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TMI Blog2022 (11) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... ined the existence of debt and default if any as alleged on the part of the corporate debtor from the record placed by the financial creditor under sub section (3) of Section 7 of IB Code, and is fully satisfied that present application under subsection 2 of Section 7 of IB Code is complete in all aspects and that the re are no disciplinary proceedings pending against the proposed resolution professional, hence the instant Application is admitted. Application admitted - moratorium declared. - CP (IB) No. 308/07/HDB/2022 - - - Dated:- 15-11-2022 - Dr. Venkata Ramakrishna Badarinath Nandula , Member ( Judicial ) And Mr. Satya Ranjan Prasad , Member ( Technical ) For the Financial Creditor : Mr. P. Ravi Charan and Ms. Niharika Agarwal , Advocates For the Corporate Debtor : None [ Ex-parte ] ORDER [ PER : BENCH ] 1. Under consideration is an Application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by M/s. State Bank of India against M/s. Gayatri Projects Limited, inter-alia, seeking to admit the Application and refer the Corporate Debtor to Corporate Insolvency Resolution Process and appoint Interim Resolution Professional. 2. Bri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the existing loans upon restructuring of the existing loans by lenders including the Applicant are as follows: In Crores Facility Aggregate Limit Facility A-Restructured Term Loan 450.00 Facility B-Rupee Term Loan (ECB) by IDBI Bank 135.00 Facility C-Working Capital Term Loan 165.23 Facility D-Funded Interest Term Loan (FITL) 130.99 Facility E-Cash Credit 776.00 Facility F-Bank Guarantee and Letter of Credit 2563.81 Total : 4221.04 Out of the said total amount of Rs.4221.04 Crores, the restructured amount of Applicant was Rs.50 crores which is part of FB-WC Facility E. e. The Applicant submits that the above-mentioned restructured facilities were secured by (1) Deed of Hypothecation dated 12.03.2015 (ii) Personal Guarantee Agreement dated 12.03.2015 (iii) Corporate Guarantee Agreement dated 12.03.2015 (iv) Pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... OVID Emergency Credit Line (CECL) 5.00 Facility H- COVID FITL 4.45 Facility I-Arbitration BGs by Canara Bank IDBI as sub-limit of existing limits - Total : 309.45 h. The aggregate amount of default of the Corporate Debtor with respect to Applicant/Financial Creditor as on 30.09.2022 is Rs.242,33,00,269/- (Rupees Two Hundred and Forty-Two Crores Thirty-Three Lakhs Two Hundred and Sixty-Nine only) and the date of default along with days of default with respect to facilities availed by Corporate Debtor have been annexed Exhibit-4 at Page No.34. i. The account of Corporate Debtor has been declared as Non-Performing Asset (NPA) on 30.04.2022 with Applicant in accordance with the guidelines prescribed by Reserve Bank of India. j. The Applicant upon default committed by Corporate Debtor in repayment of the dues has issued demand notice on 04.08.2022, under Section 13(2) of Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, calling upon Corporate Debtor to pay outs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited vs. Axis Bank Limited in Civil Appeal No.4633 of 2021, had held that 88. The Adjudicating Authority (NCLT) has to consider the grounds made out by the Corporate Debtor against admission, on its own merits. For example when admission is opposed on the ground of existence of an award or a decree in favour of the Corporate Debtor, and the Awarded/decretal amount exceeds the amount of the debt, the Adjudicating Authority would have to exercise its discretion under Section 7(5)(a) of the IBC to keep the admission of the application of the Financial Creditor in abeyance, unless there is good reason not to do so. The Adjudicating Authority may, for example, admit the application of the Financial Creditor, notwithstanding any award or decree, if the Award/Decretal amount is incapable of realisation. The example is only illustrative . 8. We, therefore, in the light of the above ruling carefully examined whether the Corporate Debtor had made out any ground against admission of the present application for initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and found none. 9. Further, we found due compliance of the requirements ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period. 12. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. Further, if the IRP considers supply of any goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period. Furthermore, the provisions of Sub-section (1) of Section 14 shall not apply to such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority. 13. The IRP, above named is directed to take charge of the Respondent/Corporate Debtor s management immediately. Further, IRP is directed to file Authoriza ..... X X X X Extracts X X X X X X X X Extracts X X X X
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