TMI Blog2019 (5) TMI 1786X X X X Extracts X X X X X X X X Extracts X X X X ..... placing documentary evidence viz., Sanction Letter issued to the Corporate Debtor, loan Documents, Guarantee Agreement and copies of entries in Bankers Book in accordance with the Bankers Books Evidence Act; 1891 (18 of 1891) reflecting that the default has occurred for which the present Corporate Debtor was liable to pay. The submissions put forth by the Petitioner/Financial Creditor is satisfying - Further, the Financial Creditor has fulfilled all the requirements as contemplated under IB Code, in the present Company Petition and has also proposed the name of IRP after obtaining the written consent in Form-2. In these circumstances, this Adjudicating Authority is inclined to admit the Instant Petition. Application admitted - moratorium declared. - CP (IB) No.616/07/HDB/2018 - - - Dated:- 15-5-2019 - K.ANANTHA PADMANABHA SWAMY, MEMBER JUDICIAL For the Petitioner : Mr. D. Narendar Naik and Mr. Vikram Puttapaga, counsels. Mr.S.Radha Krishna, AGM of SBI (Financial Creditor). For the Respondent : Mr. K.V.Siva Prasad, counsel (for Independent Directors) and Mr.G.Bhupesh, counsel. ORDER PER: K.ANANTHA PADMANABHA SWAMY MEMBER JUDICIAL 1. Under consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4650 I.SBI: 1750 2.SB0P: 150 3.SBT: 150 4.SBBJ: 100 Total: 2150 1. SBI: 1569,31, 17, 239. 2. SB0P: 150,00,00,000 3.SBT: 150,00,00,000 4.SBBJ: 100,00,00,000 2. Guarantee Facility Agreement- 1 BG Facility: 600 125 3. Loan Agreement - 2 Cost Overrun Rupee Facility:1682 I.SBI: 600 2.SB0P: 54.26 3.SBT: 54.26 4.SBBJ: 36.16 Total: 744.68 1. SBI:293, 37, 98, 746. 2. SB0P: 18, 01, 55,400 3.SBT:30,02,21,931 4.SBBJ:15,48,27,012 4 Guarantee Facility Agreement - 2 Cost Overrun Bank Guarantee Facilit : 413.60 150 5 Sub - Debt Facility 111 Agreement Additional SBI Facilit : 300.00 300 299.24 6. It is stated that the Rupee Facility was disbursed in multiple trances, with the first tranche of the principal amount under Rupee F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.03.2015, amended by the First Amendment Agreement dated 01.09.2016. IV. Guarantee Facility Agreement dated 31.12.2015. 616/07/HDB/2018 V. Loan Agreement dated 24.12.2014 as amended by the First Amendment Agreement to the Loan Agreement dated 24.12.2014 dated 01.09.2016. VI. Deed of accession date 24.08.2015 supplemental to the loan agreement dated 26.12.2014 read with the deed of accession dated 26.12.2014 entered into by the FinancialCreditor. VII. Loan Agreement dated 12.01.2016, as amended by the First Amendment Agreement dated 01.09.2016. Vlll. Sanction letter by SBI dated 23.11.2010 bearing referenceno. PFSBU/MV/; Sanction letter by SBBJ dated 29.08.2010 bearing reference no. Credit/RPR180; X. Sanction letter by SBoP dated 03.09.2010 bearing reference number No.40; XI. Sanction letter by SBT dated 29.01.2011 bearing reference no. SDR/C I/ACPPL/;Sanction letter by SBI dated 27.03.2015 bearing reference no. PFSBU/RSV/3859; Xlll. Sanction letter by SBBJ dated 17.06.2015; XIV. Sanction letter by SBoP dated 31.03.2015; Sanction letter by SBT dated 10.07.2015 bearing reference no. CBNW/MCB/HYD/657/2/2015-16; XVI. Sanction letter by SBI dated 26.11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o all the Promoter Directors for their appearance and also ordered a notice by way of publication in local newspapers for appearance. 16. On 20.02.2019, counsel for the Financial Creditor stated that notices to the Respondent/Corporate Debtor and also to the Directors of the Respondent Company earlier sent returned unserved. Petitioner/Financial Creditor stated that in view of the Directions dated 06.02.2019, they have carried out notice for appearance by way of newspaper publication for appearance and for making submissions. There was no representation on behalf of Respondent/Corporate Debtor. One Mr. K. V. Siva Prasad, Counsel for one of the Directors and stated that the said Director is nowhere connected with the earlier board members. 17. During the hearing held on 07.03.2019, Mr. K.V. Siva Prasad, Counsel representing erstwhile Independent Promotor Directors of the Corporate Debtor i.e., (Mr. Maroli Chittaranjan Kumar, Mr. Thiagarajan Sankarlingam, Mr. Penumatsa Venkata Narasimha Raju, Mr. T.V.Krishna, Mr. B.Narasimha Rao, Mr. Krovvidi Srinivas) appeared before this Adjudicating Authority and filed affidavit dated 06.03.2019, stating that during the course of their Profe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Insolvency Resolution Process against the present Corporate Debtor i.e, Athena Chhattisgarh Power Limited is hereby ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 24. Mr. C. Bala Mouli, is hereby appointed as IRP as proposed by the Financial Creditor. There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the Insolvency and Bankruptcy Code, 2016 within three days from the date the copy of this order is received, d call for submissions of claim in the manner as prescribed. 25. The moratorium is hereby declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purpose referred to in Section 14 of the I B Code, 2016. It is hereby ordered to prohibit all of the following, namely:- a) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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