2018 (4) TMI 1986

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ocates for the Respondent/Debtor. ORDER PER: M. K. SHRAWAT, MEMBER (J) 1, The Petitioner/Applicant i.e. IDBI Bank Limited (hereinafter as Financial Creditor) has furnished Form No. 1 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules. 2016 in the capacity of "Financial Creditor" on 29.12.2017 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code. 2. Further under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as 'M/S. EPC Constructions India Private Limited [Formerly known as Essar Projects (India) Limited]' having Registered office at, Essar House, I I, K. K. Marg, Mahalaxmi, Mumbai, Maharashtra - 400034. 3. In the re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t, the Working Capital Facilities Agreement was lastly renewed on 30.07.2015. 10. Further that, the Financial Creditor has sanctioned a Term Loan through a Sanction Letter dated 29.06.2015 and BG Facility was sanctioned through a sanction letter dated 12.05.2016. This BG Facility was for an amount of % 36 Crores. 11. Further that, from time to time the Deed of Hypothecation, Deed of Guarantee, Loan Agreement had been executed between the Financial Creditor and Debtor relating to various loan facilities. 12. It is further submitted that. the Account of the Debtor had declared as *Non- Performing Assets' on 31.12.2014 as per the guidelines of RBI. 13. It is also stated that, the record of default of Debtor is also available wi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the Debtor has submitted that, it is an accepted position that the Debtor is in default of making the payment to the Financial Creditor but due to up and down in the industry the Debtor is in great financial crunches and hence unable to make the payment. 19. It is further submitted that, the Debtor has nothing much to say to oppose the Admission of this Petition/Application. Further that, the Debtor will fully co-operate in the CIRP process. However, this submission is without prejudice to the legal rights and contentions available to the Debtor, under the Code or any other Law. Findings : 20.1 have gone through the facts and circumstances of the Case and also through the submissions of the Learned Advocates. By going through the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ction that this Petition/Application is complete in all respect of the prescribed provisions of S. 7 of the Code. 24. As a consequence, after the lapse of opportunity to reply and keeping admitted facts in mind that the Financial Creditor had not received the outstanding Debt from the Debtor and that the formalities as prescribed under the Code have been completed by the Financial Creditor it is my conscientious view that this Petition deserves 'Admission' 25. The Applicant/Financial Creditor has proposed the name of Insolvency Professional. The IRP proposed by the Applicant, Mr. Abhjit Guahathakurtha, having E-mail Address as [email protected] and having Registration No. IBBI/IPA-003/IP- N000103/2017-18/11158 is appointed....