TaxTMI 
TaxTMI 
2021 (1) TMI 1125
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....e Corporate Debtor for default of financial debt 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)....
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.... Hyderabad (SBH) SBH has preferred OA No.221 of 2014 (OA- III) before DRT, Hyderabad against the Corporate Debtor and Other 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....
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....ccounts including the ones whereby any of the schemes had been invoked but not yet implemented were to be governed by the revised framework. Even the present petition filed 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 Credi....
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.... the Corporate Debtor itself has filed Counter only on 27.02.2020, in a petition filed on 06.09.2019. Time for filing Counter was sought on different occasions, viz. 05.12.2019, 23.01.2020 and 07.02.2020. 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 s....
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....te Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (B) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (C) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (D) That the order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier. (E) That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and B....