9911796707
TMI Blog2022 (3) TMI 819X X X X Extracts X X X X X X X X Extracts X X X X ..... wing credit facilities, which were also renewed from time to time. a) Cash Credit Facility of Rs. 24,00,00,000.00 vide Facility Letter dated 26.10.2018 (renewed vide Facility Letter dated 26.10.2018) and Master Facility Agreement dated 05.11.2018. b) Term Loan Facility of Rs. 15,00,00,000/- vide Facility Letter dated 26.10.2018 (amended vide Facility Letter dated 31.10.2018) and Loan Agreement dated 05.11.2018; c) FITL-TL and FITL-CC facilities of Rs. 47,81,387.72/- and Rs. 63,23,911/- granted on 02.09.2020. ii. That in order to secure the repayment of the said facilities, security was created as follows: a) Personal Guarantee: Unconditional and Irrevocable Deeds of Guarantee dated 05.11.2018 was executed by the Personal Guarantor Shri. Mahendra Kumar Jajoo. The guarantees created for CC Facility & TL Facility stood extended as guarantees for repayment of FITL Facility. b) Primary Security: First pari passu charge on the current assets of the company and movable fixed assets of Borrower having 1.25x cover (except assets exclusively hypothecated in favour of other banks) was created vide Deed of Hypothecation dated 05.11.2018. Pari passu charge on entire current assets a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019 was sent to the Personal Guarantor for payment of total outstanding amount of Rs. 22,25,62,762.22/-, due as on 12.10.2021. Neither any reply nor any payment has been issued till date by the Personal Guarantor 3. The Respondent has filed written submissions and submitted the following: i. That the Applicant has failed to disclose that as per the terms of the Sanction Letter dated 26.10.2018, it was agreed between the Applicant and the Corporate Debtor that the personal guarantee of the Mrs. Brinda Jajoo shall be released post change in the shareholding of the Corporate Debtor with the Respondent and on 03.01.2019, the shareholding of the Respondent and Mrs. Brinda Jajoo in the Corporate Debtor stood altered which was communicated to Applicant. ii. That, in order to repay the loan availed, the Corporate Debtor had sent several e-mails to the Applicant to grant a No-Objection Certificate. However, the Applicant Bank has withheld the NOC. iii. That as per Section 240A r/w Section 29A (h) of the Code, the personal guarantor of an MSME Corporate Debtor has been given a right t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional (1) If the application under section 94 or 95 is filed through a resolution professional, the Adjudicating Authority shall direct the Board within seven days of the date of the application to confirm that there are no disciplinary proceedings pending against resolution professional. (2) The Board shall within seven days of receipt of directions under sub-section (1) communicate to the Adjudicating Authority in writing either- (a) confirming the appointment of the resolution professional; or (b) rejecting the appointment of the resolution professional and nominating another resolution professional for the insolvency resolution process. (3) Where an application under section 94 or 95 is filed by the debtor or the creditor himself as the case may be, and not through the resolution professional, the Adjudicating Authority shall direct the Board, within seven days of the filing of such application, to nominate a resolution professional for the insolvency resolution process. (4) The Board shall nominate a resolution professional within ten days of receiving the direction issued by the Adjudicating Authority under sub-section (3). (5) The Adjudicating Authority shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 94 be treated as an application under section 81 by the Adjudicating Authority. (9) The resolution professional shall record the reasons for recommending the acceptance or rejection of the application in the report under sub-section (7). (10) The resolution professional shall give a copy of the report under sub-section (7) to the debtor or the creditor, as the case may be. Section 100: Admission or rejection of application (1) The Adjudicating Authority shall, within fourteen days from the date of submission of the report under section 99 pass an order either admitting or rejecting the application referred to in section 94 or 95, as the case may be. (2) Where the Adjudicating Authority admits an application under sub-section (1), it may, on the request of the resolution professional, issue instructions for the purpose of conducting negotiations between the debtor and creditors and for arriving at a repayment plan. (3) The Adjudicating Authority shall provide a copy of the order passed under sub-section (1) along with the report of the resolution professional and the application referred to in section 94 or 95, as the case may be, to the creditors within seven days from ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
