TaxTMI 
TaxTMI 
2017 (10) TMI 758
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....its registered office at 501, 5th Floor, Copia Corporate Suits, Plot No.-9, District Centre - Jasola, New Delhi - 110025. Its identification number is L51909DL1986PLC024222, and date of incorporation is 16.06.1986. The Corporate Debtor's nominal share capital is Rs. 175,00,00,000/- (Rupees One Hundred and Seventy-Five Crores Only) and paid up capital is Rs. 1,16,28,53,870/- (Rupees One Hundred Sixteen Crores, Twenty-Eight Lakhs, Fifty-Three Thousand, Eight Hundred and Seventy). 3. The 'Financial Creditor' has proposed the name of Insolvency Professional, Shri Sanjay Gupta, Address - E-86, Second Floor, Lajpat Nagar-1, New Delhi-110024, email id- [email protected] (Regn. No. IBBI/IPA-001/IP- 00513/2016-17/1344). A copy of the registration certificate dated 25.05.2017 issued by the Insolvency and Bankruptcy Board of India has also been filed along with a print out of the list of registered Insolvency Professionals along with extract of list of Insolvency Professionals as appearing on their website, which includes the name of Sanjay Gupta. The relevant entry is reproduced below:- 252 IBBI/IPA-001/IP- P00 117/2017-18/10252 Mr. Sanjay Gupta E....
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....ities Sanctioned by the Applicant and availed by the M/s. Samtel Colour Limited. 2101.1987 1. Fund-based limit of Rs. 1.60 Crore 2. Non-Fund Based Limit of Rs. 4.75 Crore 3. Term Loan of Rs. 4.00 Crore 4. Bridge Loan of Rs. 2.00 Crore. 24.02.1987 FLC limit was enhanced from Rs. 3 Crore to 5.60 Crore on usance basis. 08.09.1987 The Term Loan was enhanced from Rs. 4 Crore to 5.00 Crore. Specific FCL for import of machinery was to the tune of Rs. 5.00 Crore. 29.08.1988 Fund Based Limit was enhanced from Rs. 1.60 Crore to 5.08 Crore and non-fund based limit was enhanced from Rs. 5.75 Crore to Rs. 18.00 Crore. 30.03.1989 Fund Based limit was enhanced from Rs. 5.08 Crore to Rs. 11.09 Crore and non-fund based limit was enhanced from Rs. 18 Crore to Rs. 18.50 Crores. Additional Term Loan of Rs. 0.46 Crore was also sanctioned. 19.10.1989 P/C limit was enhanced from Rs. 6 Crores to Rs. 12 Crores within the Fund Based Limit of Rs. 19.75 crores and Non-Fund Based Limit was enhanced from Rs. 20 crores to Rs. 27 Crores. 13.03.1990 After review of existing ....
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....Based Limits was enhanced to Rs. 29.47 Crores and Non-Fund Based Limit was enhanced to Rs. 42.14 Crores. 30.12.2005 Working Capital Consortium agreement between Samtel Colour limited and the Applicant Bank acting as leader on its behalf and on behalf of Canara Bank, UTI Bank Ltd., SBI, ABN Amro Bank NV, ICICI Bank Ltd. Applicant Bank Credit Facilities were to the tune of Rs. 29.47 Crore for non-fund based facility. Joint Deed of Hypothecation executed between Samtel Colour Limited, Respondent no.-1 and Applicant Bank (Leader of the Consortium) and subsequently on 17.07.2006, Supplementary Agreement was executed by the company. Inter se agreement dated 30.12.2005 executed between consortium banks. 21.11.2006 The Fund Based Limit and Non-Fund Based Limits of Applicant Bank was to the tune of Rs. 31.32 Crores and Rs. 55.04 Crores respectively, and one-time FLC limit of Rs. 10 crore was also sanctional. 12.12.2006 Deed of hypothecation to secure LC on DA/DP basis dated 12.12.2006 for Rs. 55.04 Crore was executed by Respondent no.-1.Hypothecation of movable assets forming part of fixed/block assets dated 12.12.2006 for Rs. 8....
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....including movable machinery, machinery spares, tools and accessories, present and future ranking second and subservient to the charge created/to be created in favour of the term lenders ("Fixed Assets"). 8. The Restructured Credit Facilities were secured by creation of equitable mortgage over the Immovable Properties (hereinafter collectively referred to as "the Mortgaged Properties") situated at: Part of the Chhapraula Property, i.e. (i) 23.93 acres (11.43 acre leasehold and 12.50 acre of freehold) land and buildings along with any structures etc. situated at Chhapraula Village, Tehsil Dadri, Dist Ghaziabad, Uttar Pradesh as well as (ii) 1.7 acres (8243 sq. yard) of land and buildings along with any structures etc. and plant and Machinery situated at Chhapraula Village, Tehsil Dadri, Distt. Ghaziabad, Uttar Pradesh. Greater Noida Property i.e. 41.10 acre (166294.81 Sqm.) of land and building along with any structure situated thereof and Plant and Machinery situated at Plot No. 2, Ecotech IV, G T Road, Greater Noida. Ghaziabad Property-I and Ghaziabad Property-II i.e. 3.4 acre of industrial plot along with Buildings and structures situated thereof and Plant and Machiner....
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....mount to the borrower from time to time out of the Restructured Facilities. In terms of the facility documents the borrower was required to repay the dues under the Restructured Facilities and also to pay interest there on at the rates and in the manner set out therein. The borrower failed and neglected to meet its repayment obligation towards and bank and has committed serious breaches and defaults. 11. In view of the aforesaid classification, the Applicant Bank issued demand notice dated 20.08.2013 demanding an amount of Rs. 158,59,74,423.98 (Rupees One Hundred Fifty-Eight Crore Fifty-Nine Lakhs Seventy-Four Thousand Four Hundred Twenty-Three and Paise Ninety-Eight Only) under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The borrower was informed that in case of their failure to pay the above mentioned amount with further interest at the contractual rate within 60 days from the date of notice, the Bank would exercise all or any of the power as provided under section 13(4) of the said Act and outcome of the action taken under Securitization Act will be informed. The copy of the Notice dated 20.08.2013 issue....
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....k's claim as on 14.01.2016 2,362,017,559.29 Particulars of the Financial Debt along with documents, records and evidence of default have been filed in the application. 16. It is seen that the original application no. 86/2016 titled "Punjab National Bank v. Samtel Colour Limited" was filed under Section 19 of recovery of debts due to banks and Financial Institution Act, 1993 before the Debts Recovery Tribunal-ll, Delhi for seeking recovery of Rs. 236,20,17,559.29/- being the due amount as on 14.01.2016 payable by the respondents jointly and severally to the applicant bank besides pendentelite and future interest @ 13% P.A. in the Corporate Loan Account and @ 17.50% P.A. in the due date default accounts with monthly rest along with all further charges, expenses, etc. and cost of the application. 17. It is stated in the above para- IV of the application that Corporate Debtor had filed a reference under Section 15(1) of the Sick Industrial Companies Act (Special Provisions) Act, 1985 being Case No. 58/2012 before Board for Industrial and Financial Reconstruction Branch Office-III, (BIFR) and BIFR vide order dated 03.12.2014 declared the Corporate Deb....
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....de thereafter by the Company. Thus, the claim put forward by your client in the application before the Hon'ble National Company Law Tribunal is exaggerated, unsubstantiated, frivolous and not in accordance with the accepted restructuring scheme. (5) That Due to heavy losses and erosion of net worth, the Company made a reference to the erstwhile Hon'ble Board for Industrial & Financial Reconstruction (BIFR) and same was registered under reference number 58/2012 in October, 2012. That as per the order of Hon'ble BIFR, the Company had drawn up an elaborate revival plan, taking into consideration the market demand and available financial strength. The revival plan was submitted to the Secured Creditors, including Punjab National Bank, through ICICI Bank Ltd. the Operating Agency (OA). The revival plan was prepared, considering the interest of all stakeholders including the secured creditors, the Workers & Employees and the Statutory Authorities (for Statutory Dues). However, instead of deliberating and exploring the possibilities of revival of the Company, the secured creditors. including Punjab National Bank opt for actions unde....