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TMI Blog2019 (5) TMI 1877X X X X Extracts X X X X X X X X Extracts X X X X ..... The International Finance Corporation (for brevity 'Financial Creditor') has filed the instant petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer for triggering the Insolvency Resolution Process in the matter of Punj Llyod Upstream Limited (for brevity 'the Corporate Debtor'). 2. The Corporate Debtor-Punj Llyod Upstream Limited is a company registered under the provisions of the Companies Act, 1956 and was incorporated on 04.04.2007. The identification number of the Corporate Debtor is U11100DL2007PLC161686 and its registered office is situated at Punj Llyod House 17-18, Nehru Place, New Delhi- 110019. Its authorized share capital is Rs. 1,00,00,00,000/- and the paid upshare capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the holding company of the Principal Borrower. The said petition was disposed of by us vide order dated 09.05.2019 with the observations that 'as per the provisions of Section 11 of the Code, 2016 another Corporate Insolvency Process cannot be initiated against a corporate debtor that is undergoing a corporate insolvency resolution process'. However, liberty was granted to the Financial Creditor to file its claim before the Insolvency Professional namely Mr. Gaurav Gupta in accordance with law which shall be duly considered. 7. On perusal of records, including the Form-1 filed by the 'Financial Creditor'- ('International Finance Corporation') against the Principal Borrower-Corporate Debtor and the 'Guarantor' namely Punj Lloyd Limited it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in twelve (12) semi-annual instalments. Section 6.01 of the June 2008 Agreement also provided for acceleration of payment by the Corporate Debtor to the Applicant upon the occurrence of an 'Event of Default' which, as per Section 6.02 included, inter alia, a continued failure for 5 days to pay any amounts due including any part of the principal or interest on the loan. (iii) The Corporate Debtor drew the first tranche of the total loan amount which amounted to USD 12,500,000 on 19 November 2008 and 02 April 2009. (iv) Tranche 2 was formally cancelled by the Applicant on 19 March 2015 upon the Corporate Debtor's request. A copy of the June 2008 Agreement is annexed herewith as Annexure A-1. (v) Further, PunjLlyod Limited ("PLL"), the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement") had extended facilities amounting to a total of USD 20,000,000 to the Corporate Debtor. (ii) The Corporate Debtor drew down the entire loan of IJSD 20,000,000 on 01 April 2009. A copy of the March 2008 Agreement is annexed herewith as Annexure A- 1. Guarantee Agreement with the Corporate Debtor to secure payments under June 2008 Agreement with the Punj Lloyd Upstream Limited, Corporate Debtor's subsidiary (i) The Applicant had granted a loan amounting to USD 25,000,000 by way of a loan agreement dated 06 June 2008 ("June 2008 Agreement") to a subsidiary of the Corporate Debtor, being Punj Lloyd Upstream Limited ("Punj Lloyd Upstream"). (ii) The Corporate Debtor guaranteed payments due to the Applicant under the June 2008 Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 Other Fee 40,000 Total amount in default 19,050,927.26 Guarantee Agreement and June 2008 Agreement Principal Outstanding 8,333,332.00 Interest 2,213,274.6 Default Interest 1,105,140.0 Total amount in default 11,651,746.6 Hon'ble English High Court Order GBP 75,000 Note: The Hon'ble English High Court also directed payments of the amounts due to the Applicant under the March 2008 Agreement and the Guarantee Agreement. However, those amounts are not restated here to avoid confusion. The relevant details of the Order passed by the Hon'ble English High Court, including the amounts awarded under the Order, are set out hereinbelow at Part V, point 2 of the present Application. Total amount in default as of 17 September ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Financial Creditor was entertained by Mr. Gaurav Gupta, IRP and included in the aforesaid list as is evident from the list itself. 12. Therefore, the question that arises for consideration is whether the same claim could be made the basis for filing an application under Section 7 of the Code for triggering the CIR Process. The question is no longer res integra. In, Dr. Vishnu Kumar Agarwal v. M/s. Piramal Enterprises Ltd., Company Appeal (AT) (Insolvency) No. 346 of 2018 decided on 08.01.2019, the Learned Appellate Tribunal held that: ".......However, once for same set of claim application under Section 7 filed by the 'Financial Creditor' is admitted against one of the 'Corporate Debtor' ('Principal Borrower' or 'Corporate Guaranto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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