TaxTMI 
TaxTMI 
TaxTMI 
2022 (10) TMI 432
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....les, 2016. 2. The particulars of Financial Debt are as follows: Sr. No. Principal outstanding (in Rs.) Interest Other Charges (Penal Interest) Total Outstanding 1 64,53,000 24,99,167 9,34,845 98,87,012 2 2,38,92,216 88,42,502 28,58,785 3,55,93,503 3 37,50,000 13,15,482 4,56,778 55,22,260 4 25,38,000 9,98,790 4,12,870 39,49,660 5 1,93,259 47,496 16,259 2,57,014 6 5,01,047 1,21,257 35,880 6,58,184 7 15,37,173 3,54,624 82,046 19,73,843 Total 3,88,64,695 1,41,79,318 47,97,463 5,78,41,476 3. The following documents categorically demonstrate the financial debt due and payable by the Corporate Debtor to the Financial Creditor :- a. Deeds of Hypothecation dated 23.01.2013, 25.03.2014, 23.03.2015; b. Loan Agreement dated 23.01.2013; c. Subordinate Debt Agreements dated 23.01.201, 25.03.2014, 23.03.2015; d. Deed of Personal Guarantee dated 23.03.2015; e. Statement of Accounts as on 10.05.2021 under Bankers Book of Evidence Act,1981; f. Loan Recall notice dated 25.11.2020; g. Demand Notice under sections 13(2) SARFAESI Act dated 16.02.2021; h. Demand Notice under sections 13(4) SARFAESI Act dated 06.05.2021. 4. The Petiti....
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....or sanction for cure period interest. However due to liquidity crunch, the Respondent was given cure period in respect of risk capital assistance in 2017, which, however, could not revive the unit and the account of the Respondent became NPA on 09.12.2018. 8. The Petitioner submits that, in view of non-clearance of dues, a Section 7 application was filled before the NCLT Mumbai bearing C.P.(IB)- 2520(MB)/2019 on 01.07.2019 by the Petitioner. However, before its final admission, the Respondent had submitted for a consent to clear the dues by way of an OTS, for an amount of 350 lakh by which, (i) Part-advance of 5 lakhs towards OTS was made on 09.10.2019 with assurances; (ii) to pay 10.0 Lakhs between November 2019 to March, 2020; (iii) Balance payment of 3.35 crore to be paid by final takeover of the debt by the ARC by 31.03.2020. Accordingly, Applicant filed consent terms before the NCLT and application came to be withdrawn vide order dated 09.12.2019. 9. The Petitioner submits that, despite repeated requests for a financial commitment to honour the OTS, the Corporate Debtor did not come forward to clear the dues. As a prudent measure, the Petitioner issued recall notic....
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....r the OTS scheme and that there was no scope for any consideration as requested for by the Respondent. 16. The Respondent in its reply submits that, through an e-mail dated 06.01.2022 addressed to the Petitioner, the Respondent unequivocally accepted the terms of the OTS offer and fulfilling the obligations under the scheme by paying 5% of the OTs amount i.e. 9.96 lakhs to the Petitioner. 17. The Respondent in its OTS Application, had accepted all the Terms of the OTS scheme. However, The Petitioner delayed the formal communications to the Respondent. Thereafter, the Respondent addressed an email dated 25.01.2022 to the Respondent requesting for the formal communication upon which the Petitioner addressed an e-mail dated 27.01.2022 to the Respondent stating that the application of the Respondent is under consideration for approval. It was further stated that the letter could be issued only after receipt of Credit Information Report (CIR) of the other lender, Assets Care & Reconstruction Enterprise Limited (ACRE) requesting the Respondent to arrange for the same. The Respondent submits that there was no such condition in the scheme. Consequently, the Petitioner addressed an e-mail....
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....aid on or before 31.03.2022 by the Corporate Debtor. However, the Corporate Debtor vide letter dated 29.11.2021 to the Financial Creditor proposes the amount to be paid up to June, 2022 and the same was rejected by the Financial Creditor via Email dated 30.11.2021. The Corporate Debtor via letter dated 31.12.2021 has accepted to make the payment under the OTS scheme up to March 2022 which was rejected by the Petitioner, citing the Sanction Letter can be issued only after the receipt of Credit Information Report of the other lender ACRE. Vide letter dated 21.02.2022 the Petitioner has declined the OTS proposal under the NDND 2022 scheme, due to the absence of clarity regarding NPA status with the other lender ACRE. However, the Corporate Debtor vide letter dated 26.04.2022, proposes to settle the dues outstanding by One Time Settlement by offering the sum of Rs. 2.66 Crores towards the Principal Dues and committed to pay the OTS sum before 31.03.2023. The same was rejected by the Petitioner vide the letter dated 28.04.2022, stating that the OTS proposal is only towards principal dues and does not address interest, further interest, penal interest and other cost and charges and advis....
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....IB/MB/2021 u/s.7 initiating CIRP against the Corporate Debtor i.e. Kalra Overseas & Precision Engineering Limited. The commencement of the Corporate Insolvency Resolution Process shall be effective from the date of the Order. 29. Accordingly, the above Petition is Admitted by passing the following: ORDER The above Company Petition No. 554/IBC/MB/2021 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Kalra Overseas & Precision Engineering Limited. a. This Bench hereby appoints Mr. Gajesh Labhchand Jain, having address at D-501, Clifton Society, Raviraj Oberoi Marg, Shastri Nagar, Andheri (West), Mumbai 400 053, and having registration No. IBBI/IPA-001/IP-P-01697/2019-2020/12588, having email idgajeshjain@ gmail.com as the interim resolution professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016. b. The Petitioner shall deposit an amount of Rs.5 Lakhs towards the initial CIRP costs by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. The IRP shall spend the above amount towards expenses and not....