2022 (7) TMI 199

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.... applied for Term Loan for Rs. 95.00 Crores vide Application for Term Loan dated 21.06.2010 and the Financial Creditor had agreed in principle to sanction a Term Loan (TL-I) Rs. 95.50 Crores (Rupees Ninety-Five Crores and Fifty lakhs) only and LC (One Time) of Rs. 25.00 Crores as a sub limit of the said Term Loan vide Sanction Letter 25.09.2010. The Authorized Signatories/Directors had accepted the term of the sanction by signing and executing an acknowledgment of Sanction letter dated 14.10.2010 and the terms and conditions. On the request of the Corporate Debtor the Financial Creditor modified the terms of the sanction vide Modification of Sanction dated 18.11.2010 and the Corporate Debtor duty acknowledge the said modifications vide Letter dated 19.11.2010. A Board resolution passed by the Board of Directors of the corporate Debtor dated 28.10.2010 acknowledged the said sanction and authorized the Directors to sign and execute the loan cum security documents and also requested the respondents herein to offer their personal guarantees. A DP Note dated 18.11.2010, Term Loan Agreement dated 18.11.2010, General Letter of Hypothecation dated 18.11.2010, (ADV-24) both dated 18.11.2010....

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....ector signed and executed consortium loan cum security documents such as the Term Loan Consortium Agreement and Joint Deed of Hypothecation both dated 07.09.2012. 2.3 The Respondent signed and executed separate Deed of Guarantee Dated 07.09.2012 in favor of the consortium Banks which include the Financial Creditor (Erstwhile Allahabad Bank Now Indian Bank) as security for repayment of the loan. The entire loan facilities were also secured by mortgage created by corporate debtor. The Corporate Debtor had also registered the charge over the secured properties (hypothecated and mortgaged properties) with the Registrar of Companies. 2.4 However, the loan accounts subsequently got stressed due to nonpayment of installments and the loan accounts became irregular and ultimately the Financial Creditor classified the loan accounts as NPA on 30.04.2015. Personal Guarantee was also invoked vide Notice dated 04.01.2019. 2.5 Revival Letters dated 17.08.2015 and 21.08.2015 were executed by the Corporate Debtor represented by its Managing director and the respondents as guarantors respectively thereby confirming the term loans of both the consortium bank and also the execution of the consor....

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....he Personal Guarantor (Respondent) and postal receipt and track report is enclosed hereto. 2.8 The Corporate Debtor failed to maintain the Term Loan accounts (TL-I A/C No. 50043499948 AND TL-II A/C No. 50612758456 maintained by the Financial Creditor (Now Indian Bank) Lakhtokia Branch. As the Corporate Debtor failed to pay the installments as per terms and conditions, the Term Loan accounts were classified as NPA on 30.04.2015. The Financial Creditors (the then Allahabad Bank and Corporation Bank) had jointly preferred an application under Section 19 of the RDBFI Act, 1993 (Now known as Recovery of Debts and Bankruptcy Act, 1993) for recovery of Rs. 189,79,84,189.00 and the aid Original Application has been registered as 0A No. 473/2017 and the same has been pending disposal. 2.9 After the Resolution process before this Hon'ble Tribunal initiated in CP (IB) No. 13/GB/2019 had been completed, the Financial Creditor, Indian Bank had survival debt of Rs. 185,39,91,035.07 with interest calculated till 29.01.2022 against the personal guarantor, i.e., the Respondent, after adjustment of its share of the resolution amount and as such the Financial Creditor (Indian Bank) through th....

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....rs dated 17.08.2015 and 21.08.2015 xxiv. Balance sheets for the financial years 2017-2018 and 2018-2019 dated 22.08.2017 and 26.06.2019 xxv. Demand Notice dated 06.05.2022 in respect of unpaid debt in default due from Meghalaya Infratech Limited under Rule 7(1) of the Insolvency and Bankruptcy Application to Adjudicating Authority for Insolvency resolution process of personal Guarantor to Corporate Debtors) Rules, 2019 with postal receipt and track consignment, xxvi. CIBIL Report of Personal Guarantor xxvii. Company Master Data obtained from MCA portal xxviii. Duly certified statements of accounts of TL-I and TL-II under Banker's Book of Evidence Act, 1891 xxix. NCLT Order dated 28.09.2019 and SC Order dated 17.12.2021 4. The Applicant has proposed the name of Mr. Sandeep Khaitan, an Insolvency Professional registered with Institute of Chartered Accountants of India, Insolvency Professional Agency, having registration number IBBI/IPA 32/2017-2018/10957, and resident of 2nd Floor, Sanmati Plaza, G.S. Road, ABC, Guwahati-781005, Assam, for Resolution Professional in this matter. Mr. Sandeep Khaitan has submitted his written communication dated 01.06.2022 and declarat....