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TMI Blog2022 (5) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... taking by the Corporate Debtor to repay the amounts due under the said loan to the applicant. It was expressly agreed by the Corporate Debtor that the H T Contractors who have executed agreement for harvesting and the transportation works, they will provide sufficient work for harvesting and the transportation and the sugar factory shall deduct the amounts of instalments from the bills payable to the contractors. The amounts deducted shall be remitted to the bank towards repayment. It was further agreed that the sugar factory/Corporate Debtor shall pay the dues of H T Contractors from their own sources if the bill is found to be insufficient for repayment. Application allowed. - Interlocutory Application No. 2392/2021 in Company Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mahajan (Registration Number: IBBUIPA-002/1P-N00048/2017-18/10132) as the Interim Resolution Professional (hereinafter referred to as IRP/Respondent ) of the Corporate Debtor. 3. The terms of Regulation 6 of the IBB1 (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 (hereinafter referred to as the CIRP Regulations ) the IRP caused a public announcement inviting claims from the creditors of the Corporate Debtor on 20th May 2021. 4. Pursuant to the public announcement, the Applicant vide email dated 29th May, 2021 filed a claim with the Respondent in Form C of Rs. 46,80,50,052.55/- consisting of Rs. 45,02,39,582.46/- towards the Harvesting Transportation Loan ( H T Loan ) and Rs. 1,78,10,470.09/- against the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Corporate Debtor within the time period as prescribed. 7. Simultaneously the Corporate Debtor also passed a Board Resolution in it Board Meeting, conducted on 9th March 2017, wherein it was resolved that the Corporate Debtor would approach the Applicant to avail the H T Loan facilities to the tune of Rs. 30.48 crores and vide same resolution the Corporate Debtor had also authorized its representative to execute the necessary documents for the sanction and disbursement of the said amount. 8. The applicant, vide Sanction letter dated 29th March, 2017 sanctioned the H T Loan of Rs. 30.48 crores to the Corporate Debtor, vide the same resolution the Corporate Debtor had also authorized its representative to execute the necessary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est before July 2018 h. Certificate from Corporate Debtor that H T Loan is used for stated purpose by the Corporate Debtor. 10. After the issuance of Sanction Letter and in the line of the terms and conditions as put forth by the Applicant, the Corporate Debtor provided following documents as mentioned in the Sanction Letter for disbursal of the said amount; i. Board Resolution by Corporate Debtor dated 5th April 2017 assuring the repayment of the entire H T Loan of Rs. 30.48 with interest before July 2018 authorizing to its directors execute necessary documents as enquired by Bank and provide Personal Guarantees for securing the said H T Loan ii. Board Resolution dated 5th April 2017, to reflect the entire H T loa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xi. Certificate of Assurance dated 17th April 2017 giving assurance to use the disbursed amount for the purpose as mentioned in the Sanction Letter and strictly adhere the Terms and Condition of the Sanction Letter. 11. Thereafter, the Corporate Debtor defaulted in the repayment of the loan installments from the H T bills of 461 individual contractors. Thus, the accounts of 461 individual contractors were classified NPA on different dates. Pursuant to the default committed by the Corporate Debtor, the Corporate Debtor approached the Applicant vide letter dated 6th June 2018, acknowledged the default and offered a One Time Settlement ( OTS ) amount of Rs. 12.19 crores against the total outstanding of Rs. 33.65 Crores. 12. In furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... repay the said amounts back to the applicant Bank i.e. the Bank of India. Clause B(viii) of the sanction letter is reproduced below; To submit a stamped undertaking form the sugar factory to recommend that names of eligible H T Contractors who have executed agreements for harvesting and transportation work, that they will provide sufficient work of harvesting and transportation and shall deduct the amounts of instalments from the bills payable to these contractors. The amounts deducted shall be remitted to the Bank towards repayment. The sugar factory shall pay the dues of the H T contractors from their own sources, if the bills are found insufficient for repayment. 15. As per this letter, written by the Bank of India to the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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