TaxTMI 
TaxTMI 
2022 (9) TMI 540
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....esolution of an unreserved financial debt of Rs. 26,94,51,864.44/- along with interest. 2. Brief facts leading to filing the above Company Petition by the Financial Creditor are as follows: The UNION BANK OF INDIA (Hereinafter called or referred to as the "Financial Creditor" or "FC") is a bank registered under the Companies Act, 1956 and having PAN AAACU0564G. 3. M/s. PERI NITRATES PRIVATE LIMITED (Hereinafter called or referred to as the Corporate Debtor" or "CD") a Private Limited Company incorporated on 01.08.1997 and having its registered office at S. No. 296, First Floor Village Bhandgaon Tal. Daund, Pune-412214, Maharashtra, India. 4. The Corporate Debtor earlier had bank account with HDFC Bank Limited and it was enjoying various credit facilities with HDFC Bank Limited. 5. Thereafter, the Corporate Debtor vide letter dated 10.09.2009 requested the Financial Creditor to take over the existing Term Loan amounting to Rs.67.90 lakhs and to sanction Cash Credit/LC/BG amounting to Rs. 650 Lakhs and sanction new Term Loan amounting to Rs. 56 Lakhs also agreed to create simple mortgage on the properties offered as primary as well as collateral securities. 6. The F....
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.... limits of facilities from Rs. 11,11,93,000/- to Rs. 12,40,79,000/- and pursuant to the same, the charge was further modified on 05.06.2012 and 14.06.2012 respectively. 12. Due to reduction in credit period of 60 days of the Corporate Debtor which was not line with their working capital cycle of 140-160 days, it led to tight working capital situation which resulted into devolvement of LCs. Hence, the Corporate Debtor was unable to utilize non-fund based limit to the extent of Rs. 3,00,00,000/- (Rupees Three Crore only.) Thus, the Limits of the Corporate Debtor were revised again upon its request. The Corporate Debtor thereafter modified the said Charge with ROC, Pune. 13. Later on, to overcome the tight working capital position the Corporate Debtor had planned to: (i) To start a new manufacturing unit at Bharuch, Gujarat. The new investor was invest in the land and building and plant and machinery. The Corporate Debtor decided to lend technology and management support. (ii) Besides this the Corporate decided to lease out existing machineries on monthly rental of Rs. 15,00,000/- (Rupees Fifteen Lakhs Only) from April 2014. For this, the Corporate Debtor ha....
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....ate Debtor under section 13(4) of the SARFAESI Act for realisation of the outstanding dues. 19. The Financial Creditor later after taking the possession of the assets sold that flat having address - "Flat No.24 Maithali Orion, 46 C, Aundh Road, Pune" in the month of July, 2017 recovering an amount of Rs. 40,00,000/- and the recovery amount was adjusted to the Cash Credit Limit of the Corporate Debtor. 20. Further, the Financial Creditor also filed a suit before the District Magistrate/ Collector of Pune at Pune vide Securitisation Application No. 76 of 2018 on 19th January, 2018 for taking the possession of the Factory bearing address GAT No. 296, admeasuring about 00H 80R+Pot Kharaba 0H 16 R situated at village Bhandgaon, Taluka Daund, District Pune and situated within the Registration District of Pune, Sub Registration Taluka Daund together with factory shed and building constructed thereon from the Corporate Debtor. 21. Thereafter the Financial Creditor again sold the Flat having address - Flat No. 6 Meghali Orion, 46 C Aundh Road, Pune" on 24.12.2019 recovering an amount of Rs. 61,37,000/- and the recovery amount was adjusted to the Loan Account of the Corporate Debtor....
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....ffidavit in reply as well as through various letters addressed to the Bank requesting them for considering their OTS proposal. The Corporate Debtor did not raise any substantial legal pleas in opposing the above Company Petition. Similarly, this Bench has no power to issue any directions to the Financial Creditor to accept the OTS proposal submitted by the Corporate Debtor as per the law laid down by the Hon'ble Supreme Court. iii. Since, the Corporate Debtor is admitting the liability and the default, this Bench has no option except to admit the Petition. The Financial Creditor has also suggested the name of the proposed Interim Resolution Professional in part-3 of the Petition along with his consent letter in Form-2. The above Company Petition is also within limitation and thus satisfies all the necessary requirement for admission. iv. Accordingly, the above Company Petition is admitted by passing the following: ORDER a. The above Company Petition No. C.P. (IB)- 571(MB)/2022 is hereby admitted and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against PERI NITRATES PRIVATE LIMITED. b. This Bench herby appoints Mr. Ma....