TaxTMI 
TaxTMI 
2021 (4) TMI 1241
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....as 'Corporate Debtor'). 2. In the requisite Form, under the head "Particulars of Financial Debt" the total amount of Debt granted is stated to be Rs. 150,00,00,000/-, and the amount claimed to be in default is Rs. 2,06,77,51,421/- including interest. The date of default is stated to be 30.06.2017. BRIEF HISTORY OF THE CASE 3. The Corporate Debtor has availed a Term Loan Facility of Rs. 150 crores from Yes Bank Limited (Original Lender) on 23.09.2016. The Corporate Debtor has executed various financial and security documents in favour of the original lender on 24.09.2016. 4. The aforesaid loan was disbursed in the following manner: Date of Disbursement Amount of Disbursement 26.09.2016 145,00,00,000/- 27.02.2017 5,00,00,000/- Total 150,00,00,000/- The date of defaults as mentioned in the petition in form 1 is 30.06.2017 and the outstanding dues is as follows; Principal Outstanding Dues Rs. 150,00,00,000/- Interest Rs. 48,59,07,541/- Penal Interest Rs. 8,12,17,626/- Expenses Rs. 6,26,254/- Total Rs. 2,06,77,51,421/- 5. Following are the documents evidencing the sanction and disbursement of the aforesaid Loan whic....
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....decided by Court III, NCLT (Mumbai Bench) provides for manner of repayment of debt owed by the Corporate Debtor to the Petitioner herein. Hence, it is submitted that in the event, Court III, NCLT (Mumbai Bench) decides I.A. 3473 of 2019 in favour of the Applicant, the entire debt owed to the Applicant herein will be paid to the Applicant herein in the manner provided in the said Contract. 12. The said contract is signed by HDIL (currently undergoing CIRP) through its Directors/Promoters (currently in judicial custody) and hence, the Corporate Debtor is unable to produce a copy of the said contract. The said contract clearly states the manner in which the debt was to be transferred as agreed by the Applicant itself. Is it submitted before this Tribunal to direct the Applicant to produce a copy of the said contract as it directly affects the subject-matter of the present Petition. 13. The Corporate Debtor further submits that the said Petition is not maintainable in law and is liable to be dismissed at the threshold on the following grounds, each of which are taken without prejudice to the other; a. The Corporate Debtor submits that the Corporate Debtor had availed the....
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....ment. f. The Corporate Debtor further submits that in the event of said petition is allowed/admitted by this Tribunal, the same will lead to an unwarranted/double benefit to the Petitioner at a loss to Corporate Debtor. g. It is further pertinent to note that, the asset/security in question i.e. Majestic Towers Project itself is an asset worth more that 1100 crores and that is said M.A. is decided in favour of the Petitioner, the captioned petition before this Tribunal consideration would in itself be infructuous as the debt amount claimed by the Petitioner would not subsist and the present petition would stand no grounds. h. The Corporate Debtor submits that the conduct of the Petitioner is purely to squeeze the Corporate Debtor and to keep all the remedies open to resuscitate its claim. That the Petitioner on one has filed its claim before the Resolution professional, which is already admitted in its entirety, and on the other hand has filed the said M.A. 3473 of 2019 before the Court III, NCLT, Mumbai Bench to give effect to the said agreement and to get the Majestic Towers Project transferred in its name and now has come before this Tribunal to initia....
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....sset Reconstruction Ltd. (Suraksha ARC) for the purpose of seeking orders from the Hon'ble Tribunal in relation to one Project Majestic (asset owned by the Corporate Debtor, HDIL) to Mazda Estate Pvt. Ltd. on the basis of a non-concluded contract. It is submitted that the application filed by the Applicant is ultra vires of the provisions of the Insolvency and Bankruptcy Code, 2016 and is wholly against the objective of maximization of value of assets owned by Corporate Debtor under insolvency. Pg. 6 "i. The Applicant/intervenor submit that IA No. 3473 of 2019 filed by Suraksha ARC is not maintainable as the said application is filed on the basis of a non-executed/concluded contract between the Corporate Debtor and Mazda Estate Pvt. Ltd., wherein Suraksha ARC is not a party. It is the case of the Applicant/Intervenor that Suraksha ARC was not even even a beneficiary under the nonconcluded contract between the Corporate Debtor and Mazda Estate Pvt. Ltd". "However, since the same never occurred, no right under the contract can be claimed by Suraksha ARC, who is at the best a third party to the contract." 17. In any event the petitioner respectfully s....
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....Rs. 8,12,17,626 Other charges @ 12% per annum Rs. 6,26,254 TOTAL Rs. 2,06,77,51,421 21. The Petitioner has also enclosed the banker's certificate under section 2A of Banker book evidence act, 1895 which certified the account statement pertaining to account no. 000181400003786 of the Corporate Debtor with YES Bank. The statement of account produced by the petitioner also confirmed the disbursal of monies to the Corporate Debtor. The Petitioner has also filed statement of account of the Corporate Debtor from 26.09.2016 to 30.07.2017 which shows the disbursal of monies and closing balance which is reproduced as below; The Petitioner has also filed the original sanction letter received by the original lender Yes Bank dated 23.09.2021. The petitioner issued default notice dated 15.06.2018. 22. The Corporate Debtor filed its reply and has not raised any dispute with regard to sanction of loan, disbursement of loan, signing of documents and default, but questioned the maintainability of this Petition under section 7, in view of the fact that the Petitioner has filed M.A. 3473 of 2019 in C.P. 27 of 2019 before Hon'ble Court 3 NCLT, Mumbai. 23. It is pertinent to not....
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....ssential goods or services to the "Corporate Debtor" shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 29. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 30. That the Interim Resolution Professional shall perform the duties as assigned under Section 18 and Section 15 of the Code and inform the progress of the Resolution Process and the compliance of the directions of this Order within 30 days to this Bench. A liberty is granted to intimate even at an early date, if need be. 31. The Petition is hereby "Admitted". The commencement of the Corporate Insolvency Resolution Process shall be effective from the date of the Order. 32. Ordered Accordingly. ============= Document 1 Nature of Security ARY NOTAR KD TRIPATHI Vas, Di Palghar " Reg. 1513 Exp. Iste 15/10/2624 ....
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....uding sale proceeds receivables (owned by Guruashish Constructight d ease/rental PG of Promoters Mr. Rakesh Wadhawan ng Saragg CG of Housing Development and Infrastructure Lim Projects in brief: SUB-REGISTR اعية) MERINO Project 1-SRA Project "Majestic Towers" sitSUBURBS ole area land admeasuring 8.0 acres comprising of 4 sa of 13 lacs sq. ft.) and 4 Rehab towers (built up area 91 lacs sq. ft.) Project 2 Project "Metropolis" situated at Four Bungalows, Andheri (W), Mumbai with minimum saleable area of -7 lacs sq.ft. Project 3 "Galaxy Apartments" situated at Kurla (E), Mumbai with minimum saleable area of ~5 lacs sq.ft. Project 4- Project 'Meadows' situated at Sector R10, Siddharth Nagar Goregaon (W), Mumbai with built up area of -6.31 lacs Sq ft including commercial and residential project (of which minimum saleble area of 2 lacs sq. ft. (BUA 15999 sq.mtr) of commercial property to be taken as YBL security) Of the all above mentioned securities, there are securities which are common/ extended for other existing YES BANK exposure, in case of any recovery from these common / extended securities, the pr....