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TMI Blog2022 (6) TMI 386X X X X Extracts X X X X X X X X Extracts X X X X ..... tition is filed on 10.09.2020. 3. The case of the Financial Creditor is as under: a) The Corporate Debtor in the year 2015, had approached the Financial Creditor for availing credit facilities for its business purposes. Pursuant to the request of the Corporate Debtor, the following financing agreements were entered into between the Financial Creditor and the Corporate Debtor: i. Credit Arrangement Letter dated 16.06.2015 whereunder the Financial Creditor inter alia sanctioned an amount of Rs.10,00,00,000/- (Rupees ten crore only) as a Rupee Term Loan and Rs.45,00,00,000/- (Rupees forty-five crore only) as working capital facility in the form of cash credit in favour of the Corporate Debtor on the terms and conditions as more particularly stated therein. ii. Corporate Rupee Loan Facility Agreement dated 24.06.2015 was executed between the Financial Creditor and the Corporate Debtor by which an amount of Rs.10,00,00,000/- (Rupees ten crore only) was granted by the Financial Creditor to the Corporate Debtor inter alia for the purpose of takeover of term loan from Indian Overseas Bank. iii. Facility Agreement dated 24.06.2015 between Financial Creditor and Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vide the same letter, the Financial Creditor once again requested the Corporate Debtor to clear all outstanding dues payable as on date. There was no response to the said letter nor the Corporate Debtor paid any part of the outstanding overdues. 4. The Financial Creditor issued Loan Recall Notice dated 17.02.2020 inter alia recalling the Rupee Term Loan Facility due under the Working Capital Facility and the interest overdue on the Gold Metal Facility. The Financial Creditor called upon the Corporate Debtor to forthwith repay a sum of Rs. 37,19,60,000/- as on 31.01.2020 along with applicable interest, penal interest, premium, charges etc. 5. The Corporate Debtor has filed its Preliminary Affidavit of Reply dated 04.10.2021 and submits as under: a) The Corporate Debtor denies that an amount of Rs.40,74,40,000/- (Rupees forty crore seventy-four lakh forty thousand is due and payable to the Financial Creditor. The Corporate Debtor being an MSME, has borne a lot of the difficulties owing to the lockdown announced on account of the pandemic COVID-19. Prior to the same, the Corporate Debtor was making regular and timely payments to all its creditors. b) The Corporate Debtor has w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Working Capital Facility on the same terms and conditions as set out in the Annexure thereto for a further period up to 14.03.2019. v. Renewal Credit Arrangement Letter dated 10.03.2019 issued by the Financial Creditor inter alia renewing the Working Capital Facility on the same terms and conditions as set out in the Annexure thereto for a further period up to 28.03.2020. b) Thereafter, in the period of September, 2019, the Corporate Debtor defaulted in payment of monthly interest under the respective loan accounts. By E-mail dated 10.10.2019 and 15.10.2019 followed by a letter dated 18.10.2019, the Financial Creditor requested the Corporate Debtor to clear the outstanding overdue. However, the Corporate Debtor failed to clear the outstanding amounts. c) By a letter dated 28.05.2018, the Corporate Debtor acknowledged the debt owed by it as on 02.05.2018. Further, by a letter dated 30.08.2018, the Corporate Debtor acknowledged its liability as on 27.08.2018 payable under credit facilities. 7. The Financial Creditor has filed the Account Statements of the Corporate Debtor maintained by the Financial Creditor from 16.06.2015 till 31.07.2020 which at pp 758-928 as Exhibi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor to the Financial Creditor. There is default by the Corporate Debtor in payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the Corporate Debtor. a) The application is complete and has been filed under the proper form. The debt amount is more than Rupees One Crore and default of the Corporate Debtor has been established and the application deserves to be admitted. 17. The Applicant has proposed the name of Mr. Santanu T Ray, a registered insolvency resolution professional having Registration Number [IBBI/IPA-002/IP-N00360/2017-2018/11055] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code and has also given his declaration that no disciplinary proceedings are pending against him ORDER 18. This Application being C.P. (IB) No. 1253/NCLT/MB/C-IV/2020 filed by ICICI Bank Limited, the Financial Creditor/Applicant, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Rasiklal Sankalchand Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) is admitted. We further declare moratorium u/s 14 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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