2022 (1) TMI 975

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....einafter referred to as Corporate Debtor") alleging that the Corporate Debtor committed default in making payment of Rs. 137,68,37,255.53/- (Rupees One Hundred and Thirty Seven Crores Sixty Eight Lakhs Thirty Seven Thousand Two Hundred and Fifty Five Rupees and Fifty Three Paisa Only) to the Financial Creditor in view of the various loans and working capital facilities availed by the Corporate Debtor, by invoking under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Financial Creditor is a "Commercial Bank" a well-Recognised Bank and has garnered reputation since its incorporation. The Corporate Debtor is a Limited Company ....

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....account declared as NPA. The Corporate Debtor group repaid tern loans and also serviced interest on working capital loans till 31.12.2018. Due to the global commodities price crash, the stock's value deteriorated which led to insufficient stocks to support the Cash Credit/Export Packing Credit exposure of Financial Creditor. 7. The Financial Creditor instead of extending helping hand, has issued various legal notices to the Corporate Debtor. As a result, the Corporate Debtor could not recover from the lenders hostile attitude. The Corporate Debtor's precarious financial situation compounded further due to the hostile attitude of the Financial Creditor and led to severe cash flow mismatches, which hurt the Corporate Debtor's o....

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....issions made by the Counsel for the Financial Creditor or in support of the contentions made in his counter. 10. Hence I am of the considered view that it is a fit case to admit and order initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Financial Creditor has suggested one name i.e., Mr. Kasi Srinivas (IBBI/IPA-003/IPA-ICAI-N-00237/2019-2020/12840) as Insolvency Resolution Professional (IRP). ORDER The Company Petition is admitted. The Corporate Insolvency Resolution Process of the Corporate Debtor shall commence from this date and shall be completed within 180 days hence. i. Mr. Kasi Srinivas (IBBI/IPA-003/IPA-ICAI-N-00237/2019-2020/12840), having office at 1-2-37/4B, Flat No.....