TaxTMI 
TaxTMI 
2020 (3) TMI 23
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....and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by State Bank of India, through its Assistant General Manager, Mr. V.K. Karwal, in terms of General Regulations No. 76 & 77 of State Bank of India General Regulations 1955, exercise of the powers conferred by sub-section (3) of section 50 of the State Bank of India Act, 1955, with the previous sanctions of the Central Government, read with Gazette Notifications published in the Gazette of India dated 02.05.1987, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules'), wit....
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....,44,87,98,629.89/- Total Default Amount: Rs. 1,44,87,98,629.89/- Days of Default: 01.09.2016 to 31.07.2018 5. In Part-V of the Application, the Financial Creditor has given the details of documents, records and evidence of default: Loan (Amount in Rs.) Date of Disbursement CC: 10.06.2016 Rs. 80,78,00,000/- EPC: Rs. 72,00,000/- 10.06.2016 SLC: 10.06.2016 Rs. 7,00,00,000/- TL-I: 10.06.2016 Rs. 5,00,00,000/- TL-II: 10.06.2016 Rs. 17,50,00,000/- Rs. 1,13,00,00,000/- 6. In order to secure the above facilities, the Respondent Company had also given various securities by way of hypothecation of present & future assets, including fixed a....
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....suffered losses. The respondent had switched from small scale to medium enterprise and registered with MSME vide registration no. HR10C0000482, in 01.04.2015, the government of India had approved interest of 3% to all MSME units. The respondent classified its account with the bank in MSME, but despite providing all necessary details and documents the respondent did not receive any interest subvention from the bank. Respondent further states that in spite of various communications with bank he had not received interest subvention. On the contrary, the applicant bank issued a letter to the respondent by which the applicant bank, along with consortium member, imposed various penal charges on the respondent. The applicant bank had decided, alon....
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....ds are not realized in a stipulated period or advance request for extension of period of realization of export proceeds is received by the bank or otherwise account of borrowers is over/NPA. Due to these reasons borrower was not eligible for interest subvention and benefit could not be passed upon to the borrower. 12. Since most of the exposure of the Respondent company was by way of consortium finance, and there is no bar for the applicant to approach this Hon'ble Tribunal for initiating resolution process without seeking consent of other lenders. 13. Under sub-section 5(a) of section 7 of the code, the application filed by the applicant financial creditor has to be admitted on satisfaction that: (i) Default has occurred....
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....sets 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 Securitisation 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." 17. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended....