TaxTMI 
TaxTMI 
2020 (10) TMI 593
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....o only). 2. The Form - 1 filed by the Petitioner reveals that the Petitioner sanctioned a term loan of Rs. 45,00,00,000/- (Rupees Forty Five Crores only) on 13/12/2010 to the Corporate Debtor. The Corporate Debtor availed the term loan to the extent of Rs. 34,90,53,689/- (Rupees Thirty Four Crores Ninety Lakhs Fifty Three Thousand Six Hundred Eighty Nine only). 3. The Corporate Debtor executed the following security documents in respect of the loan: a) First mortgage and charge over all the Corporate Debtor's Properties and assets both present and future; b) First charge on all intangible assets of the Corporate Debtor; c) First Charge/assignment of all receivables/revenues of the Corporate Debtor from the project; d) First charge on all the Corporate Debtor's Bank account including without limitation, the escrow account and the Debt Services Reserve Account ("DSRA"). e) Pledge of shares aggregating to 51% of the paid-up share capital of the Corporate Debtor up to the end of two years from SPCD and reduced to 26% of the issued and paid up equity share capital of the Corporate Debtor after the end of two years. f) First Charge by way of assignment or creation of s....
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....isting roads from KM 59.4 of SH 27 to KM 132.8 of SH 31 by two laning the same on build, operate and transfer basis. The Corporate Debtor availed term loan facility of Rs. 45,00,000,00/- (Rupees Forty Five Crores only) from the Petitioner for funding the road construction project and executed a common loan agreement dated 05/01/2011. After the completion of the road project the Corporate Debtor started collecting toll and making payment to the Petitioner. f. The MPRDC unilaterally suspended the toll collection during the auspicious period of "Simhastha Parv", 2016 i.e. from 01/04/2016 to 31/05/2016 for the purpose of convenience of the pilgrims using the road. The suspension of toll collection coupled with the under recovery from the toll road had given jolt to the Corporate Debtor and the earnings of the Corporate Debtor. This adversely impacted the payments to the Petitioner. The Petitioner failed to appreciate the event of force majeure and treated the Corporate Debtor as defaulter in repayment of loan. Thus, the Petitioner erred in declaring that the Corporate Debtor committed default on 31/01/2016 and also erred in declaring the account of the Corporate Debtor as Non-Perfor....
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....defect. Since the Petition is signed by the Petitioner Bank's officer, the contention that the person who signed the Petition does not have sufficient authority does not hold water. It is beneficial to refer to the judgement Hon'ble NCLAT in Palogix Infrastructure Pvt. Ltd. Vs. ICICI Bank Ltd. (Company Appeal (AT) (InsoL) No. 30 of 2017): "38. This apart, if an officer, such as senior Manager of a Bank has been authorised to grant loan, for recovery of loan or to initiate a proceeding for 'Corporate Insolvency Resolution Process' against the person who have taken loan, in such case the 'Corporate Debtor' cannot plead that the officer has power to sanction loan, but such officer has no power to recover the loan amount or to initiate 'Corporate Insolvency Resolution Process', in spite of default of debt. 39. If a plea is taken by the authorised officer that he was authorised to sanction loan and had done so, the application under section 7 cannot be rejected on the ground that no separate specific authorization letter has been issued by the 'Financial Creditor' in favour of such officer designate. 40. In view of reasons as recorded above, while....
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....Lenders may, take one or more of the following actions: (i) declare the unpaid principal amount of and interest in respect of the Loans, and all other obligations and all other amounts payable by the Borrower hereunder and under the Security Document to be forth with due and payable, whereupon such amounts shall become forthwith due and payable......". 11. On this point, it would be beneficial to refer to the judgment of Hon'ble Supreme Court in the case of Innoventive Industries Ltd. Vs. ICICI Bank and Anr. - (2018) 1 SCC 407. The principle decided is stated below: "27. The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution process begins. Default is defined in Section 3(12) in very wide terms as meaning non-payment of a debt once it becomes due and payable, which includes non-payment of even part thereof or an instalment amount. For the meaning of "debt", we have to go to Section 3(11), which in turn tells us that a debt means a liability of obligation in respect of a "claim" and for the meaning of "claim", we have to go back to Section 3(6) which defines "claim" to mean a right t....