2019 (10) TMI 276

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... this Corporate Debtor defaulted in repaying an amount of Rs. 130.30 Crores as on 31.12.2018 and failed to discharge duty of a Guarantor in respect to the loans given to Rudhra Pte Limited on having the said company defaulted in repaying Rs. 79.45 Crores as on 01.10.2018. 2. As I have gone through this Company Application, it is evident that one M/s. Siva Ventures Limited on 17.09.2010 approached the Financial Creditor for working capital facilities and in pursuance of the said request, the Financial Creditor sanctioned fund-based limits in the form of Cash Credit (CC) to the extent of Rs. 35 Crores; non fund-based limit in the form of Letter of Credit to the extent of Rs. 25 Crores; a Bank Guarantee for an amount of Rs. 25 Crores as inn....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oved by the Hon'ble High Court of Madras in CP/84 to 93/2013 on 22.08.2013. Subsequent to this, when this Corporate Debtor failed to service the debt, the Financial Creditor on 13.01.2015 issued Recall Notice (Ref. No.IDBI/BKC/CBG/14-15/2265) demanding the Corporate Debtor to pay the outstanding amount in respect to the working capital facility aggregating to Rs. 62 Crores or else to regularize the loan account. Following the earlier Notice, this Financial Creditor gave another Recall Notice (Ref. No.NMG/BKC/SIHL/292) on 04.05.2017 rejecting the One Time Settlement (OTS) proposal for an amount of Rs. 48.68 Crores. As the account was not regularized even after Recall Notice was given by the Financial Creditor, this Petitioner/Financial C....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is within three years before filing of this case, the Financial Credit has today filed a document along with additional affidavit reflecting that Rudhra Minerals Pte Limited acknowledged this debt on 31.03.2017. 6. As Rudhra Minerals Pte Limited failed to maintain the financial discipline and committed default with respect to the facilities sanctioned, this Financial Credit on 04.01.2017 issued a Demand Notice demanding Rudhra Minerals Pte Limited to repay the defaulted amount of USD 11 million. As the repayment has not come to the Financial Creditor Bank, it has again on 10.04.2017 issued Recall Notice to Rudhra Minerals Pte Limited for recovery of the outstanding dues. On having Rudhra Minerals Pte Limited defaulted in repaying the loa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he view that this case is fit for admission whereby this Bench hereby admits this petition by appointing Mr. Savan Godiawala, as Interim Resolution Professional (IRP) looking at the consent given by the Insolvency Professional with directions as follows: I. That Moratorium is hereby declared prohibiting all of the following actions, namely, (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; ....