TaxTMI 
TaxTMI 
2021 (5) TMI 277
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....efault is Rs. 38,87,53,376/- including interest of Rs. 8,15,08,241/-. The date of default for the Term Loan Facility is 30.10.2018 and the date of default for the Cash Credit Facility is 30.09.2018, i.e., the date from which the Corporate Debtor has defaulted in making the payments of the loan. BRIEF HISTORY OF THE CASE: 3. The Petitioner is a Securitization and Asset Reconstruction Company registered under Companies Act, 1956 and under Section 3 of Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002. The Corporate Debtor in the year 2014 submitted the loan application to M/s. Dombivli Nagari Sahakari Bank Limited (herein referred as "DNSB" (original lender)) for availing a term loan of Rs. 13,22,29,000/-. 4. The Deed of Mortgage dated 23.07.2014 was executed between DNSB and Corporate Debtor for term loan amounting to Rs. 13,22,29,000/-. DNSB and the Corporate Debtor further executed various loans documents which includes Promissory Note, Loan Agreement, Deed of Guarantee, Composite Deed of Hypothecation and Pledge Agreement dated 24.07.2014. DNSB and the Financial Creditor also executed inter-se pari-passu Agr....
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....edit facility were declared as NPA on 31.01.2019 and 31.03.2019. 8. Thereafter, the DNSB assigned the term loan facility and cash credit facility of the Corporate Debtor to the Petitioner vide Assignment Agreements dated 30.03.2019 and 05.11.2019. 9. The Petitioner, thereafter, issued Recall Notice dated 10.01.2020 to the Corporate Debtor demanding the Corporate Debtor to pay the dues of the term loan facilities of Rs. 8,60,09,164.14/- and dues towards cash credit facility of Rs. 27,83,07,159.48/- as on 10.01.2020 along with further interest from 11.01.2020 within 14 days of receipt of said notice. The Petitioner mentions that in case of default of payment and payment of outstanding dues by the Corporate Debtor the Petitioner initiate Insolvency Proceedings under IBC. 10. The statement of dues of the Corporate Debtor as on 28.01.2021 has been annexed with the Petition. The date of default of the Term Loan is 30.10.2018 and date of default of cash credit facility is 30.09.2018, i.e., from the date when the Corporate Debtor defaulted the payment of the facilities. 11. The amount of debt claimed by the Petitioner is as follows: Total Principal Amount: Rs. 30,72,45....
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....rporate Debtor had availed the loan facility aggregating to Rs. 30,72,45,135/- from DNSB and assigned the same debt to the present Petitioner. The Corporate Debtor due to its financial constraints requested the said DNSB and the Petitioner for financial assistance towards capital and working capital expenditure for maintaining sugar cane farms and for the payments of sugar cane farmers. 15. In the light of COVID-19 and Nationwide lockdown, the sugar industry has hit adversely which caused inordinate delay in harvesting. The entire value chain in the sugar industry which is sugarcane, sugar molasses, ethanol and their subsequent marketing and export has been adversely affected from COVID-19, which directly affected the Corporate Debtor. During the initial days of lockdown, due to shortage of labour, Sulphur, packaging materials and other related challenges there has been indeed reduction in the sugar production in the country. 16. The Corporate Debtor requested for 6 months' time to clear the outstanding dues of the Petitioner. The Corporate Debtor also mentions that the business of the Corporate Debtor is dependent on the geographical conditions wherein, the raw product a....
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.... MS. SUCHITRA KANUPARTHI, MEMBER (J) ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 16.04.2021. NAME OF THE PARTIES: ASREC (INDIA) LIMITED V/s. CANE AGRO ENERGY (INDIA) LIMITED SECTION : U/s 7 of Insolvency & Bankruptcy Code, 2016. ORDER 1. In this matter, Counsel for the Petitioner Mr. N. Kohli and for the Respondent side Mr. Rohit Gupta present. The Ld. counsel for the Respondent mentions that it is a matter where the Debt has been admitted by the Respondent case and, therefore, they do not have any defense and also mentions that this be recorded. The Ld. Counsel for the Respondent mentions that the email communication sent in this regard may be recorded which is as under: "To, The Hon'ble Bench National Company Law Tribunal Court Room - V I am concerned for the Corporate Debtor Cane Agro Energy (India) Limited. The said matter was listed on 16th April 2021, Friday The Corporate Debtor is Financially distressed, therefore, the Corporate Debtor is unable to settle the matter with the Financial Creditor in the above said matter. The C....