TaxTMI 
TaxTMI 
2017 (8) TMI 1478
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....orporated under the Companies Act having its Registered Office at Magdalla Village, Opp. Dumas Road, Dist. Surat. Authorised share capital of M/s. ABG Shipyard Limited, is Rs. 170,00,00,000/-. Paid up share capital of the company is Rs. 201,50,46,640/-. 3. Financial creditors granted several loan facilities to the corporate debtors under Master Restructuring Agreement (MRA) dated 28.03.2014, the first amendment agreement to MRA dated 30.07.2014, and 2nd amendment agreement dated 09.09.2014. 4. Corporate debtor executed the following guarantee deeds in favour of the financial creditor (1) Guarantee deed dated 27.06.2012 (2) Guarantee deed dated 28.06.2012 (3) Guarantee deed dated 13.04.2012 5. All the above guarantees are in respect of capital facilities granted to PFS Shipping (India) Ltd. in respect of working capital facilities made available to Western India Shipyard Limited and Varada Ventures Pte Limited respectively. 6. Corporate debtor executed following letters of comfort in favour of following units. (1) Letter of comfort dated 18.04.2011 in respect of facilities to Global Bulk Carriers Pte Ltd. (2) Letter of comfort dated 31.08.2010 in respect o....
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....ility as on June 21, 2017 is Rs. 180.23 crores. (16) The amount in default under the bank guarantee commission facility as on June 21, 2017 is Rs. 3.64 crores. Note: The date of default for all the above mentioned facilities is October 20, 2016 The Total amount claimed as on June 21, 2017 is Rs. 4291.90 crores. The table containing the details of the computation of the amount of default on the part of the Corporate debtor, the dates of default and the number of days of default under the restructured facilities is annexed to application as Exhibit "5" 9. Financial creditors further stated that the corporate debtors executed several security documents mortgaging the immovable properties for the facilities enjoyed by it. That are summarised here below:- 1) Rupees term loan facility to the tune of Rs. 170,00,00,000 (Rupees One Hundred and Seventy Crores Only) ("Term Loan - 1") (this facility also involves certain FCNR(B) facilitates), as has been set out in Schedule IV of the MRA. 2) Rupees term loan facility in FCNR (B) to the tune of Rs. 49,60,00,000 (Rupees Forty-Nine Crores Sixty Lakhs Only) ("Term Loan-2"), as has been set out in Schedule IV ....
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....,90,00,000 (Rupees Thirty Six Crores and Ninety Lakhs Only) ("FITL Facility-VI"), as set out in Schedule XVI to the MRA; (vi) Restructured funded interest term loan facility of Rs. 9,70,00,000 (Rupees Nine Crores and Seventy Lakhs Only) ("FITL Facility-VII"), as set out in Schedule XVI to the MRA; (vii) Restructured funded interest term loan facility of Rs. 3,10,00,000 (Rupees Three Crores and Ten Lakhs Only) ("FITL Facility-VIII"), as set out in Schedule XVI to the MRA; and (viii) Restructured funded interest term loan facility of Rs. 8,80,00,000 (Rupees Eight Crores and Eighty Lakhs Only) ("FITL Facility-IX"), as set out in Schedule XVI to the MRA; (The above mentioned funded interest term loan facilities are collectively referred to as the "FITL Facilities") 8) Restructured fund based working capital facilities to the tune of Rs. 865,00,00,000 (Rupees Eight Hundred and Sixty Five Crores Only) ("Restructured Working Capital Facilities (fund based)". The details of the Restructured working Capital Facilities (fund based) have been set out in Schedule IV of the MRA. 9) Restructured non-fund based working capital facilities to th....
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....mited overall limits upto Rs. 33,60,00,000 (Rupees Thirty Three Crores and Sixty Lakhs Only) under Facility Agreement dated June 28, 2011. (iii) Vide Deed of Guarantee dated April 13, 2012 in respect of certain facilities made available to Varada Ventures Pte. Limited upto overall limits of USD Rs. 70,000,000 (USD Seventy Million) under Facility Agreement dated February 07, 2012. (the above mentioned deeds of guarantees are hereinafter referred to as "ABG Guarantees") The various letters of comfort issued by the Corporate Debtor in favour of the Financial Debtor are as follows: (i) Letter of Comfort dated April 18, 2011 in respect of facilities amounting to USD 70.7 Million (USD Seventy Million and Seven Hundred Thousand Only) to Global Bulk Carriers Pte Ltd. under Facility Agreement dated March 31, 2011. (ii) Letter of Comfort dated August 31, 2010 in respect of facilities amounting to USD 82.2 Million (USD Eighty Two Million Only) to Varada Marine Pte. Ltd. under the facility Agreement dated August 31, 2010. (the above mentioned letters of comfort are hereinafter referred to as the "ABG Letters of Comfort") The ABG Gu....
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....urned to 16.08.2017. It is also stated in the purshis that no winding up order or order appointing liquidator has been passed in Company Petition 375 of 2016 and in the said purshis it is also mentioned that, ICICI bank apprised the Hon'ble High court regarding the pendency of Insolvency Proceedings before this authority and requested the Hon'ble High Court of Gujarat to adjourn the matter for a longer date. The Hon'ble High Court of Gujarat after hearing the submission of the advocate for ICICI Bank, adjourned the matter to 16.08.2017. 18. Respondent corporate debtor filed reply dated 27.07.2017. In the reply, corporate debtor stated that the total debt outstanding under the facilities granted by the financial creditor under restructuring agreement as on 21.06.2017 stands at Rs. 4291.90 crores. Corporate debtor further stated that nonpayment is on account of unavoidable reasons including inter alia global downfall in the shipping industry. It is also stated that certain ship building contracts for some vessels were cancelled resulted in paucity of working capital. It is stated by the corporate debtor that Corporate Insolvency Process would help both the company, its....
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....1. In this case the only possible argument is winding up petition No. 375 of 2017 is pending before the Hon'ble High Court of Gujarat. The said petition was admitted by the Hon'ble High Court of Gujarat on 19.06.2017. Hon'ble High Court after admitting the winding up petition deferred the order of advertisement till 18.07.2017. Financial Creditors filed purshis before this authority stating that even on 18.07.2017 no winding up order was passed and no provisional liquidator was appointed and on the representation of the financial creditors, Hon'ble High Court adjourned the matter to 16.08.2017. 22. In these circumstances it is clear that although Hon'ble High Court of Gujarat admitted winding up petition, no winding up order has been passed and no provisional liquidator has been appointed. 23. Now the controversy is that, in view of the pendency of winding up petition CP No. 375 of 2016 whether this Tribunal can entertain and pass order in this petition. In view of the fact that, no winding up order has been passed and no provisional liquidator has been appointed in company petition 375 of 2016 by Hon'ble High Court of Gujarat, section 446 of the Compa....