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TMI Blog2024 (9) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... une. Its registered office is at Gat No. 58/1, Nagar Kalyan Roada/P Bhalwani, Tal-Parner MH-414103. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present Petition was filed on 29.07.2023 before this Tribunal for claiming a sum for a Secured Loan for a sum of INR 66,21,05,008/- (Rupees Sixty-Six Crore Twenty-One Lakh Five Thousand and Eight Rupees only) vide a Corporate Guarantee Agreement dated 22.08.2015 and 18.11.2016 for the Aggregate debt of INR 73,61,00,000/- (Seventy-Three Crore and Sixty-One Lakh Only) including the outstanding principal and interest. The Date of Default as per part IV was on 06.03.2023. Submissions made by the Financial Creditor: 4. The Financial Creditor submits that a corporate guarantee deed was entered into on 22.08.2015 and 18.11.2016 between Central Bank of India i.e. the Financial Creditor and Superfine Profile and Extrusion Pvt. Ltd. i.e. the Corporate Debtor in respect of all credit facilities "as may be agreed from time to time between the bank and the borrower". Thus, the corporate guarantor had provided a corporate guarantee in favour of bank, for securing the credit facilities granted to the principal borrower i.e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Loan (FITL) and Cash Credit Ad-hoc and this Petition is filed on the basis of 2 guarantee documents viz. 22nd August 2015 and 18th November 2016 and invocation of aforesaid Guarantees vide notice dated 06.03.2023. 10. The Respondent submits that the date stated in the Present Petition to be the date of default is 29.11.2020. Therefore, the Petition is barred by section 10A of the Insolvency & Bankruptcy Code,2016. 11. The Respondent submits that the most significant aspect of this matter is Cash credit Ad Hoc and Funded Interest Term Loan (FITL) facilities were sanctioned for the first time under sanction letters dated 26th December 2019 and 9th September 2020 respectively. They were not in existence on 22nd August 2015 and 18th November 2016. Therefore, by no stretch of imagination, these facilities could have been guaranteed under the guarantee deeds dated 22nd August 2015 and 18th November 2016. 12. The Respondent submits that the guarantee has not been rightly invoked by the Petitioner as the guarantee deed only entitles the consortium to demand from the Respondent the amount due to the consortium. However, the Petitioner has issued the demand letter to the Respondent invok ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fault by the principal borrower is not relevant to determine the date of default by the guarantor and that the demand notice was issued on 06.03.2023 which is outside section 10A period. 18. During the Proceedings, the Financial Creditor drew our attention that the credit facilities were not sanctioned in the year 2019 but way back in the year 2013.This is clear from the sanction letter dated 27.11.2013 at page 111 of the petition and the disbursement at page 40 which shows entries from the year 2013 onwards. After the year 2013, the credit facilities were renewed from time to time. Hence, the submission of the Respondent that guarantee deed dated 22.08.2015 and 18.11.2016 are not relevant for transaction of 2019, is not sustainable. 19. This Bench also takes note that the corporate guarantee was issued not only in favour of the consortium but also in favour of each of the members of the consortium including the financial creditor herein viz. Central Bank of India. This is clear from the following expression in the deed of Guarantee: "Lead Bank which expression shall unless repugnant to the context or meaning thereof be deemed to include the Central Bank of India and other cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy Resolution Process (CIRP) Superfine Profile and Extrusions Private Limited [CIN: U27203PN2001PTC016044], the Corporate Debtor, is Admitted. We are hereby directing the Suspended Board of Director to Co-operate with the RP/IRP for smooth functioning of CIRP proceeding with providing necessary documents/information as required by the RP/IRP. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) 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; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in pos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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