TaxTMI 
TaxTMI 
2017 (12) TMI 1849
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....ear and represent the bank in courts of law, suits, arbitration or other Proceedings relating to Bank of Baroda and sign pleadings, applications etc. In view of the said authorisation, Chief Manager is authorised to file this petition. 3. Bank of Baroda sanctioned the following facilities to the Corporate Debtor as restructured in the Master Restructuring Agreement dated 31.03.2015: - (1) Rupee term loan facility to the tune of Rs. 7,00,00,000 (Rupees seven crores only) (Term Loan - I) as set out in schedule IVA of the MRA, read with Schedule III of the MRA. (2) Rupee term loan facility to the tune of Rs. 7,84,00,000 (Rupees seven crore eighty four lacs only) (Term loan - II) as set out in schedule IVA of the MRA, read with schedule III of the MRA. (3) Various working capital term loan facilities as set out below: - (i) Working capital term loan-I (WCTL-I) of Rs. 20,14,00,000 (Rupees twenty crores fourteen lacs only) as set out in Schedule IVB of the MRA, read with Schedule III of the MRA; and ii) Working capital term loan - II (WCTL-II) of Rs. 14,97,00,000 (Rupees fourteen crores ninety seven lacs only), as set out in schedule IVB of....
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....6. (6) The amount in default under the fund based WC facility as on June 30, 2017 is Rs. 15,12,22,883.65 (Rupees fifteen crores twelve lacs twenty two thousand eight hundred eighty three only) The first date of default in respect of this facility was February 29, 2016., The total amount in default as on June 30, 2017 is Rs. 86,57,27,647.15 (Rupees eighty six crores fifty seven lacs twenty seven thousand six hundred and forty seven only) Vide a notice dated December 31, 2016 issued under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Financial Creditor has requested the Corporate debtor to repay an amount of Rs. 81,28,43,076 (Rupees eighty one crore " twenty eight lacs forty three thousand and seventy six only) within 60 days therefrom, however, the Corporate Debtor has failed to make the said payment. Further, vide a notice dated February 16, 2017 the Corporate debtor was asked to pay inter-alia the outstanding amount of Rs. 82,55,88,560 (Rupees eighty two crore fifty five lacs eighty eight thousand five hundred sixty only) as on February 14, 2017 within 15 ....
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....0 (Rupees sixty eight crores twenty three lacs only) a hypothecation charge on the corporate debtor's raw materials, stock in process, finished goods and book debts, movable plant and machinery/vehicles/crafts, consumable stores and spares, both present and future (as more elaborately described in schedule II to the deed) was created. (e) Further, vide the third supplemental joint deed of hypothecation dated October 23, 2013 (deed of hypothecation - V) the hypothecation on current assets (as more elaborately described under part A of the third schedule of the deed ) and fixed assets (as more elaborately described under part B of the third schedule of the deed) was extended to secure the modified limits of the facilities (the description of which is laid down in parts A and B of the second schedule to the deed). (2) Mortgage As per the memorandum of deposit of title deeds executed on October 29, 2013 (Mortgage Deed) by the mortgagors, namely Varia Engineering Works Private Limited (Mortgage No. 1) Shri Himanshu Prafulchandra Varia (Mortgagor No. 2) and Smt. Sejal Himanshu Varia (Mortgagor No. 3) in favour of PNB Investment Services Ltd. (Security Trustee):....
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....eds of guarantee, dated October 23, 2013 was executed by Krish Tech-Con P. Ltd. in favour of inter alia the financial creditor vide deed of guarantee (guarantee deed - 2) for the due repayment of the facilities. A copy of the guarantee deed - 1 is annexed as annexure - 14 - and a copy of the guarantee deed - 2 annexed as annexure 15 Copies of the certificates of registration charges with respect to the aforementioned securities created for the benefit of the financial creditor have been annexed at annexure 16. Estimated value of the aforementioned security As per the financial creditor, the estimated value of the aforementioned securities (as created for the benefit of the . financial creditor pursuant to the terms of the MRA and the security documents) is Rs. 33,03,80,348 (Rupees thirty three crore three lacs eighty thousand three hundred and forty eight - only). 6. It is stated by the financial creditor that the Presiding Officer of Debt Recovery Tribunal - I, Ahmedabad by its order dated 11.05.2017 stated that further action by the consortium banks lead by State Bank of India on the representation of the Corporate Debtor that it is ready to pay Rs. 1.0....
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....omplete and without enclosing proper documents and without giving details of guarantee and, therefore, it is liable to be dismissed. It is sated by the corporate debtor that he has filed application under Section 19 (8) of the Recovery of Debt (due to Banks and financial Institutions) Act, 1993 for an amount of Rs. 934.12 crores against all the banks and it is pending. 12. According to the corporate debtor the main reason for the sickness of the company is non-cooperation by the banks, particularly State Bank of India during the course of considering the company's application for enhancement of loan. Requirement of the company is Rs. 120.00 crores but State Bank of India decided to grant only Rs. 37.00 crores on behalf of the consortium members and that too with an additional condition of "Matching Collateral". The company is unable to offer "Matching Collateral" and it resulted in sickness of the company. It is also stated that the present application is not in accordance with IB Code. 13. perusal of the petition show that it is complete in all respects. The documents show that financial debt is due from the Corporate Debtor and there is occurrence of default. In fact, even ....