TaxTMI 
TaxTMI 
2019 (12) TMI 1415
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....;Financial Creditor") for initiation of Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Shree Ambika Sugars Limited (hereinafter referred as "Corporate Debtor'') on the ground that the Corporate Debtor has defaulted repaying an amount of ' 2,83,10,52,539.32 as on 14.01.2019 as against the loans availed by the Corporate Debtor. 2. The Financial Creditor counsel states that Corporate Debtor availed the working capital credit facilities for its Sugarcane Division from the Financial Creditor (Punjab National Bank) consortium comprising of Canara Bank (CB), Union Bank of India (UBI), State Bank of India (SBI), Andhra Bank (AB), Indian Bank (IB) and Lakshmi Vilas Bank (LVB) based on the respective sanction le....
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....o L&T Infrastructure Finance Company Ltd, Punjab National Bank, Canara Bank, Union Bank of India, State Bank of India, Andhra Bank, Indian Bank and Lakshmi Vilas Bank. Further, the Corporate Debtor had executed revival letter on 26.12.2014 to cover the total fund-based exposure of ' 200 crores and non-fund based exposure of ' 28.35 crores in favour of Creditor Bank. 2.2 The Financial Creditor counsel submits that since the Corporate Debtor was not in a position to service the liability, the Industrial Finance Corporation of India Ltd (IFCI Ltd) had formed a Joint Lenders Forum in order to identify incipient stress in the account of the Corporate Debtor and classified the account as 'Special Mention Account (SMA)' in terms....
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....btor 6. 10.01.2015 Corporate Debtor executed Joint Lenders Forum Agreement as IFCI Ltd. had formed a JLM 7. 16.05.2015 Corporate Debtor availed EPBG facility to the tune of ' 266.17 crores 8. 21.09.2017 Supplementary and mandatory agreement executed by the Corporate Debtor wherein SBI and L&T Infrastructure Finance Company had become members of PNB Consortium 9. 24.11.2017 Balance and security confirmation executed by the Corporate Debtor 10. 05.11.2018 Demand Notice issued by PNB Consortium through its security trustee, IDBI Trusteeship company u/s. 13(2) of the SARFAESI Act 11. 21.01.2019 Certificate of Charge for the total limit of ' 608.80 crores issued by RoC in favour of PN....
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....has not come forward to repay the loan amount, the Financial Creditor and other banks have jointly filed OA. No. 262 of 2019 for recovery of ' 643,10,31,414.99 crores as on 14.01.2019 before DRT-II Chennai and it is pending for adjudication. 3. The Corporate Debtor counsel submitted that prolonged drought and shortage of cane took a heavy toll on the availability of molasses and bagasse for viable operation of the distillery and co-generation plants and that these factors had already been brought to the attention of Bankers and it had proposed one Time Settlement (OTS). The Corporate Debtor made a request that the recovery proceedings initiated before NCLT/DRT may be kept in abeyance and in case of accounts already admitted by NCLT, ....
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....ebtor 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; 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 a owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. The supply of essential goods or serv....