TaxTMI 
TaxTMI 
2022 (6) TMI 386
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....he Part IV of Petition is 31.12.2019. The Petition is filed on 10.09.2020. 3. The case of the Financial Creditor is as under: a) The Corporate Debtor in the year 2015, had approached the Financial Creditor for availing credit facilities for its business purposes. Pursuant to the request of the Corporate Debtor, the following financing agreements were entered into between the Financial Creditor and the Corporate Debtor: i. Credit Arrangement Letter dated 16.06.2015 whereunder the Financial Creditor inter alia sanctioned an amount of Rs.10,00,00,000/- (Rupees ten crore only) as a Rupee Term Loan and Rs.45,00,00,000/- (Rupees forty-five crore only) as working capital facility in the form of cash credit in favour of the Corporate Debtor on the terms and conditions as more particularly stated therein. ii. Corporate Rupee Loan Facility Agreement dated 24.06.2015 was executed between the Financial Creditor and the Corporate Debtor by which an amount of Rs.10,00,00,000/- (Rupees ten crore only) was granted by the Financial Creditor to the Corporate Debtor inter alia for the purpose of takeover of term loan from Indian Overseas Bank. iii. Facility Agre....
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....ing defaults in the payments to its depositors' and serious criminal allegations against the Corporate Debtor and its Directors. Vide the same letter, the Financial Creditor once again requested the Corporate Debtor to clear all outstanding dues payable as on date. There was no response to the said letter nor the Corporate Debtor paid any part of the outstanding overdues. 4. The Financial Creditor issued Loan Recall Notice dated 17.02.2020 inter alia recalling the Rupee Term Loan Facility due under the Working Capital Facility and the interest overdue on the Gold Metal Facility. The Financial Creditor called upon the Corporate Debtor to forthwith repay a sum of Rs. 37,19,60,000/- as on 31.01.2020 along with applicable interest, penal interest, premium, charges etc. 5. The Corporate Debtor has filed its Preliminary Affidavit of Reply dated 04.10.2021 and submits as under: a) The Corporate Debtor denies that an amount of Rs.40,74,40,000/- (Rupees forty crore seventy-four lakh forty thousand is due and payable to the Financial Creditor. The Corporate Debtor being an MSME, has borne a lot of the difficulties owing to the lockdown announced on account of the pandemic COVI....
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....tor to be utilised by the Corporate Debtor for jewellery manufacturing. iv. Renewal Credit Arrangement Letter dated 26.04.2018 issued by the Financial Creditor inter alia renewing the Working Capital Facility on the same terms and conditions as set out in the Annexure thereto for a further period up to 14.03.2019. v. Renewal Credit Arrangement Letter dated 10.03.2019 issued by the Financial Creditor inter alia renewing the Working Capital Facility on the same terms and conditions as set out in the Annexure thereto for a further period up to 28.03.2020. b) Thereafter, in the period of September, 2019, the Corporate Debtor defaulted in payment of monthly interest under the respective loan accounts. By E-mail dated 10.10.2019 and 15.10.2019 followed by a letter dated 18.10.2019, the Financial Creditor requested the Corporate Debtor to clear the outstanding overdue. However, the Corporate Debtor failed to clear the outstanding amounts. c) By a letter dated 28.05.2018, the Corporate Debtor acknowledged the debt owed by it as on 02.05.2018. Further, by a letter dated 30.08.2018, the Corporate Debtor acknowledged its liability as on 27.08.2018 payable u....
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.... Creditor by the Corporate Debtor. 16. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and payable by the Corporate Debtor to the Financial Creditor. There is default by the Corporate Debtor in payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the Corporate Debtor. a) The application is complete and has been filed under the proper form. The debt amount is more than Rupees One Crore and default of the Corporate Debtor has been established and the application deserves to be admitted. 17. The Applicant has proposed the name of Mr. Santanu T Ray, a registered insolvency resolution professional having Registration Number [IBBI/IPA-002/IP-N00360/2017-2018/11055] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code and has also given his declaration that no disciplinary proceedings are pending against him ORDER 18. This Application being C.P. (IB) No. 1253/NCLT/MB/C-IV/2020 filed by ICICI Bank Limited, the Financial Creditor/Applicant, under se....
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....le to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. e) The Financial Creditor shall deposit a sum of Rs.5,00,000/- (Rupees five lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). f) A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. g) The Registry is directed to immediately communicate this order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional even by way of email or Whats App. Compliance report of the order by Designated Registrar is to be submitted today. ============= Document 1 اركا AMOND, PLATINUM, REAL VILANDI, GEMSTONES & MORE N5018383|[email protected] www.rasiklaljewellers.com M. G. Road, Opp. Pooja Hotel, Chatkopar (E), Mumbat-400 077 RASIKLAL SANKALCHAND JEWEILERS TIMELESS COLLECTIONS. TIMELESS RELATIONS. ACKNOWLEDGEMENT OF DEBT & CONFIRMATION OF SEGURADE... TO BE ISSUED BY BORROWER Date: To, ....