9911796707
TMI Blog2018 (4) TMI 1986X X X X Extracts X X X X X X X X Extracts X X X X ..... same - it is also established by the Financial Creditor that the nature of Debt is a Financial Debt as defined under section 5 (8) of the Code. It has also been established that admittedly there is a Default as defined under section 3 (12) of the Code on the part of the Corporate Debtor as the Debtor is failed in make payment of outstanding loan amount. After the lapse of opportunity to reply and keeping admitted facts in mind that the Financial Creditor had not received the outstanding Debt from the Debtor and that the formalities as prescribed under the Code have been completed by the Financial Creditor it is my conscientious view that this Petition deserves 'Admission' - Having admitted the Application, the provisions of Morator ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Case : 4. The Debtor has availed working capital loan facility of 1775 Crores from the consortium of 10 Banks. At that time Dena Bank was the lead Bank of the consortium but subsequently, by consent of all the parties, the consortium was reconstituted by induction of the Financial Creditor. 5. The Principal Joint Working Capital Consortium Agreement was executed between the Debtor and the Dena Bank on 05.08.2005 and the Financial Creditor had been appointed as Lead Bank by the Ninth Supplemental WC Agreement dated 29.10.2010. 6. Then from time to time the Debtor has availed additional facilities by executing various supplemental working capital agreements and as per the consortium agreements, the number of Banks were either increased or dim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th respect to said loan facilities. The copy of the Certificate of the Charge as extracted from the website of MCA is annexed with the Petition/Application. 15. It further submitted that, the Financial Creditor on 08.11.2017 had issued a Demand Letter to the Debtor demanding the Outstanding Amount. But thereafter also the Debtor has failed to repay the same. 16. Further that, the Financial Creditor had issued a letter dated 16.12.2017 calling upon the Corporate Guarantor of the Rupee Term Loan i.e. Essar Investment Limited to pay the Rupee Term Loan. Further the another letter on the same date had been issued by the Financial Creditor calling upon the Corporate Guarantor of the Working Capital Loan Facility i.e. Imperial Consultants and Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Interest (in ₹) Total O/s (in ₹) WC-CC 5151697905 IDBI Base rate + 150 bps $ - 5151697905 RTL 2348500000 % 12.50# % 2 356193905 7120824 (Penal Interest) 2711814729 BG 1828259858 * 1828259858 Total Outstanding (in ₹) 9691772492 21. Further that, it is also established by the Financial Creditor that the nature of Debt is a Financial Debt as defined under section 5 (8) of the Code. It has also been established that admittedly there is a Default as defined under section 3 (12) of the Code on the part of the Corporate Debtor as the Debtor is failed in make payment of outstanding loan amount. 22. It is also came to my knowledge that, on the first date of hearing i.e. on 19.02.2018 the Learned Advocate for the Debtor had repr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etc. However, the supply of essential goods or services to the Corporate Debtor shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 27. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 28. That the Interim Resolution Professional shall perform the duties as assigned under Section 18 of the Code and inform the progress of the Resolution Plan and the compliance of the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
