TaxTMI 
TaxTMI 
TaxTMI 
2021 (5) TMI 754
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.... by the duly authorised officer, Shri Nanda Kirshore Sethy, Chief Manager, Zonal Sastra Centre, 1st Floor, Zonal Office, H. B. Road, Panbazar, Guwahati 781 001, Assam. 2. The Respondent Corporate Debtor (CD) Company, namely Megha Granules Pvt. Ltd. was incorporated on 05.05.2005 with CIN: U26942ML20007PTC008253. 3. The Nominal / Authorised Share Capital of the Respondent (CD) Company is Rs. 13,40,00,000 (Rupees Thirteen Crores Forty Lacs only) and the paid-up Share Capital is Rs. 12,99,99,488 (Rupees Twelve Crores Ninety Nine Lacs Ninety Nine thousand Four hundred Eighty Eight only). The Registered Office of the CD Company is situated at H. R. Path, Zoo Road, Bye Lane No.6, Tinali, Guwahati 781006, Assam. 4. It is submitted by the Applicant /FC that initially a Petition under Section 7 of IB Code, 2016 had been filed for and on behalf of the FC United Bank of India but subsequently on amalgamation of the said FC (United Bank of India) with the Punjab National Bank, the erstwhile FC had been replaced/substituted by the Punjab National Bank. However, the Punjab National Bank, the present FC was also one of the lenders/creditors to the CD under consortium arrangement along with the....
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.....06.2011 and Modified Sanction Letter dated 27.09.2011 had initially sanctioned a Term Loan of Rs. 20.00 Crores out of the total consortium sanction of Rs. 117.98 Crores. 6. Thereafter, vide Sanction Letter dated 04.12.2012 accorded sanction of enhancement of total loan limit from Rs. 20.00 Crores [ Term Loan - Rs. 20.00 Crores (with a sub-limit of Rs. 10.00 Crores as LOC), Cash Credit - Rs. 5.00 Crores, LC - Rs. 3.00 Crores & BG - Rs. 2.00 Crores] to Rs. 30.00 Crores (Rupees Thirty Crores only) out of the total consortium sanction of Rs. 55.00 Crores as Working Capital Limits. 7. The FC thereafter vide Sanction letter dated 29.12.2014 sanctioned the restructuring cum renewal of the loan accounts to a total Overall Limit - Rs. 19.29 Crores by way of reduction in overall credit facilities. Therefore, the credit facilities sanctioned by the Consortium Lenders to the tune of Rs. 65.40 Crores (Rupees Sixty Five Crores Forty lakhs only) as Working Capital Facilities including Bank Guarantees. 8. Total Consortium Credit Facilities after reduction and restructuring by the consortium lenders and availed by the Corporate Debtor stood at Rs. 95.28 Crores (Rupees Ninety Five Crores and Tw....
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....i pasu charge over the same. 12. It is further stated that similarly the Corporate Guarantor TIMES FERRO ALLOYS LTD. had also created equitable mortgage over 21 plots of land measuring in total 8.716 Hectares of open land (diverted for industrial use), situated at village - Botejhhari (Waraseoni), District Balaghat, Madhya Pradesh 481331, by deposit of Title Deed on 02.12.2012. Memorandum of Deposit confirms the EM creation and deposit. The consortium banks which includes the Financial Creditor, enjoys pari pasu charge over the same as security for repayment of Consortium Loan. 13. The FC (erstwhile UBI) had also sanctioned a Bank Guarantee Limit of Rs. 98,82,000.00 on the basis of an application dated 12.06.2017 and accordingly issued a Performance Bank Guarantee (being BG No.0002171LPER005 for Rs. 98,82,000.00 dated 16.06.2017. A Counter Guarantee dated 12.06.2017 was signed and executed by the CD. Further, the FC (erstwhile UBI) had also issued extended Bank Guarantee (BH) up to 23.08.2018 and thereafter on further extension till 23.02.2019. However, the said Bank Guarantee stood invoked vide Invocation Letter dated 17.01.2019 issued by the Beneficiary and therefore the said B....
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....r towards liquidation / resolution of the total outstanding dues. Therefore, the Financial Creditor had preferred this application for resolution of an outstanding debt of Rs. 23,57,23,005.33 as on 31.01.2020 in the Term Loan, Cash Credit, WCTL- 1, WCTL-2, FITL-1, FITL-2, FITL-3, FITL-4, INV LC and INV BG Accounts. 18. It is further submitted that the aforesaid statements and documents appended with the petition clearly establish that there is sufficient cause of action for preferring this petition for resolution of the total claim of the FC (erstwhile UBI) as against the CD. The debt has been established by the FC (erstwhile UBI) beyond any reasonable doubt and default against the CD stands proven by the default statements, CIBIL and CRILIC Report dated 07.02.2020 and also the Statements of Accounts attached with the application. 19. It is further stated that with regard to the debt pertaining to Punjab National Bank (prior to amalgamation/merger of United Bank of India and as one of the Lender under the Consortium Arrangement) the Financial Creditor had been one of the Consortium Lenders and had sanctioned Term Loan limit of Rs. 20.00 Crores vide Sanction Letters dated 26.02.20....
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....016, 15.09.2011, 15.09.2011, 15.09.2011, 15.09.2011, 27.03.2015, 27.03.2015, 27.03.2015, 27.03.2015, 27.03.2015, 01.02.2016, 01.02.2016, 01.02.2016, 01.02.2016 and 01.02.2016 respectively had been passed from time to time endorsing and confirming the sanction of the Consortium loan facilities in connection thereof and also of the share of the Financial Creditor. 23. It is stated that the Corporate Debtor had also registered the charge over the secured properties (hypothecated and mortgaged properties) with the Registrar of Companies and relevant documents have been filed therein. 24. It is further stated that the Corporate Debtor had also signed an executed Letter of Acknowledgement of Debt cum Balance Confirmation dated 31.07.2017 in favour of the Financial Creditor, thereby confirming that all the security documents executed by it in favour of the consortium banks including the financial creditor. Balance Sheets of the Corporate Debtor are also enclosed and therefore, this application has been filed well within the prescribed period of limitation. 25. Thus, total Consortium Credit facilities after enhancement, reschedulement and restructuring by the consortium lenders and avai....
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....e Corporate Debtor stands proven by the defaulted statement, CIBIL and CRILIC Report dated 07.02.2020 and also the Statement of Accounts attached with the application. 29. The Corporate Debtor had also created equitable mortgage of leasehold right period (60 years) over a [plot of land measuring 1.07,063 square metres (80 bighas) situated within the Industrial Growth Centre at Chayagaon, Assam, belonging to the Assam Industrial Infrastructure Development Corporation (AIIDC), which had leased the said land to the Corporate Debtor by deposit of lease deed and other documents with the SBI and subsequently with CBI as lead bank, Memorandum of Deposit confirms the EM creation and deposit. The consortium banks which includes the Financial Creditor, enjoys pari pasu charge over the same. 30. It is further stated that similarly the Corporate Guarantor TIMES FERRO ALLOYS LTD. had also created equitable mortgage over 21 plots of land measuring in total 8.716 Hectares of open land (diverted for industrial use), situated at village - Botejhhari (Waraseoni), District Balaghat, Madhya Pradesh 481331, by deposit of Title Deed on 02.12.2012. Memorandum of Deposit confirms the EM creation and dep....
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....maintain the loan accounts - Term Loan, Cash Credit and FITL maintained by the Financial Creditor as it failed to pay the instalments and the over dues as per the terms and conditions. The loan accounts were classified as NPA on 06.04.2019. Demand cum Irregularity Letters / Notices dated 17.11.2018, 12.12.2018, 01.01.2019, 18.01.2019, 05.02.2019, 03.03.2019, 22.03.2019, 30.04.2019 and 20.09.2019 by the Financial Creditor to the Corporate Debtor, Corporate Guarantors and the Personal Guarantors were accordingly issued. But in spite of recalling the total outstanding in the Loan accounts from the Corporate Debtor, no payment had been received by the Financial Creditor towards liquidation / resolution of the total outstanding dues. Therefore, the Financial Creditor had preferred this application for resolution of an outstanding debt of Rs. 19,02,76,850.92 as on 12.11.2020 in the Term Loan, Cash Credit and FITL Accounts. The aforementioned statements and documents are append with the application clearly establish that there are sufficient cause of action for preferring this application for resolution of the total claim of the Financial Creditor as against the Corporate Debtor. The debt....
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....d an Original Application bearing O.A. No.238/2018 before the Debts Recovery Tribunal II Kolkata against the Corporate Debtor, Corporate Guarantor and Personal Guarantors for recovery of Rs. 24,98,53,501.40 (Rupees Twenty Four Crores Ninety Eight lacs Fifty Three thousand Five hundred One and paise Forty) only and the said application is also pending disposal. 40. In order to support the claim, the Financial Creditor has submitted the Statement of Accounts and Certified Entries in a Bankers Book in accordance with the Bankers Book Evidence Act, 1891 (18 of 2019) vide Annexures I-AAAAO, IAAAAO. 01, I-AAAAO.02, I-AAAAO.03, I-AAAAO.04, I-AAAAO.05, IAAAAO. 06 and I-AAAAO.01 respectively, which proves the claim of the Financial Creditor against the Corporate Debtor. 41. The Financial Creditor, in support of its contentions has annexed the details of Financial Debt, Records and evidences of default including copies of all sanction letters, statement of accounts, workings showing the amount claimed to be in default and its calculation from and as on 31.03.2018 and 06.04.2019[NPA dates] along with CRILC Report dated 15.12.2019 and CIBIL Report marked as Annexures I-AAAAF, I-AAAAG and Ann....
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....of restructure (pages 1980) 30. Amended Terms & Conditions of sanction dated 21.03.2015 issued by th e FC (PNB) to the CD (pages 1981 - 1991) 31. Application for renewal cum enhancement of CC Limit dated 16.12.2015 by the CD (pages 1992 - 1994) 32. Sanction letter dated 30.01.2016 issued by the FC (PNB) to the CD (pages 1995 - 2005) 33. Application for restructuring of dues / renewal of existing limit dated 21.03.2018 by the CD (pages 2006 - 2010) 34. Sanction letter dated 31.03.2018 issued by FC (PNB) to the CD (pages 2011 - 2021) 35. Bank Guarantee Invocation letter dated 12.03.2020 (pages 2039-2040) 36. Balance and Security Confirmation letters for all the loan accounts (pages 2041 - 2044) 37. Copies of Entries in Bankers Book for Term Loan, Cash Credit and FITL (pages 2045 - 2047) 38. CRILIC Report dated 15.12.2020 (pages 2048 - 2055) 39. CIBIL Report (pages 2056 - 2122) 40. Demand / Loan Irregularity Letters and Demand Notice dated 20.09.2019 under SARFAESI Act by the Financial Creditor and Proposal for Settlement dated 25.01.2019 by the CD (pages 2123 - 2133 and 2134 - 2135) 43. On 22.02.2021, when the case was taken up, Mr. S. Agarwal, Dire....
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....g sought for under the provisions of the IB Code is "Remedy in Rem" in respect of the CD. 46.VII The present IB Petition is filed by the duly authorised official of the Petitioner Bank in a prescribed format under Section 7 of the IB Code annexing copies of loan documents confirming the existence of debt due, payble and defaulted and proposed a name of a Resolution Professional to act as an Interim Resolution Professional (IRP). 46.VIII: The matter was taken up by this Bench on 08.10.2020, 09.10.2020, 13.11.2020, 08.12.2020, 05.01.2021, 09.02.2021 22.03.2021 and 05.04.2021 ORDER 47. Heard both the sides and perused the records/documents/ filed. Considering the materials made available by the Petitioner Bank, arguments of both parties and the facts mentioned in Para 46 to 46.VII, this Adjudicating Authority is satisfied that, a) The Corporate Debtor availed the loan / credit facilities from the Financial Creditor; b) Existence of debt is above Rupees One Lac; c) Debt is due, payable and defaulted; d) Default occurred on 31.03.2018 and 06.04.2019; e) Application has been filed within the limitation period, as the existence of the debt due, payable and defaulted on 31.03....
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...., G. S. Road, ABC, Guwahati-5, E-mail ID: [email protected], Phone- 8011048037, having IP Registration No.IPA 001/IP-P00532/17-18/10957 as an Interim Resolution Professional. The Interim Resolution Professional is further directed to make public announcement of moratorium in respect of Corporate Debtor soon after receipt of an authenticated copy of this order and to act further as per the order/direction issued by this Adjudicating Authority and to follow the provisions under Section 13 and 14 and other relevant provisions of the Insolvency and Bankruptcy Code. The IRP has to submit Assignment Declaration before the Registry within 2 days from today. 50. The IRP is hereby advised to adhere the time limit as stipulated for completion of the Corporate Insolvency Resolution Process ("CIRP") and perform the duties as specified under Section 17, 18, 20 and 21 of IB Code. The IRP shall perform all his functions contemplated, inter-alia, in Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnel connected....