TaxTMI 
TaxTMI 
2018 (10) TMI 194
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....r in Hyderabad, Telangana State. 4. The Authorised Share Capital of the Respondent Company is - INR 170,000,000,000/- (Rupees One Hundred and Seventy Billion Only). The Paid Up Share Capital of the Respondent is - INR 14,323,227,180.0/- (Rupees Fourteen Billion Three Hundred Twenty Three Million Two Hundred Twenty Seven Thousand One Hundred Eighty only). 5. Petitioner Company in the form of term loan granted the following loans: (i) senior term loan of INR 9300.0 million ("Senior RTL-I"); (ii) letter of credit of INR 5000 million as sub-limit of Senior RTL-1 ("LC Facility-I"); (iii) subordinate loan of ILNR 700 million ("Subordinate LRTL-I") Senior RTL-I, LC Facility-I and Subordinate LRTL-I was granted vide Common Rupee Loan Agreement dated July 09, 2010. Bank Guarantee of INR 1,000.0 million ("BG-I Facility") vide master facility agreement dated October 30, 2013; first amendment agreement to master facility agreement dated November 19, 2013 and second amendment agreement to master facility agreement dated July 24, 2015. BG-1 Facility expired on February 28, 2017 since the Corporate Debtor failed to avail the same during the validity period. ....
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....nds only). 11. The petitioner filed the following documents to substantiate the financial debt and occurrence of default in repayment of the financial debt:- i. Copy of ISDA Master Agreement dated October 18, 2012 and the Board Resolution dated October 15, 2012 (Exhibit-4); ii. Copy of Derivative Facility was terminated vide letter dated July 24, 2017. (Exhibit-5); iii. Copies of JLF meeting dated May 04, 2014 (Exhibit-6); iv. Copy of dates of disbursement under the Facilities. ( Exhibit-7); v. Copy of recall notice dated August 03, 2017 (Exhibit-8); vi. Copy of details of the overdue amounts, the computation of amount of default and days of default. (Exhibit-9); vii. Copy of Deed of hypothecation dated September 06, 2010 (in relation to RTL-I) Exhibit-10); viii. Copy of Deed of hypothecation dated July 24, 2015 and power of attorney dated July 24, 2015 (in relation to BG-I Facility, ECB Facility and cost overrun Facility) (Exhibit-11); ix. Copy of certificate of registration dated August 26, 2015- (Exhibit-12); x. Copy of Share pledge agreement executed on September 6, 2010- (Exhibit-13); ....
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....cate of registration dated December 10, 2015, (Exhilbit-28); xxvi. Copy of Non-disposal arrangement and designated account agreement dated September 06, 2010, (Exhibit-29); xxvii. Copy of First amended and restated non-disposal of agreement dated October 23, 2013, (Exhibit-30); xxviii. Copy Second amended and restated non-disposal agreement, Second Amended and restated agency agreement and amended and restated designated account agreement and irrevocable power of attorney(ies) by LITL, LGL and CTPL dated July 24, 2015, (Exhibit-31); xxix. Copies of the Annexure P(s) filed on LGL, LTL and CTPL's DP Agent's No.20019073, 20019507 and 20019065 on January 21, 2016 and Annexure P(s) has been confirmed in the pledge master report of NSDL dated January 22, 2016, (Exhibit-32); xxx. Copy of the Sponsor Support Agreement dated September 06, 2010, (Exhilbit-33); xxxi. Copy of the confirmation to Sponsor support agreement dated October 23, 2013, (Exhibit 34); xxxii. Copy of the Audited and Restated Sponsor Support Agreement dated July 24, 2015, (Exhhibit-35); xxxiii. Copy of the Deed of Guarantee dated June 25th, 2015 (in r....
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....s; (c) Non-formulation of IPP establishment by Government of Odisha; (d) Non-availability of offshore material, held up at ports due to non-payment of customs duty; (e) Industry sentiments towards infusion of equity capital/investments in Power Industry diminished; (f) De-allocation of coal block allotted to the Project; (g) Non-support of lenders for participation in 2nd auction for coal; (h) Linkage auction conducted by Coal India Limited under SHAKTI scheme of Ministry of Coal. Petitioner could not obtain Mega Power certificate from the Ministry of Power in order to enter into long term Power Purchase Agreements with Discoms of Uttar Pradesh; (i) Non-availability of imported material at site had an impact on project progress. (j) The Corporate Debtor in all sincerity started execution of project very ambitiously after doing ground work viz identifying the Project site, getting clearances including necessary licenses and registrations, arranging financial tie ups and appointing experts and consultants etc., by incurring heavy expenditure. However, the Force Majeure events and several adverse situations caused....
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....htra, India, Email:[email protected], Reg. No.IBBI/IPA-001/IP-P00658/2017-2018/11107 as an Interim Resolution Professional, U/sec.l3(l)(b) of the Code. 18. Section 13 of the Code says that after admission of the application under Section 7, the Adjudicating Authority shall pass an order declaring moratorium for the purposes referred to in Section 14. Therefore, in view of the commencement of Corporate Insolvency Resolution Process with the admission of this Petition and appointment of the Interim Resolution Profession, this Adjudicating Authority hereby passes the order declaring moratorium under Section 13(1)(a) prohibiting the following as laid down I Section 14 of the Code. (a) 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. (b) transferring, encumbering, alienating or Disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debt....