9911796707
TMI Blog2021 (1) TMI 1147X X X X Extracts X X X X X X X X Extracts X X X X ..... nts of the petition filed by the Petitioner/Financial Creditor in brief are: a. It is averred that National Institute of Tourism & Hospitality Management (NITHM) issued an advertisement for inviting proposals for setting up 4star Business Class Hotel under Public Private Partnership (PPP) mode. The proposals from Maha Hotel Projects Private Limited as lead developer in technical collaboration with Hilton International Manage LLC was selected for issue of Letter of Award (LOA) by NITHM. b. It is averred that as per the terms and conditions of the Letter of Award issued by the NITHM, the Consortium lead by Maha Hotel Projects Pvt Ltd established M/s. Saptarishi Hotels Private Ltd (Corporate Debtor here in) as a Special purpose Vehicle (SPV) to implement its obligations under the Letter of Award. c. It is averred that NITHM, Saptarishi Hotels Pvt Ltd and Maha Hotel Projects Private Limited executed a Lease Agreement dated 24th November, 2010 and also executed Registered Development & Management Agreement dated 10th August, 2011. It is averred that NITHM appointed the Corporate Debtor as the Developer for the due implementation of the Project and also granted lease of land ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Shri L.N. Sharma, Shri Y. Yashdeep Sharma and Smt. Sunita Sharma guaranting the repayment of loans/facilities of Rs. 205.00 crores sanctioned to Corporate Debtor. The details of the loan documents which are executed by the Corporate Debtor and other guarantors are mentioned in para 6 of Page no. 10 to the petition. g. It is further averred that the consortium of Banks entered into ínter-se Agreement dated 22.06.2016 between them for monitoring the credit facilities sanctioned to Corporate Debtor in which the Punjab National Bank was nominated as Lead Bank. It is averred that for securing the credit facilities of Rs. 170.00 lakhs the corporate Debtor has created mortgage on the property i.e. land admeasuring Ac.3.00 by executing the Memorandum Confirming Extension of Deposit of Title Deeds. The details of the land which is mortgaged is mentioned ¡n para 8 of Page No. 10 & 11 to the Petition. i. it is averred that pursuance to the mortgage of the documents the consortium banks have sanctioned additional Term loan-II to the Corporate Debtor No. 1 for an amount of Rs. 18.67 crores thus making the total exposure of Rs. 108.67 crores. j. It is averred that the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. V. It is averred based on the assurances made by NITHM corporate debtor approached the financial creditor for loans. Based on the representations made by the corporate debtor, the financial creditor sanctioned the total loan amount of Rs. 170 crores/-. The sanctioned loan amounts given by the financial creditor banks are given below: BANK Term Loan Letter of Credit Bank Guarantees Punjab National Bank 80 cr 15cr 10cr Punjab Sindh Bank 70 cr 15cr 10cr vi. It is further submitted that financial creditor along with Punjab and Sindh Bank together formed consortium lenders of the corporate debtor and financial creditor was selected as the lead banker of the joint lender forum. vii. It ¡s averred that due to various reasons the project faced lot of losses and hardship because of site relocation like delay GHMC permissions and due to Public Interest Litigation i.e. PIL No. 108/2014 which was filed in High Court of Telangana and Andhra Pradesh and stayed the work later on it was vacated. viii. It is averred that due to reasons beyond the control of the corporate debtor the project incurred heavy loss and thus the corporate debtor approached the consort ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant/ financial creditor is that ¡t has extended various loan facilities to the corporate debtor from time to time. Details of financial debt like documents, record and evidence of default are shown as Part V of the Petition. 5. The financial creditor also filed written submissions dated 02.12.2020 stating that the counter filed by the corporate debtor dated 17.01.2020 have admitted the sanction of loans under the sanction letter dated 17.06.2011 and the only defence is that they approached their OTS finally by Rs. 115 crores against total dues of about 250 crores. The stand taken by the corporate debtor is totally untenable either on facts or under Law. Thus, the financial creditor is able to establish sanction of loan and further the corporate debtor has committed default. 6. It is contended by the learned counsel for the corporate debtor that the petition filed under section 7 of IBC Code, 2016 is barred by limitation and is not maintainable and is liable to be dismissed. 7. The contention of the learned counsel for the corporate debtor in its written submissions that the development and construction of the project was delayed and due to that delay in clearance by the lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (ii) That supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (iii) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (iv) That the order of moratorium shall have effect from 18.01.2021 till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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