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TMI Blog2020 (2) TMI 1543X X X X Extracts X X X X X X X X Extracts X X X X ..... Rajesh Chaubey. For the Respondents : Pradip Kumar Tarafder and Sambuddha Dutta, Advocate. ORDER Harish Chander Suri, Member (T) 1. This petition under Section 7 of the Insolvency Bankruptcy Code, 2016 read with Rule 4 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by M/s. STATE BANK OF INDIA through one of its authorized officers Ms. Shobha Mittal, one of the Assistant General Manager, authorised by the Chairman vide authorisation dated June 16, 2017 for seeking Corporate Insolvency Resolution process against M/S. MACKEIL ISPAT FORGING LIMITED, having its registered office at Kolkata, West Bengal, hereinafter referred to as the Corporate Debtor. 2. It is submitted that ₹ 83.00 crores (Rupees Eighty Three crores only) ( Term Loan Consortium Facility ) was sanctioned to Mackeil Ispat Forging Limited ( Corporate Debtor ) by a consortium of lenders consisting of the Applicant as the lead bank, (erstwhile State Bank of Saurashtra, erstwhile State Bank of Patiala, erstwhile State Bank of Travancore, each of them now stands amalgamated with the Applicant i.e. State Bank of India), Indian Overseas Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estructured Facilities were recalled, and all the amounts thereunder were declared due and payable forthwith vide demand and recall letter dated February 25,2015 issued to the Corporate Debtor as well as to the guarantors by the Applicant. However, the Respondent has not made any payments pursuant to the aforesaid recall letter and a total debt of ₹ 217,42,97,170.42 (Rupees Two Hundred Seventeen Crores Forty Two Lakh Ninety Seven Thousand One Hundred and Seventy and Forty Two Paise only) is due and payable by the Respondent as on January 19,2018. Consequently, since the default amount, as mentioned above is greater than ₹ 1,00,000 (Rupees One Lakh Only) (Section 4 of the Code), this present application has been filed under Section 7(1) of the Code. 3. The Financial Creditor has proposed the name of Mr. Siba Kumar Mohapatra, for being appointed as the Interim Resolution Professional, in case of admission of the application. Mr. Siba Kumar Mahapatra vide his letter dated 31st January, 2019 written to this Tribunal, agreed to accept the appointment as IRP, if the present application is admitted. 4. The Financial Creditor has also filed CIBIL Report in respect of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bts for any particular payment and there are pre-existing disputes between the parties especially the suit for damages being C.S. No. 202 of 2014 filed in the High Court of Kolkata. It is submitted that pursuant to term loan sanctioned on 25th June, 2008 and agreement executed on 5th August, 2008 by the Corporate Debtor, disbursal of whole amount of the term loan was not made by the Financial Creditor. The loan was disbursed in driblets and there was enormous delay of 20 months which adversely affected the operational and financial viability of the project of the Corporate Debtor. It is submitted that the purported NPA accounts of the Corporate Debtor were not really NPA and were very much operational even after the alleged debt of NPA being 31st March, 2013. 8. It is submitted that even on 4th December, 2013 ₹ 30.00 crores of further fresh Working Capital Loan was sanctioned by the Financial Creditor in favour of the Corporate Debtor which indicates that the account of the Corporate Debtor was not NPA and the business of the Corporate Debtor was still financially viable with adequate financial assistance from the Banks. However, this sanctioned amount of ₹ 30.00 cro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Respondent against the Petitioner . 12. It is submitted that the said matter was finally decided by the Hon'ble High Court of Calcutta on 2nd November, 2016 when it was directed that the order dated 29th September, 2014 stands vacated. Since the order had been passed after around 2 years and 2 months, the said period shall be excluded from the period of limitation and thus there is no question of the debt being barred by time as alleged by the Corporate Debtor. The application of the applicant is well within the time as the present application has been filed on 05/02/2019. 13. We have gone through the Ld. Counsel for both the parties. The Financial Creditor has referred to and relied upon the judgment in the case of Gouri Prasad Goenka vs. Punjab National Bank Ors. reported in Company Appeal (AT) (Insolvency) No. 28 of 2019 dated 8th November, 2019. The relevant extract of the said judgment is reproduced as under:- That apart, there is acknowledgment of the outstanding debt on the part of the Corporate Debtor, a fact not disputed by the Corporate Debtor. This comes to fore from the letter dated 4th August, 2018 emanating from the Corporate Debtor and addresse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor are fully supportive to the Financial Creditor. The application is complete in all respect and the financial debt and default thereof is fully proved on record. The Corporate Debtor has failed to repay its debt owed to the financial Creditor. On the other hand, the Ld. Counsel for the Corporate Debtor has unsuccessfully argued on the various points raised in the reply which have not been found to be convincing. The net result, therefore is that in the aforesaid facts and circumstances proves undoubtedly default in repayment of the debt found due and payable by the corporate debtor, the present application of the Financial Creditor deserves to be admitted with the following orders:- ORDERS (i) The application filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/S. MACKEIL ISPAT AND FORGING LIMITED is hereby admitted. (ii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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