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TMI Blog2020 (1) TMI 1508X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 6-1-2020 - Ashok Kumar Borah and Veera Brahma Rao Arekapudi, JJ. For Appellant: Umarani M.N. For Respondents: P.V. George (Puthiyedam) ORDER 1. This petition has been filed by Dhanalaxmi Bank Limited, CIN L65191KL1927CL000307 Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the Code ) for initiating insolvency resolution process against M/s. Green Gateway Leisure Limited, the Corporate Debtor, a company registered under the Companies Act, 1956. The Corporate Debtor was incorporated on 28-09-2004 under the Companies Act, 1956 and continue now its existence with CIN No: U55101KL2004PLC017474 and has its registered office at 1st Floor, New Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... core. The promoters have mobilized funds from investors including NRIs to promote tourism and generate employment opportunities. Later on, the total cost of the project was revised to ₹ 151 Crores. The Corporate Debtor intimated the Bankers for additional facility on 26-11-2012. In the joint lenders meeting convened on 22-10-2013, the Bankers agreed to give additional facility and a consensus had been reached to fund ₹ 8.8 Crores each by the three Bankers i.e., ₹ 26.4 Crores and the balance by equity. 4. Contrary to the decision on 22.10.2013, State Bank of India sanctioned ₹ 8 Crores on 28-05-2014 after a lapse of 1 1/2 years with additional terms and conditions which were not acceptable to the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd posted the matter to 30-12-2019. On 30-12-2019 the Learned counsel for the Financial Creditor stated that upfront amount has already been deposited and on that day morning an amount of ₹ 25 lakhs more has been deposited and ₹ 61 lakhs is pending for payment. The Learned counsel for the Corporate Debtor stated that the amount of ₹ 61 Lakhs would be remitted on 31.12.2019 and the matter was adjourned to 01-01-2020 for withdrawing the petition. On 01-01-2020 Learned counsel for the Financial Creditor stated that the learned counsel who have vakalath was laid-up and this Hon'ble Tribunal gave last chance for filing settlement memo stating that otherwise the matter will be decided based on available records and the matte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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