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TMI Blog2022 (7) TMI 199X X X X Extracts X X X X X X X X Extracts X X X X ..... Mohanty, Member (T) ORDER Prasanta Kumar Mohanty , Member (T) 1. This Application has been filed by financial Creditor to initiate corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 under Section 95 with Section 60(2) of the Insolvency and Bankruptcy Read with Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rule, 2019, in respect of Shri Ram Awatar Agarwalla (Personal Guarantor of the CD-Meghalaya Infratech Limited) 2. Briefly stated by the Applicant that: 2.1 The Corporate Debtor (Meghalaya Infract Limited), a Private Limited Company by shares incorporated on 01.06.2007 and registered under the Companies Act, 1956 had approached the Financial Creditor (erstwhile Allahabad Bank prior to amalgamation/merger to Indian Bank) and applied for Term Loan for Rs. 95.00 Crores vide Application for Term Loan dated 21.06.2010 and the Financial Creditor had agreed in principle to sanction a Term Loan (TL-I) Rs. 95.50 Crores (Rupees Ninety-Five Crores and Fifty lakhs) only and LC (One Time) of Rs. 25.00 Crores as a sub limit of the said Term Loa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her financial Creditor (erstwhile Corporation Bank prior to amalgamation/merger to Union Bank of India) for separate credit facility in the form of Term Loan and the said Financial Creditor sanctioned a Term Loan of Rs. 73.00 Crores vide Sanction Letter dated 20.06.2012. Hence a consortium of Two Banks (i.e. the present Financial Creditor Bank now known as Union Bank of India). The Financial Creditor was the lead Bank of the said consortium and the minutes of the first meeting of the Consortium Banker's dated 07.09.2012 outline the modalities of the formation of the consortium. Accordingly, joint/consortium an Inter-se agreement dated 07.09.2012 was executed between the two consortium Banks and a Letter of Authority dated 07.09.2012 was issued to the Lead Bank by the erstwhile Corporation Bank. On such formation of the consortium, the Corporate Debtor represented by its director signed and executed consortium loan cum security documents such as the Term Loan Consortium Agreement and Joint Deed of Hypothecation both dated 07.09.2012. 2.3 The Respondent signed and executed separate Deed of Guarantee Dated 07.09.2012 in favor of the consortium Banks which include the Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide Judgment dated 17.12.2021 set aside the Order dated 19.10.2020 passed by the NCLAT. Ultimately the entire Resolution Process came to an end after Resolution Applicant paid the entire Resolution amount. After the resolution amount of Rs. 64.30 Crores was received by the Financial Creditors out of which the share of the Applicant Bank stood at Rs. 43.94 Crores and the balance have been received by the other financial creditor (erstwhile Corporation Bank and now Union of Bank of India). 2.7 Since the debt of the Financial Creditor could not be satisfied despite the Resolution, the financial Creditor seeks to lodge this application for further resolution of the Debt under the Code, of 2016 against the Personal Guarantor. Accordingly, before filing of this petition, a demand Notice (Form-B) dated 06.05.2022 under Rule 7(1) of the IBC Rules, 2019 have been sent through registered post to the Personal Guarantor (Respondent) and postal receipt and track report is enclosed hereto. 2.8 The Corporate Debtor failed to maintain the Term Loan accounts (TL-I A/C No. 50043499948 AND TL-II A/C No. 50612758456 maintained by the Financial Creditor (Now Indian Bank) Lakhtokia Branch. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he modification of sanction dated 19.11.2010. vii. D.P. Note dated 18.11.2010. viii. Term Loan Agreement dated 18.11.2010 ix. General Letter of Hypothecation dated 18.11.2010 x. ADV-24 both dated 18.11.2010 xi. Letter of Guarantee dated 18.11.2010 xii. Sanction Letter dated 04.05.2012 by Financial Creditor (erstwhile Allahabad Bank prior to amalgamation to Indian Bank) xiii. Acknowledgment dated 04.05.2012 xiv. Board Resolution dated 04.09.2012 xv. D.P. Note dated 19.07.2013 for Rs. 4.50 Crores xvi. Minutes of the 1st Consortium Lenders meetings dated 07.09.2012 xvii. Inter-se agreement dated 07.09.2012 xviii. Letter of Authority dated 07.09.2012 xix. Consortium Term Loan agreement dated 07.09.2012 xx. Joint deed of Hypothecation Dated 07.09.2012 xxi. Deed of guarantee dated 07.09.2012 for Rs. 173.00 Lacs xxii. Notice to Guarantor (invocation of guarantee) dated 04.01.2019 xxiii. Revival Letters dated 17.08.2015 and 21.08.2015 xxiv. Balance sheets for the financial years 2017-2018 and 2018-2019 dated 22.08.2017 and 26.06.2019 xxv. Demand Notice dated 06.05.2022 in respect of unpaid debt i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f India, Insolvency Professional Agency, having registration number IBBI/IPA 32/2017-2018/10957, and resident of 2nd Floor, Sanmati Plaza, G.S. Road, ABC, Guwahati-781005, Assam is hereby appointed as Resolution Professional. The RP is to file the Assignment Declaration within 2 (two) days from today with the Registry. 9. The Resolution Professional is directed to transact the proceedings with dedication, sincerity, honesty and strictly in accordance with the provisions under Section 99 of IBC and Regulations of IBBI. The Resolution Professional: 9.1 Shall examine the application referred to in Section 95 of the IBC Code, 2016 within ten days of his appointment, and submit a report to the Adjudicating Authority recommending for approval or rejection of the application. 9.2 The Resolution Professional may require the debtor to prove repayment of the debt claimed as unpaid by the creditor by furnishing a) Evidence of electronic transfer of the unpaid amount from the bank account of the debtor; b) Evidence of encashment of a cheque issued by the debtor; or c) A signed acknowledgment by the creditor accepting receipt of dues. 9.3 Where the debt for wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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