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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 ..... ditor by the Corporate Debtor. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and payable by the Corporate Debtor to the Financial Creditor - 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. Application admitted - moratorium declared. - CP (IB) No. 1253/MB-IV/2020 - - - Dated:- 7-6-2022 - Mr. Rajesh Sharma Hon ble Member (Technical) And Mr. Kishore Vemulapalli Hon ble Member (Judicial) For the Petitioner : Mr. Rahul Dev, Advocate For the Respondent : Mr. Monaal Davawala, Advocate ORDER Per : Rajesh Sharma, Member (Technical) 1. This is an application being C.P. (IB) No. 1253/NCLT/MB/CIV/ 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). The Application is filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15.06.2017 whereunder the Financial Creditor granted an amount of Rs.9,00,00,000/- (Rupees nine crore only) to the Corporate Debtor inter alia for the purpose of manufacturing of jewellery products for sale in domestic market by the Corporate Debtor. b) Total amount of debt granted by the Financial Creditor under the various credit facilities sanctioned/disbursed in favour of Corporate Debtor are as follows: Type of Facility Date of disbursement Amount granted/disbursed Working Capital Facility ( Cash Credit ) 28.06.2015 Rs.35,00,00,000/- Rupee Term Loan 28.06.2015 Rs.5,00,00,000/- Gold Metal Loan 16.06.2017 Rs.9,00,00,000/- Total Rs.49,00,00,000/- c) By e-mails dated 10.10.2019, 14.10.2019 and 15.10.2019 followed by a letter dated 18.10.2019, the Financial Creditor requested the Corporate Debtor to clear the outstanding overdue in respect of the Rupee Ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake a payment of Rs.22 crore i.e. more than 50% of the amount claimed to be in default within a period of 3 months as full and final settlement of all its dues with the Financial Creditor subject to release of all the documents pertaining to the directors, guarantors and properties of the Corporate Debtor once the entire payment is made. d) Thus, the Corporate Debtor humbly submits that the Hon ble Tribunal may take cognizance of the issue in its entirely and direct the Financial Creditor to consider its offer and take it up with the higher authorities of the Financial Creditor as it is confident of an amicable solution to the present impasse. 6. The Financial Creditor has filed the Written Submissions dated 16.03.2022 and submits as under: a) The credit facility granted to the Corporate Debtor were enhanced/modified/supplemented from time to time by way of following sanction/credit arrangement letters issued by Financial Creditor: i. Credit Arrangement Letter dated 11.12.2015 wherein the Financial Creditor inter alia modified the original sanction to include two additional immovable properties as security for repayment of the Rupee Term Loan Facility. ii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 11. We have prudently gone through the pleadings available on record. The Financial Creditor had sanctioned credit facilities in the form of a Rupee Term Loan of Rs.10,00,00,000/- and a Working Capital Facility not exceeding of Rs.45,00,00,000- in favour of the Corporate Debtor. 12. The Corporate Debtor has neither disputed the disbursement of credit facilities by the Financial Creditor nor denied the existence of financial debt and default by the Corporate Debtor. 13. It is observed by the Bench that the Corporate Debtor on several occasions asked time to settle the matter. However, even after giving many opportunities to the Corporate Debtor, the Corporate Debtor failed to pay the outstanding amount to the Financial Creditor. When the matter last listed on 11.03.2022, the Corporate Debtor appeared and asked for further time to settle the matter. At the time of hearing, the counsel for the Financial Creditor clearly indicated that no payment has been received from the Corporate Debtor so as to prove the bonafide of the Corporate Debtor. Hence, the matter was Reserved for Order after hearing both the sides. 14. The Corporate Debtor has time and again acknowledged its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the provisions of sub-section (1) of Section 14 of I B Code shall not apply to a. such transactions as may be notified by the Central Government in consultation with any financial sector regulator; b. a surety in a contract of guarantee to a Corporate Debtor. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under subsection (1) of section 31 of I B Code or passes an order for the liquidation of the corporate debtor under section 33 of I B Code, as the case may be. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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