TaxTMI 
TaxTMI 
2021 (1) TMI 1125
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....t of Rs. 222,00,00,000.00 (Rupees two hundred and twenty two crores only) as on 31.07.2019. Hence, this Petition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016, read with Rule 4 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the petition, initiation of Corporate Insolvency Resolution Process (CIRP), granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 4. The petitioner-SBI, by way of consolidation, has merged its associate banks, viz. State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Bikaner & Jaipur (SBBJ) and State Bank of Patiala (SBP). Prior to such merger SBI, SBH, SBH TL, SBM CC, SBBJ TL have granted and disbursed facilities to the Corporate Debtor the following financial facilities: Account No. Date of disbursement 30319660894 (SBI CC) 07.02.2008 33360886582 (SBI CC) 08.10.2013 62009677471 (SBH CC) 13.06.2006 62106387066 (SBH TL) 08.09.2009 64054173576 (SBM CC) 29.12.2009 61078919101 (SBBUJ TL) 22.09.2009 61085563197 (SBBuU TL) 26.12.2009 The accounts of the above....
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....r defendants. Rs. 11,51,64,253.23 with interest and cost. DRT vide order dated 27.07 .2015 in OA-III directed the Corporate Debtor and other defendants to pay Rs. 14,50,06,349.23 to SBH with ROI @ 14.45% from the date of OA till realisation. 6. It is submitted that as per Statement of Accounts (ANNEXURE-2, Page 32 of the petition) the total amount claimed to be in default is Rs. 613,27,01,598.23 (Rupees six hundred thirteen crores twenty seven lacs one thousand five hundred and ninety eight and paise twenty three only). The dates of default for initiation of CIRP is the dates of Recovery Certificates issued by the DRT in the above three OAs. Thus, dates of default are as under: Original Application (OA-!) 17.10.2017 Original Application (OA-I]) 04.08.2017 Original Application (OA-II]) 08.09.2015 7. COUNTER DATED 26.02.2020/ 27.02.2020 FILED BY THE CORPORATE DEBTOR. 7.1 Itis submitted by the Corporate Debtor that due to unfavourable market conditions, such as bad debts, loss of 7 BOT projects, land acquisition issues, obtaining regulatory and other clearances, due to pending approval orders executed not getting converted to cash and other reasons, the Co....
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....d by the Assistant General Manager, SBI is as per guidelines issued by the above Circular dated 12.02.2018. OBSERVATIONS : 8. We have heard the learned counsel for the Financial Creditor as well as the learned counsel for the Corporate Debtor through videoconference. 9. The case of the Financial Creditor is that the respondent/ Corporate Debtor having availed financial facilities from the Financial Creditor/ Banks has committed default in repaying the loan amounts, pursuant to which the Financial Creditor has initiated proceedings in the DRT by way of three different Original Applications (OA). The DRT vide three different orders has directed the Corporate Debtor to pay the amounts to all the applicants therein including the Financial Creditor and its associate banks. The DRT, had further issued three Recovery Certificates in three different OAs in favour of Financial Creditor and its Associate Banks and other Banks to recover an amount of Rs. 1408,03,14,857.40. Out of the said amounts the Financial Creditor and its Associate Banks are entitled to recover Rs. 368,22,13,348.59. 10. The Financial Creditor has claimed that the dates of default by the Corporate Debtor are the date ....
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....2020. 14. Apart from the technical issues raised, the Corporate Debtor did not dispute existence of debt and default, albeit it may differ dates of default and so on. Public money cannot be squandered away by the Corporate Debtor by finding loopholes. 15. From the record it is observed that the Corporate Debtor addressed letter dated 29.01.2020 (Annexure-I, Page 4 of Memo dated 07.02.2020 filed by the Corporate Debtor) to the Union Bank of India and also SBI agreeing, in principle, to repay the amount due to the Financial Creditors and requesting the Bank to support them during the financial crisis the Corporate Debtor is facing due to various reasons beyond their control. They also requested vide the above letter to waive off the penal interest levied. The Corporate Debtor has also requested the Financial Creditors for One Time Settlement (OTS). By addressing such letter to the Financial Creditors, the Corporate Debtor has acknowledged the debt and also the Corporate Debtor was seeking OTS from the Financial Creditors. There was a decree issued by the Debt Recovery Tribunal (DRT) in the instant case based on which the instant application was filed and acknowledgement of debt by ....