2019 (8) TMI 1141

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....e, 2016 ("the Code") to initiate Corporate Insolvency Resolution Process for having the Corporate Debtor failed to repay an amount of Rs. 149,36,46,297.17 to the Financial Creditor namely State Bank of India. 2. On perusal of the record, it appears that on 30.06.2016 consortium of Banks namely Punjab National Bank, IDBI Bank Limited, UCO Bank, Union Bank of India, Standard Chartered Bank led by State Bank of India (financial creditor) granted financial assistance in the nature of credit facility to the Corporate Debtor consisting of various working capital limits for an amount of Rs. 159.94 crores with break up as below: Facility Sanctioned limit (Rs. Crores) CC - Sugar 15.00 CC Distillery 10.00 EPC/PCFC (sub-limit o....

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....nders) with the RoC dated 30.09.2016 for sum of Rs. 10 Crores - Annexure 14 in Part-V of the application. 8. Letter given by the Trustee Company Ltd. (on behalf of the Financial Creditor) to the Corporate Debtor for confirmation of holding of documents - Annexure 15 in Part-V of the application. 9. Legal Notice issued by the Financial Creditor to the Corporate Debtor for the repayment of outstanding dues - Annexure 16 in Part-V of the application. 4. Apart from these documents, the Financial Creditor filed Declaration of Understanding dated 26.12.2016 executed by the Corporate Debtor confirming the creation of charge/mortgage over the secured assets. As repayment was not made as agreed, the account was already declared as NPA....

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....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 debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. That Supply of essential goods or services to the corporate debtor, if continuing, shall not be te....