9911796707
TMI Blog2021 (4) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... 390006 and also at Gangtok Branch, Namnang Road, Gangtok - 737101. The Applicant is carrying on the business of banking in India as a scheduled commercial bank under Reserve Bank of India. The Respondent No.1 to 2 (also referred to as the 'Respondents') are the personal guarantors for credit facilities granted to M/s Bluefern Ventures Private Limited (Also referred to as the 'Corporate Debtor') by the Applicant. 3. On or about 2010 some Directors and representatives of the Corporate Debtor (presently into liquidation) approached the Applicant at its Gangtok office for seeking sanction of credit facilities of INR 10.33 crores (Rupees Ten crores Thirty Three Lakhs only). At such request of the Corporate Debtor, the Applicant sanctioned credit facilities of up to INR 10.33 crores (Rupees Ten crores Thirty Three Lakhs only) only on terms and conditions mentioned in the sanction letter dated November 09, 2010 bearing reference no.DCC/SME/ADV/1045/2010 issued by the Applicant. The terms of the said sanction letter were duly accepted and agreed to by the Corporate Debtor. Pursuant to the said Sanction Letter, the Applicant and the Corporate Debtor also entered into Loan Agreements in res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Loan Agreement dated 02.12.2010 the Respondent No.1 and 2 executed three Letters of guarantees, all dated 12.06.2013. The copies of the Letters of Personal Guarantee, all dated 12.05.2013 are annexed with the application and marked as Annexure 'B'. 8. It is stated that the corporate debtor initially planned to construct a five and half storied hotel building having 62 rooms (later changed to 65 rooms) but due to an earthquake which struck Sikkim the entire build up and landscape was damaged. As a result the project cost was revised from Rs. 20.17 crores to Rs. 48.24 crores. 9. The Respondents also executed a deed of mortgage in respect of a land on which the hotel was to be constructed. The land is in the name of the Respondent No.2 who was one of the directors as well as the guarantor to the loan facility extended the applicant. A copy of the deed of Mortgage is annexed with the application and marked as Annexure "C". 10. The Respondents availed of the said credit facilities in its accounts for its business as will appear from the documents mentioned hereinbefore and from time to time admitted its liability to the Applicant including the order passed for initiation of CIRP proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above, the Corporate Debtor assured, admitted and acknowledged its liabilities under the Loan Agreement to the Applicant. Hence such commitment made by the Corporate Debtor is an unequivocal and clear admission and acknowledgment of debt by the Corporate Debtor. 16. The Respondents are jointly and severally liable to pay the outstanding dues of Corporate Debtor and as such the liability of the Respondents are co-extensive with that of the Corporate Debtor. It is submitted that in view of the aforesaid, the Applicant is entitled to invoke the provisions of IBC for initiating bankruptcy proceedings against the Respondents. 17. After giving credits for all sums of moneys paid by and/or realized on behalf of Corporate Debtor, there is now due from and owing by Corporate Debtor and the Respondents, jointly and severally, to the Applicant in several account an aggregate sum of Rs. 38,63,02,841/- (Rupees thirty eight crores sixty three lakhs two thousands eight hundred and Forty one only) as on 06.09.2019. The Summary of claim along with the Statement of Accounts duly certified under the Banker's Books of Evidence Act is annexed hereto marked as Annexure 'E'. 18. In spite of demands, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seek leave of the Tribunal every time they leave the territorial jurisdiction of the Tribunal. 24. It is just and convenient that the orders be made as prayed for herein. The balance of convenience is also in favour of making the orders prayed for. 25. Unless orders are made as prayed for herein, the Applicant will suffer irreparable loss and prejudice. 26. This application is made bona fide and in the interest of justice. 27. In view of the facts mentioned in paragraph V above, the Applicant prays for the following reliefs: a) That an interim moratorium be declared in relation to all the debts and liabilities in terms of section 96 (1) (a) of the Insolvency and bankruptcy Code, 2016; b) That the resolution professional appointed be directed to examine the application and submit a report before this Hon'ble Tribunal; c) That upon examining the report field by the liquidator this Hon'ble Tribunal may be pleased to admit the application for insolvency proceedings and declare moratorium in respect of all the assets or legal rights or any beneficial interests in any properties of the Respondent No.1 and 2; d) Such other orders as this Tribunal may deem fit and proper. Orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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