2022 (5) TMI 1023

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....it Roy, Assistant General Manager, UCO Bank ( hereinafter referred to as the Financial Creditor) for initiation of Corporate Insolvency Resolution Process in respect of M/s Bhumya Tea Company Private Limited, CIN U01409WB2005PTC102542, having its registered office at 20, Coalberth Hoboken Road, Kolkata-700088 ( hereinafter referred to as the Corporate Debtor). 2. It is submitted by the Financial Creditor that the Corporate Debtor had approached the Financial Creditor for financial assistance and accordingly the credit facilities were sanctioned to the Corporate Debtor, which were enhanced, modified and renewed from time to time as per the request of the Corporate Debtor. The Financial Creditor has sanctioned credit facilities to the tune of Rs. 48,30,00,000/-(Rupees Forty Eight Crores Thirty Lakhs only). The Corporate Debtor executed security documents in favour of the Financial Creditor and as per the Agreement, the Corporate Debtor was mandated to repay the outstanding sums for Term loan facility and cash credit facility. However, the Corporate Debtor failed and neglected to make payment as per the terms of the agreements and thereby committed breach of terms and conditions of....

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....ease from government of Assam) having an area of 735.00 hact. 7. It is submitted that the Corporate Debtor has signed a balance confirmation on 06.11.2017 wherein the Corporate Debtor has acknowledged that an amount of Rs.79,68,00,000/-( Rupees Seventy Nine Crores and Sixty Eight Lakhs only) is due and payable by the Corporate Debtor inclusive of interest . Copy of the said balance confirmation is annexed as Annexure-K. 8. It is submitted that the Corporate Debtor undertook to strictly adhere to the Terms and Conditions which are part and parcel of the said sanction as entered into by and between the Financial Creditor and the Corporate Debtor. The Corporate Debtor therein were mandated to repay the loan at an agreed interest rate or as per the RBI/Bank's Directives from time to time, according to the stipulated Terms and Conditions as envisaged in the said sanction. Further, under the said agreement the Corporate Debtor were mandated to repay the sum but the Corporate Debtor have failed and /or neglected to make repayments of the principal debt and interest thereon in accordance with the Terms and Conditions as enshrined in the said sanction and thereby committed breach of t....

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....ring into a one-time settlement offer with the Financial Creditor. It is, therefore, evident that the said amount of Rs.57,57,15,416.13p is an admitted amount due and payable by the corporate debtor to the financial creditor. 14. It is further mentioned in the petition that default happened from time to time due to which account of the Corporate Debtor was renewed, revived and restructured and even thereafter the Corporate Debtor continued with defaults in complying with its obligation to regularize the accounts. First default took place on 5th January, 2018, in servicing of interest and thus on 31.03.2018, the accounts of the Corporate Debtor was declared as an NPA. 15. It is submitted that the outstanding debt payable by the Corporate Debtor to the Financial Creditor amounts to Rs. 57,57,15,416.13p as on 22.09.2020 in respect of the credit facilities granted by the Financial Creditor. 16. To further secure the loan, the Financial Creditor took various preliminary and collateral securities in respect of immovable properties/ assets of the Corporate Debtor. 17. On being served with the notice of the Court, the Corporate Debtor has filed its reply affidavit. 18. In re....

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....faulted in repayment of its financial debt. 22. The Financial Creditor proposed the name of Mr. Santanu Brahma, to act as an IRP having Registration No. IBBI/IPA-001/IP-P01482/2018-2019/12251, who has consented vide his affidavit and Form-2, and submitted that he has agreed to accept the appointment as IRP if an order admitting the present application is passed by this Adjudicating Authority. He has further submitted that no disciplinary proceedings are pending against him with the Board or Institute of Insolvency Professionals of ICAI. 23. The petition is otherwise complete in all respects. 24. In the facts and circumstances, we are satisfied that the petition under section 7 of the Code filed by the Financial Creditor deserves to be admitted and we, therefore, pass the following orders:- O R D E R S i) The application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor is hereby admitted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I & B Code, 2016. iii) Moratorium is declared for....