TaxTMI 
TaxTMI 
2022 (11) TMI 865
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....hort Term Loans, Equipment Loans, Demand Loan, ECB Loan and working capital facilities, both fund based and non-fund based for the purpose and the terms and conditions contained in various loan agreements / facility agreements entered into between the Corporate Debtor and the Applicant and other lenders. Further, in order to secure such facilities, the Corporate Debtor has from time-to-time, created security by way of hypothecation of its movable assets, book-debts etc. the Applicant has specifically vide its sanction letter bearing No.SGH/ADV/458 dated 14.01.2012 has sanctioned fund based working capital facility of Rs.50 Crores and the Corporate Debtor has executed Agreement of Loan for overall limits with the Applicant in furtherance of the same. b. That the Applicant submits that the working of the Corporate Debtor's operating divisions came under strain and in the year 2014, the lenders have identified incipient stress and categorized the account of the Corporate Debtor as SMA-2. c. In order to overcome difficulties faced by the Corporate Debtor, the Corporate Debtor had requested the lenders including the Applicant for carrying out debt restructuring. Pursuant to which a ....
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....Crores Facility Aggregate Limit Facility A-Restructured Term Loan 347.08 Facility B-Rupee Term Loan (ECB) by IDBI Bank 107.64 Facility C-Working Capital Term Loan 124.44 Facility D-Funded Interest Term Loan (FITL) 36.77 Facility E-Cash Credit 1023.50 Facility F-Bank Guarantee and Letter of Credit 4447.16 Facility G-COVID Emergency Credit Line (CECL) 60.25 Facility H- COVID FITL 81.60 Facility I-Arbitration BGs by Canara Bank & IDBI as sub-limit of existing limits (227.11) Total : 6228.44 Out of the said total amount of Rs.6,228.44 Crores, the restructured amount of Applicant is as under. In Crores Facility Aggregate Limit Facility A-Restructured Term Loan - Facility B-Rupee Term Loan (ECB) by IDBI Bank - Facility C-Working Capital Term Loan - Facility D-Funded Interest Term Loan (FITL) - Facility E-Cash Credit 50.00 Sub limit of CC (30.00) Facility F-Bank Guarantee and Letter of Credit 250.00 Facility G-COVID Emergency Credit Line (CECL) 5.00 Facility H- COVID FITL 4.45 Facility I-Arbitration BGs by Canara Bank & IDBI as sub-limit of existing limits - Total : 309.45 h. The aggregate amount of....
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..... 242,33,00,269/- became due and payable as on 30.09.2022 and the account of the Corporate Debtor was classified as NPA on 30.04.2022. Despite opportunity the corporate debtor failed to place any record disclosing that there is no debt or default as claimed by the applicant. Thus, the record placed and the averments made in the company petition by the Applicant remain un rebutted. 6. The Financial Creditor proposed the name of Mr. Sai Ramesh Kanuparthi as Interim Resolution Professional and he has filed his written consent in Form - 2. Thus, this Tribunal hereby appoints Mr. Sai Ramesh Kanuparthi as Interim Resolution Professional, having Registration No. IBBI/IPA-001/IPP00910/ 2017-18/11510, e-mail id: [email protected] as Interim Resolution Professional. 7. Hon'ble Supreme Court, in re, Vidharbha Industries Power Limited vs. Axis Bank Limited in Civil Appeal No.4633 of 2021, had held that - "88. The Adjudicating Authority (NCLT) has to consider the grounds made out by the Corporate Debtor against admission, on its own merits. For example when admission is opposed on the ground of existence of an award or a decree in favour of the Corporate Debtor, and the Awarded/decretal amoun....
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....rest 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); iv. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. v. Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period. 12. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. Further, if the IRP considers supply of any g....