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TMI Blog2022 (5) TMI 1023X X X X Extracts X X X X X X X X Extracts X X X X ..... This petition under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by UCO Bank, having its Head Office 10,B.T.M. Sarani, Kolkata-700001, Flagship Corporate Branch , 2, India Exchange Place, Kolkata-700001., through Prasenjit Roy, Assistant General Manager, UCO Bank ( hereinafter referred to as the Financial Creditor) for initiation of Corporate Insolvency Resolution Process in respect of M/s Bhumya Tea Company Private Limited, CIN U01409WB2005PTC102542, having its registered office at 20, Coalberth Hoboken Road, Kolkata-700088 ( hereinafter referred to as the Corporate Debtor). 2. It is submitted by the Financial Creditor that the Corporate Debtor had approached the Financial Creditor for financial assistance and accordingly the credit facilities were sanctioned to the Corporate Debtor, which were enhanced, modified and renewed from time to time as per the request of the Corporate Debtor. The Financial Creditor has sanctioned credit facilities to the tune of Rs. 48,30,00,000/-(Rupees Forty Eight Crores Thirty Lakhs only). The Corporate Debtor executed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor created equitable mortgage in respect of the leasehold agricultural land (tea estate) and construction thereon situated at village Nugora Grant, Mouza-Ghiladhari, Golaghat, P.O.- Oating P.S. and District- Golaghat, Assam in the name of company M/s Bhumya Tea Company Private Limited (taken on lease from government of Assam) having an area of 735.00 hact. 7. It is submitted that the Corporate Debtor has signed a balance confirmation on 06.11.2017 wherein the Corporate Debtor has acknowledged that an amount of Rs.79,68,00,000/-( Rupees Seventy Nine Crores and Sixty Eight Lakhs only) is due and payable by the Corporate Debtor inclusive of interest . Copy of the said balance confirmation is annexed as Annexure-K. 8. It is submitted that the Corporate Debtor undertook to strictly adhere to the Terms and Conditions which are part and parcel of the said sanction as entered into by and between the Financial Creditor and the Corporate Debtor. The Corporate Debtor therein were mandated to repay the loan at an agreed interest rate or as per the RBI/Bank s Directives from time to time, according to the stipulated Terms and Conditions as envisaged in the said sanction. Further, under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CREDIT) 10,93,35,818.35p Total 57,57,15,416.13p The said outstanding dues are supported with the Statement of Accounts and interest calculation chart is annexed as Annexure-N. 13. It is submitted that the Corporate Debtor has accepted its liability in respect of the aforesaid credit facilities by executing confirmation of balances and revival letter from time to time. The Corporate Debtor has also accepted its liability by entering into a one-time settlement offer with the Financial Creditor. It is, therefore, evident that the said amount of Rs.57,57,15,416.13p is an admitted amount due and payable by the corporate debtor to the financial creditor. 14. It is further mentioned in the petition that default happened from time to time due to which account of the Corporate Debtor was renewed, revived and restructured and even thereafter the Corporate Debtor continued with defaults in complying with its obligation to regularize the accounts. First default took place on 5th January, 2018, in servicing of interest and thus on 31.03.2018, the accounts of the Corporate Debtor was declared as an NPA. 15. It is sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TS proposal. It is submitted that the proposal was entered into between the parties and this will appear from Annexure-B of the reply affidavit. This has not been denied by the Corporate Debtor; rather it is an admission of its liabilities by the Corporate Debtor. 21. We do not think the Corporate Debtor has any substance in its pleas raised in the reply affidavit. The Corporate Debtor has clearly admitted its liability, the account was declared as an NPA because the Corporate Debtor failed and defaulted in repayment of its financial debt. 22. The Financial Creditor proposed the name of Mr. Santanu Brahma, to act as an IRP having Registration No. IBBI/IPA-001/IP-P01482/2018-2019/12251, who has consented vide his affidavit and Form-2, and submitted that he has agreed to accept the appointment as IRP if an order admitting the present application is passed by this Adjudicating Authority. He has further submitted that no disciplinary proceedings are pending against him with the Board or Institute of Insolvency Professionals of ICAI. 23. The petition is otherwise complete in all respects. 24. In the facts and circumstances, we are satisfied that the petition under section 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix) Mr. Santanu Brahma, IRP registered with Insolvency and Bankruptcy Board of India, having Registration No. IBBI/IPA-001/IP-P01482/2018-2019/12251, Email [email protected] hereby appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan subject to production of written consent within one week from the date of receipt of this order. x) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. xi) The Financial Creditor/Applicant is directed to deposit Rs.3,00,000/- (Rupees Three Lacs Only) with the IRP appointed hereinabove within three days from this order. IRP can claim th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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