9911796707
TMI Blog2022 (7) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor has failed to make payment of a sum of Rs. 226,94,94,093/- (Rupees two hundred twenty six crores ninety four lacs ninety four thousand and ninety three only) as on 31.03.2018. 3. Submissions of the Financial Creditor: (i) During 2002 the Corporate Debtor approached the Consortium Banks consisting of Andhra Bank, Indian Overseas Bank and Global Trust Bank Limited (which are merged with Financial Creditor) and the Financial Creditor disbursed sums aggregating to Rs. 130,37,47,281/- (Rupees one thirty crores thirty seven lacs forty seven thousand two hundred and eighty one only). (ii) As part of repayment, the Corporate Debtor has created charge with respect to immovable properties and hypothecation of goods and assets of the Corporate Debtor for the limits sanctioned under the loan agreements. Apart for the above, the Corporate Debtor has executed Agreement of Term Loan dated 12.06.2006 (Annexure-5, pages 39-56), Term Loan Agreement dated 12.08.2006 (Annexure-6, pages 57-69), Common Agreement dated 12.06.2006 (Annexure-7, pages 70-73), Agreement of Term Loan dated 31.03.2008 (Annexure-13, Pages 94-111), Common Agreement dated 22.03.2010 (Annexure-15, Pages 119-122) and C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o enable the Corporate Debtor have restructuring of loan. It is further submitted that this Tribunal had considered force majeure condition in CP (IB) No. 127/10/HDB/2017 in the matter of Anrak Aluminium Limited Vs. State Bank of India. A copy of said order is at pages 14-23 of the Counter. 5. WRITTEN SUBMISSIONS dated 09.03.2022 of the Financial Creditor are as follow: (i) The Corporate Debtor in its Financial Statements for the years 2015-16 and 2016-17 has declared that it is due and liable to pay the outstanding amounts to the Financial Creditor. The Financial Creditor has furnished details of such admission on the part of the Corporate Debtor with page numbers of the relevant documents. (ii) During the pendency of the petition the Corporate Debtor submitted OTS proposal and the same was approved by the Financial Creditor. However, the Corporate Debtor has failed to honour the said OTS. 6. It is observed that even thereafter learned counsel for the Corporate Debtor on 04.02.2022 and 14.02.2022, reported likelihood of settlement in the matter. However, no breakthrough could be achieved. 7. In the light of the contest as mentioned above, the following point is framed for c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 28.03.2008, and 10.04.2008, and contended that these records which are not disputed by the Corporate Debtor clinching Ly establishes availing credit facilities to the tune of Rs. 130,37,47,281/- by the corporate debtor. 11. Learned counsel further submitted that the Demand Notice dated 12.05.2014 issued under section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) by the Financial Creditor has not been complied with by the Corporate Debtor. The learned counsel further submitted that the OTS proposal submitted by the applicant dated 22.02.2018 though has been accepted by the Financial Creditor, the Corporate Debtor failed to make payments as per the approved OTS. According to the learned counsel for the Financial Creditor, the above non-compliance conclusively establishes the default. Thus, both debt and default since established, this application is liable to be allowed and the Corporate Debtor be put under CIRP. 12. Per contra, the learned counsel for the Corporate Debtor would submit that while business of the Corporate Debtor was running successfully, due to huge glut that had engulfed the sugar ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) Corporate Debtor, M/s. NCS Sugars Limited is admitted in Corporate Insolvency Resolution Process under section 7 of the Insolvency & Bankruptcy Code, 2016, (B) The Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (C) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (D) Notwithstanding anything contained in any other law for the t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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