9911796707
TMI Blog2018 (2) TMI 2136X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioner/Applicant viz. 'State Bank of India' (hereinafter as Creditor) has furnished Form No. 1 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of 'Financial Creditor' on 31.10.2017 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code). 2. In the requisite Form under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as 'M/s. Calyx Chemicals and Pharmaceuticals Limited' (hereinafter as Debtor) having Registered office at, Unit No. 110, Marwah's Complex, Krishanlal Marwah Marg, Off. Saki Vihar Road, Andheri (E), Mumbai - 400072. 3. Further under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the Debtor the SBI has sanctioned the Fund Based Facilities of Rs. 29,25,00,000/- and Non-Fund Based Facilities of Rs. 60,00,00,000/- and Derivatives/FC/CEL Facility of Rs. 2,50,00,000/- i.e. in all aggregating to Rs. 91,75,00,000/- vide a sanction letter dated 16.11.2013 bearing No. BRB/RM1/2013-14/CCPL/1031. But the Debtor has again approached to the Creditor and asked for variation in the sub-limits of Credit facility and consequentially the SBI has modified the amount of Non-Fund Based Facilities to Rs. 51,08,00,000/ -. 5.2. Stated that, at the request of the Debtor the SBT has granted the amount as stated aforesaid, in para 3, as Fund-Based and Non-Fund Based Facilities, vide a Sanction Letter dated 24.09.2012. 5.3. Stated that, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank of Mysore 89,72,00,000.00/- State Bank of Patiala 46,67,93,355.60/- State Bank of Travancore 72,65,88,660.00/- Canara Bank 54,01,062,236.44/- Indian Bank 7,53,00,000.00/- Punjab National Bank 99,14,35,984.18/- as on 23.01.2015 Export-Import Bank of India 96,64,25,160.96/- Bank of Maharashtra 28,23,67,714/- Jammu and Kashmir Bank Ltd. 65,91,33,895.97/- Oriental Bank of Commerce 38,66,49,205.58/- Total Amount 747,13,16,115.73/- 8. It is also submitted that, SBT on 01.06.2015 and SBBJ on 24.03.2015 had issued the Notices U/s. 13 (2) of the SARFAESI Act, 2002 as the Account of Debtor has been classified as NPA on 21.05.2014 and 31.12.2013 respectively. 9. It is also submitted that, the Debtor has neglected all the not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proposed IRP. 16. As a consequence, keeping admitted facts in mind that the Creditor had not received the outstanding Debt from the Debtor and when the default is admitted by the Debtor itself, we are of the conscientious view that this Petition/Application deserves 'Admission'. 17. The Applicant has proposed the name of Insolvency Professional. The IRP proposed by the Applicant, Ms. Charu Sandeep Desai having Registration No. IBBI/IPA- 001/IP-P00434/2017-18/10757 is appointed as Interim Resolution Professional to conduct the Insolvency Resolution Process. 18. Having admitted the Application, the provisions of Moratorium as prescribed under Section 14 of the Code shall be operative henceforth with effect from the date of the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
