TaxTMI 
TaxTMI 
2022 (4) TMI 571
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.... and forty-eight Crore forty-six Lakh ninety-nine thousand nine hundred ninety-seven and paise twenty-three only). 3. The Date of Default as mentioned in the Petition is 28.06.2014. The date of classification of the Corporate Debtor as a Non-Performing Asset (NPA) is 27.09.2014 in the Petition. The Petition has been filed on 12.04.2021. 4. The case of the Financial Creditor is as under: a. The Financial Creditor submits that it has sanctioned the following credit facilities (Principal Amount) to the Corporate Debtor outstanding as on 31.03.2021 as under: i. Total Cash Credit Loan (Account Number -10318675277) of Rs. 47,08,68,906.70/- (Rupees forty-seven Crore eight lakh sixty-eight thousand nine hundred six and paise seventy only). ii. Working Capital Term Loan (Account Number - 32245584461) of Rs. 11,80,00,000/- (Rupees eleven crore and eighty lakh only). iii. Funded Interest Term Loan (Account Number -34246064451) of Rs. 11,25,00,000/- (Rupees eleven crore and twenty-five lakh only). iv. Term Loan I (Account Number - 34249871938) of Rs. 9,11,00,000/- (Rupees nine Crore and eleven lakh only). v. Term Loan II (Account Numb....
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..../restructured from time to time. f. As far as Security Interest was concerned, it has been submitted that the cash credit facilities were secured by executing various documents such as Deed of Hypothecation of Goods and Assets dated 26.09.2014 (annexed as Exhibit 'G' at page 109- 152 of the Petition) and Agreement of Loan dated 03.09.2013. Further, these cash credit facilities were secured by personal guarantees given via Agreement of Guarantee dated 26.09.2014 (annexed as Exhibit 'J' at page 267-291 of the Petition) by Mr. Shyam Gyaniram Agarwal, Mr. Anand Shyam Agarwal, Mr. Navin Shyam Agarwal, Mrs. Vidya Shyam Agarwal and Mrs. Ritu Anand Agarwal. In addition to this, a Deed of Pledge dated 27.12.2014 (annexed as Exhibit 'K' at page 292-312 of the Petition) was also executed by the guarantors mentioned above whereby 8,78,000 shares of the Corporate Debtor were pledged in favour of SBICAP Trustee Company and a Deed of Ratification and Rectification dated 02.02.2015 (annexed as Exhibit 'N' at page 415-425 of the Petition) as well as a Deed of Mortgage dated 26.12.2015 were executed by the Corporate Debtor. g. The Financial Creditor ....
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....orporate Debtor submits that it was served with the court notice directing its appearance for hearing dated 15.12.2021 and that a copy of the Financial Creditor's petition was served on them on the date of the hearing itself. c. The Corporate Debtor at the outset denies all and singular statements, averments, contentions and submissions made by the Financial Creditor in its Petition. d. The Corporate Debtor states that the Financial Creditor has failed to qualify their claim as a Financial Debt in terms of Section 5(8) of the I&B Code and that the application was untenable and non-maintainable in law but also suppressed crucial, vital and material facts which relates to the present company petition in question. e. Under Para 10 of its Affidavit of Reply, the Corporate Debtor submits that the company petition has been filed against the principles of natural justice as it was filed without the issuance of any demand notice for the said default/claim in question. f. The Corporate Debtor further submits that the present company petition is not maintainable as it is barred by the law of limitation. While explaining the reason for the same, it has ....
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....ion in terms of Limitation Act, 1963: a. One of the contentions raised by the Corporate Debtor in its reply dated 28.01.2022 was that the present application filed by the Financial Creditor was barred by Limitation. The Corporate Debtor contended that since its account with the Financial Creditor was declared a Non-Performing Asset (NPA) on 27.09.2014 the latest date by which an application can be filed in terms of Limitation Act, 1963 would be 27.09.2017. b. The Financial Creditor in its petition submitted (under Para 9 of the Synopsis on Page C) that while an application was pending before the Debts Recovery Tribunal (DRT) at Pune, Maharashtra, the Corporate Debtor had admitted its liability in response to the application filed with DRT in its letter dated 29.05.2019 stating its willingness to settle the pending dues. A copy of this letter was also provided for our reference (annexed as Exhibit 'B (Colly)' at page 25-27 of the Petition). In the said letter the Financial Creditor was informed that the promoters of the Corporate Debtor were contemplating on offering a onetime settlement scheme. c. Extracts of the above-mentioned letter have been s....
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....e Mortgage Deed which was executed on 26.12.2014 was incorrect and faulty insofar as the coverage of mortgage assets in the deed was concerned. It was further submitted that certain shops and offices covered under the Mortgage Deed were never owned by the Corporate Debtor at the time when the deed was entered into and therefore, mortgaging the entire building along with all the shops was never valid. b. Further, the Corporate Debtor has also submitted that the interest charged by the Financial Creditor was much higher than the agreed upon rate as per the re-schedulement letter and that there were also discrepancies with regards to the cut-off date. c. In this regard, we would like to cite the judgment of the Honourable Supreme Court in the Case of M/s. Innoventive Industries Ltd. Vs. ICICI Bank & Anr. Civil Appeal Nos. 8337-8338 of 2017 where it was held under Para 28 that: "It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt", which may also include a disputed claim, is not due. A ....
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.... is admitted. We further declare moratorium u/s. 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the provisions of sub....
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....D. A Leading Newspaper Group Since 1971 AAJ KA ANAND Building, 365/6, Shivajinagar, Pune 411 005, Maharashtra, INDIA Tel E-mail Website : 91-20-25534888/25538835/25533224 : [email protected], [email protected] :www.aajkaanandpapers.com EXHIBIT - "C" Stressed Assets Management Branch World Trade Centre, Cuffe Parade, Mumbai - 400005. à¤à¤¾à¤°à¤¤à¥€à¤¯ सà¥à¤Ÿà¥‡à¤Ÿ बैंक बैं STATE BANK OF INDIA gment Dea , but Guessedda 2531 21723 मिळाले /पà¥à¤°à¤¾à¤¸ / RECEIVED SP/ ACKD...... Reg: Willingness to settle the dues of the company. Ref: Joint Lenders Meeting held on 14/5/19 at your office. Dear Sir, This refers to the Joint Lenders Meeting held on 14/05/2019 at your good offices. In the said meeting officials from your bank i.e. State Bank of India, Bank of Baroda, Edelweiss and SBICAP Trustee were also present along with the Forensic Auditors. In the meeting, the promoters of the company informed the officials, that the company has been extending all out c....