2017 (4) TMI 1412

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....te debtor M/s. Murli Industries Limited. 2. The corporate debtor entered into a master restructuring agreement on 06-06-2011 with Bank of Baroda (Monitoring institution) and Punjab National Bank, State Bank of Hyderabad, IFCI Limited, State Bank of Patiala, State Bank of India, Punjab and Sind Bank, IDBI Bank Limited, Allahabad Bank, Bank of Maharashtra, State Bank of Travancore, Andhra Bank and Axis Bank Limited (Lenders). The agreement says that the corporate debtor has requested the lenders for various financial assistance for setting up/ implementation of the project and for other requirement for its operations. The lenders sanctioned the term loan and working capital facilities to the corporate debtor and the corporate debtor from tim....

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....institutions and banks amounting to Rs. 1896.65 crores as per the balance sheet as on 31-03-2016. 5. The State Bank of Mysore assigned the loans disbursed to the corporate debtor in favour of M/s. Edelweiss Asset Reconstruction Co. Ltd. by an assignment deed dated 30-06-2014. The Edelweiss Asset Reconstruction Company Limited in its capacity as financial creditor filed this petition for initiation of corporate insolvency resolution process. 6. This Petition clearly reveals that there is a debt as defined in Section 3(11) of I&B Code 2016, and also there is default in this case within the meaning of Section 3(12) of I&B Code, 2016. Further, Section 5(7) clearly provides that an assignee of a financial debt is also a financial creditor and ....