2018 (1) TMI 1696

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....read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against the corporate debtor, Coastal Projects Ltd. Petitioner has stated that corporate debtor has committed default in making payment of Rs.975,27,33,040.53 (Rupees Nine hundred seventy-five crore twenty-seven lakh thirty-three thousand and forty and paise fifty-three). 2. The brief facts of the case, as stated in the application, are that State Bank of India is a corporate body incorporated on 1st July 1995 under the enactment of the State Bank of India Act, 1955. State Bank of India includes the erstwhile State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner and Jaipur merged with the State Bank of India with effect fr....

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.... submits that vide its letter dated 20/10/2017 has revoked and recalled all sacrifices, concessions and waives which were granted to the corporate debtor under the Master Restructuring Agreement. Copy of the recall notice dated 20/10/2017 is annexed along with the application and marked as Annexure 24. 6. It appears from the record that corporate debtor has filed Vakalatnama. Ld. Advocate for the corporate debtor further submits that the respondent has no objection if the prayer of the applicant financial creditor is allowed. 7. Heard the argument of Ld. Advocates of both sides and perused the case record. To prove its case the applicant/financial creditor has filed the following documents: - Deed of Hypothecation dated 30/5/2014 execut....

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....rly shows that up to 30/9/2017 total amount of Rs.975,27,33,040.53 was due from the corporate debtor. Applicant/financial creditor has also filed Reserve Bank of India 's willful defaulter's list annexed with the application as Annexure 77. 12. Petitioner has also annexed a copy of the Credit Rating Agency wherein the record of default is available and status classification report of the corporate debtor issued by CRILC dated 23/10/2017, stated in Annexure 75, shows the account status of the corporate debtor as Substandard and Doubtful. 13. Corporate debtor has not raised any objection regarding default amount i.e. Rs.975,27,33,040.53. In spite of recalling the loan, the corporate debtor has failed to make payment and thereby committed de....

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....ts 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 (54 of 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. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government i....