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TMI Blog2018 (6) TMI 1622X X X X Extracts X X X X X X X X Extracts X X X X ..... ich are as follows: It's a Company petition filed under Section 7 of Insolvency & Bankruptcy Code, 2016 by this Financial Creditor, namely Andhra Bank against the Corporate Debtor namely, Sterling Biotech Limited, stating that for this Corporate Debtor having defaulted in making repayment of {250.13 crores dues outstanding in respect to the term loan dated 9.1.2015 and Open Cash Credit Facility dated 22.2.2006, the Petitioner filed this Petition for initiation of Corporate Insolvency Resolution Process against this Corporate Debtor. 2. According to the Petitioner, it has granted the Corporate Debtor two facilities, namely Rupee Term Loan and Working Capital Facility which are as follows: 1. Rupee Term Loan: The Rupee Term Loan Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Corporate Debtor from time to time under the OCC facility and the last date of disbursement was dated 28.9.2015. 3. To prove sanctioning and disbursal of the loan amount, the petitioner placed Rupee Term Loan Agreement dated 9.1.2015 as Exhibit B, sanction letter No.1116/l/452 dated 17.2.2014 pertaining to Term Loan 1 and Term Loan 2 has been annexed with the Company petition as Exhibit C, copies of accounts statements and certificate under Bankers'Books Evidence Act have been annexed as Exhibit D and E to the Company petition. In respect to OCC facility, sanction letter dated 28.7.20t5 has been annexed and marked as Exhibit F, the letter dated 28.8.2017 reflecting revival of the limits has been annexed as Exhibit G, Working ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arious properties in support of the same, the Petitioner filed Memorandum of Entry dated 2t.g.2007, 8.12.200g, 15.11.2010 and 10.6.2011 which are marked as Exhibit x. As to oCC facitity is concerned the company executed Joint Deed of Hypothecation dated 26.2.2006 in favour of the Petitioner alongwith other Banks and another Joint Deed of Hypothecation executed in favour of the petitioner and other banks on 17.9.2011. The aforesaid promoter Director executed another Joint Deed of Guarantee on 17.9.2011 in favour of Andhra Bank consortium, comprising of Banks set out in fourth supplemental to the working capital consortium Agreement dated 17.9.2011. As if all these are not sufficient, Mr. chetan Sandesara pledged 51,92,000 equity shares of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner. 8. The Petitioner submits that the Corporate Debtor owes a250.13 crores debt (on the date of filing the above petition) to the petitioner. By letter dated 3.5.2017, the Company's Joint Managing Director namely Chetan Sandesara, addressed the Managing Director and CEO of the Petitioner on 3.5.2017 admitting total dues as on 31.3.2017 to various flnancial institutions including the petitioner to the tune of ?3096 crores. In the said letter, in Annexure I, the said Joint Managing Director acknowledged the debt to the petitioner as {218 crores. Though there is variance in respect to the amount of dues mentioned by the Corporate Debtor, this letter principally reflects the loint Managing Director of the Company admitting the liabilit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution professional so that the professional would be in a position to take charge of the assets of the corporate Debtor at least to preserve the remaining assets of the company from being further frittered away. 11. Though a Counsel appeared on behalf of the Corporate Debtor, no submission has been made by him except standing still when the petitioner counsel was arguing the case, thereby this Bench falls back on the material papers provided by the Petitioner to pass this order. 12. on perusal of the material papers placed before this Bench, this Bench is satisfied that the debt is in existence against the corporate Debtor and that the corporate Debtor has defaulted in making repayment of the claim amount mentioned in this company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be notified by the Central Government in consultation with any financial sector regulator. (IV) That the order of moratorium shall have effect from 11.06.2018 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. (V) That the public announcement of the Corporate Insolvency Resolution Process shall be made immediately as specified under section 13 of the Code. (VI) That this Bench hereby appoints Mt'. Sundaresh Bhat, BDO Restructuring Advisory LLP, The Ruby, Level 09, North West Wing, Senapati Bapat Marg, Dadar (W), Mumbai - 400 028, Em ..... X X X X Extracts X X X X X X X X Extracts X X X X
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