the Corporate Debtor. The Financial Creditor has made this application in the prescribed form and manner. This Adjudicating Authority has to simply satisfy itself that the default has actually occurred. Even, though the Corporate Debtor has the right to point out that the default has not occurred, but there is no such plea in its affidavit in opposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecified shall not be terminated, suspended, or interrupted during the moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix) Mr. Jitendra Lohia, registered with Insolvency and Bankruptcy Board of India, having Registration No. IBBI /IPA-001/IP-P00170/ 2017-19/10339] is hereby appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan subject to production of written consent within one week from the date of ..... 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