TaxTMI 
TaxTMI 
TaxTMI 
2019 (5) TMI 1786
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....for the purpose of determination of this petition. 3. The Petitioner is a Public Sector Bank (PSB), having its Regd. office at State Bank Bhavan, Madam Cama Road, Mumbai - 400021 and acting through its Branch at Stressed Assets Management Branch, Secunderabad (Branch Code: 04106) D.N0.6-2-915, 5th Floor, Rear Block of HMWSSB Compound, Khairtabad, Hyderabad 500004, whereas the Respondent/Corporate Debtor is a Company incorporated under the Companies Act, 1956 having its registered office at 7-124/RT, G-1, B-Block, Roxana Towers, Green Lands, Begumpet, Hyderabad - 500016 and is engaged in business to develop, design, procure, own, construct, commission, operate and maintain the 1200 MW (2x600 MW) domestic coal based power project at Janjgir Champa District, Chhattisgarh. 4. It is stated that the Corporate Debtor has availed Loan facility aggregating to INR (Rupees Two Thousand One Hundred and Fifty Crore Only) vide common Term Loan Agreement dated 30.01.2011 and thereafter the Financial Creditor novated its commitment of INR vide a novation notice dated 25.11.2011 and the commitment was reduced to INR (Rupees Two Thousand and Fifty Crore Only) (Rupee Facility). The Common Rupee Ter....
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....as modified from time to time) for conversion of the outstanding debt of the Corporate Debtor owed towards the Financial Creditor into the equity shares of the Corporate Debtor. This decision was made by the lenders of the Corporate Debtor in their joint lender forum meetings dated 16.12.2016 and 23.12.2016. Board of Directors of the Corporate Debtor passed a resolution dated 10.07.2017 for approving the allotment of the equity shares against the loans converted by the lenders including the Financial Creditor. The Shareholders of the Corporate Debtor passed resolution dated on 16.01.2016 for approving the conversion of any outstanding debt into equity shares u/s. 62(3) of the Companies Act, 2013. 9. The total aggregate amount in default under the Loan Agreements as on 31.08.2018 is INR 2944,57,70,156.22 (Rupees Two Thousand Nine Hundred Forty Four Crore Fifty Seven Lakhs Seventy Thousand One Hundred Fifty Six and Twenty Two paise Only) which include the defaulted amounts of principal, interest and penal interest. 10. It is stated that the following documents were executed by the Corporate Debtor: I. Common Rupee Loan Agreement dated 30.03.2011 amendment by the First Amendment A....
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....onfirmation upto 31.03.2016; and IV. In favour of Bank of Patiala for the balance confirmation upto 31.03.2016 dated 07.04.2016. 13. Mr. B. Suresh Kumar, Sr. General Manager of the Corporate Debtor filed Reply on behalf of the Corporate Debtor, however, same was not taken on record due to lack of authorization to make representation before this Adjudicating Authority on behalf of the Corporate Debtor. 14. During the hearing held on 30.01.2018, this Adjudicating Authority has also directed the Petitioner to send fresh private notice once again to the Respondent and also to Board of Directors of the Respondent as there was no representation on behalf of the Corporate Debtor. Further, Petitioner was directed to carry out a notice for appearance of Corporate Debtor and for making submissions. 15. During the hearing held on 06.02.2019, Counsel for the Petitioner stated that they have carried out notice for appearance of the Respondents by way of Paper Publication and filed the proof of the same and further stated that the notice sent by way of courier to the Respondent/Corporate Debtor returned unserved with an endorsement as addressee left. Further, Petitioner/Financial Cred....
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....by the Financial Creditor for appearance and for making submissions. Even notice was carried out by way of paper publication against the Corporate Debtor for appearance and for making submissions in relation to the claim made by Petitioner, but there was no representation by the Corporate Debtor or any of its Directors. Inspite of ample opportunities to the Corporate Debtor, it failed to appear and make submissions before this Adjudicating Authority. Notices to the Corporate Debtor held sufficient. 22. The Petitioner has proved its case by placing documentary evidence viz., Sanction Letter issued to the Corporate Debtor, oan Documents, Guarantee Agreement and copies of entries in Bankers Book in accordance with the Bankers Books Evidence Act; 1891 (18 of 1891) reflecting that the default has occurred for which the present Corporate Debtor was liable to pay. I am satisfied with the submissions put forth by the Petitioner/Financial Creditor. Further, the Financial Creditor has fulfilled all the requirements as contemplated under 1B Code, in the present Company Petition and has also proposed the name of IRP after obtaining the written consent in Form-2. In these circumstances, this A....