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TMI Blog2020 (8) TMI 926X X X X Extracts X X X X X X X X Extracts X X X X ..... I B Code has been made. Being satisfied that the CD has committed default, that default occurred prior to declaration of lockdown, that application is complete and there is no disciplinary proceedings against the proposed resolution professional, this application is fit for admission. The default admittedly committed being falls under the exhalation to section 10-A inserted by notification dated 5th June, 2020, this application is also maintainable and liable to be admitted. Application admitted - moratorium declared. - C.P. (IB) No. 764/KB/2020 - - - Dated:- 10-8-2020 - SHRI JINAN K.R., HON BLE MEMBER (JUDICIAL) For the Financial Creditor : Ms. Rituparna Sanyal, Advocate, Mr. Santosh Kumar Ray, Advocate For the Corporate Debtor : Mr. Saurav Jain Advocate ORDER 1. As mentioned by the Ld. Counsel for the applicants on 29/07/2020 that this case is to be heard urgently due to deterioration of the value of the corporate debtor (in short CD) which is not in operation and raw materials kept in the factory is chemical, was listed on today for hearing through video conference, since the work of the Tribunal is disrupted due to Covid -19 pandemic and consequen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. It is submitted by the petitioners that the Corporate Debtor had approached and requested the Financial Creditors to provide various credit facilities and after due consideration the Applicant No. 1 sanctioned the credit facilities on 19/09/2015 and the Applicant No. 2 sanctioned the credit facilities on 04/01/2016 for the purpose of part finance for setting up of Rutile Grade Titanium Dioxide manufacturing plant. Thereafter, under a consortium banking arrangement, a term loan consortium agreement was executed by and between the Corporate Debtor and the Financial Creditors on 14/01/2016 , which was further amended on 05/11/2016. However, at the request of the Corporate Debtor, the Financial Creditors extended additional credit facilities by way of working capital cash credit and accordingly, a Working Capital Consortium Agreement was entered between the Applicants (Financial Creditors) and the Corporate Debtor on 27/04/2018 (to be hereinafter referred as the said agreements ). The said credit facilities were enhanced, modified and renewed from time to time as per the request of the Corporate Debtor. The Financial Creditors have sanctioned credit facilities to the tune of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2019 11/02/2019 and revival letter dated 11/02/2019 respectively (Collectively marked Annexure G ). The Financial Creditors had issued jointly a notice dated 13/03/2019 to the Corporate Debtor and the guarantors u/s. 13(2) of the SARFAESI Act, 2002 calling upon them to make payment of the total sum of Rs.177,36,27,868.23 (Rupees One hundred seventy seven crores thirty six lakhs twenty seven thousand eight hundred sixty right and paise twenty three only) with further interest and incidental expenses, costs, etc. (Annexure H ). Thereafter, the Applicant No. 1 through its advocate issued a letter dated 29/07/2019 calling upon the Corporate Debtor to make payment of Rs.89,18,27,560.23 (Rupees Eighty nine crores eighteen lakhs twenty seven thousand five hundred sixty and twenty three paise only) together with further interest thereon at the contractual rate of 2.50% over 1 year MLCR + SP penal interest @ 2.00% from 01/01/2019 till actual payment or realization of the said amount and in default the applicant shall have no other option but to initiate appropriate legal actions against the Corporate Debtor. The Corporate Debtor and the guarantors had replied to the said notice dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CD there is no other objections seen raised from the CD. Availing loan exceeding one crore rupees as per amended proviso to section 4 of the Code as well as default of the loan amount within the period of limitation and before the declaration of lockdown I.e before, 25.03.2020 is an admitted fact. The application has been filed in proper form. The applicants have produced several documents including loan sanction letter, agreements, final recall notice, Information Utility Certificate, CIBIL Report, etc. The applicants have also proposed the name of Interim Resolution Professional and filed the Written Communication dated 04/06/2020 given by the said Insolvency Professional. It seems that all the compliance u/s. 7 of the I B Code has been made. Being satisfied that the CD has committed default, that default occurred prior to declaration of lockdown, that application is complete and there is no disciplinary proceedings against the proposed resolution professional, this application is fit for admission. The default admittedly committed being falls under the exhalation to section 10-A inserted by notification dated 5th June, 2020, this application is also maintainable and liable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy Resolution Process. viii. Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under subsection (1) of Section 31 or passes an order for Liquidation of Corporate Debtor under Sec.33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix. Necessary public announcement as per Section 15 of the IBC, 2016 may be made. x. Mr. Partha Pratim Ghosh, Insolvency Professional, CB-108, Salt Lake, Sector, Kolkata 700 0064 having Registration No. IBBI/IPA-001/IP-P00554/2017-2018/10984 and e-mail: [email protected] is hereby appointed as Interim Resolution Professional for ascertaining the particulars of Creditors and convening a meeting of Committee of Creditors for evolving a Resolution Plan. xi. The Interim Resolution Professional/Resolution Professional to conduct CIRP of the Corporate Debtor as per timeline prescribed under Regulation 40A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. xii. The Interim Resolution Professional should convene a meeting of the Committee of Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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