TaxTMI 
TaxTMI 
2019 (7) TMI 1508
X X X X Extracts X X X X
X X X X Extracts X X X X
....s filed by Edelweiss Asset Reconstruction Company Limited, Petitioner / Financial Creditor under Section 7 of Insolvency and Bankruptcy Code, 2016 (I&B Code) for initiation of Corporate Insolvency Resolution Process (CIRP) against Octaga Green Power and Sugar Company Limited, Corporate Debtor /Respondent. The Petition was filed on 07.08.2018. 2. The Petitioner has filed this Petition as an Assignee of debt of the original lender, i.e. UCO Bank (Assignor) that has assigned its debt to the Petitioner vide Deed of Assignment dated 8.7.2014. 3. The Assignor vide its various Sanction Letters dated 19.1.2005, 22.2.2008, 31.3.2009, 6.11.2009 and 18.5.2012 granted the following credit facilities to the Corporate Debtor: Facilities Amoun....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Engineering Pvt. Ltd. and B.B. Consulting and Engineering Pvt. Ltd. vide Deed of Guarantee dated 22.6.2012. 7. The Petitioner sent a notice dated 5.8.2016 under Section 13(2) of SARFAESI Act, 2002 intimating the default of Rs.50,44,37,258/- and calling for repayment of the same. The Petitioner sent a recall notice dated 15.3.2018 demanding repayment of Rs.69,70,15,694/- from Corporate Debtor. 8. The Corporate Debtor has sent a letter dated 19.3.2018 to the Petitioner stating that as per its accounts an amount of Rs.29,57,03,995/- is due to be repaid against the loan as on 31.3.2013 and offered one-time settlement amount of Rs.10 crores. The Petitioner in its reply dated 26.3.2018 has rejected the one-time settlement offer. The Corpor....
X X X X Extracts X X X X
X X X X Extracts X X X X
....orate Debtor entered into the Addendum to Master Restructuring Agreement dated 22.6.2012for an amount of Rs.5.49 crores owed to the Assignor. 14. The existence of debt is further established by various instruments for the creation of security interest for the loans availed by the Corporate Debtor such as the Additional and Third Supplement Memorandum of Entry dated 22.6.2012 and the Extension of Charge of Hypothecation dated 22.6.2012 that are annexed to the Petition. Further, the Petitioner has also annexed the Pledge of Shares Agreement dated 22.6.2012 created in favour of the Financial Creditors of the Corporate Debtor. 15. The restructuring agreements and various instruments for the creation of security interest in favour of the F....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eing time-barred is not maintainable. 18. Given the above facts and circumstances, the debt and default of more than one Lakh Rupees by the Corporate Debtor is established. 19. The Petitioner has proposed the name of Mr Gaurav Ashok Adukia, a registered insolvency resolution professional having Registration Number [IBBI/IPA-002/IP-N00457/2017-18/11293] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code, and given his declaration; no disciplinary proceedings are pending against him. 20. The CP 2987/2018 filed under sub-section (2) of Section 7 of I&B Code, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Acc....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the provisions of sub-section (1) of Section 14 of I&B Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I&B Code or passes an order for the liquidation of the corporate debtor under section 33 of I&B Code, as the case ....