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TMI Blog2020 (9) TMI 997X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst Wadhwa Buildcon LLP (formally known as Wadhwa Buildcon Private Limited) (hereinafter called "Corporate Debtor") alleging that Corporate Debtor committed default in making payment of Rs.27,32,30,721.74/- by invoking the provisions of Section 7 of the Insolvency & Bankruptcy Code (hereinafter called "Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter called as "Rules"). 2. The Petition revels that the Petitioner sanctioned a Term Loan of Rs. 40.00 Crores vide sanction letter dated 29.01.2015 and thereafter on the request of the Corporate Debtor, the said Term Loan facility was reduced to 27.00 Crores vide letter dated 17.03.2018. The said letters were annexed to the Petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as Non-Performing Asset in accordance with the guidelines issued by Reserve Bank of India, with effect from 30.06.18 and demanding Rs. 25,48,13,466/-with uncharged interest from 30.06.18. 6. The Corporate Debtor filed its reply and raised the following contentions: a. Since the value of the security offered by the Corporate Debtor is around Rs. 127,45,42,000/- against the outstanding dues of Rs. 27,32,30,721.74/- as on 31.07.2019, which is much higher than the debt amount, the Petition does not deserves admission. b. Even though the Corporate Debtor has given OTS and restructuring proposals, the Petitioner conduct led to further trouble to the Corporate Debtor thereby the account becoming a Non-Performing Asset (NPA). The Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the non-cooperation of the Petitioner, the Corporate Debtor could not proceed further in selling the properties. The Petitioner failed to consider the request of the Corporate Debtor for rehabilitation/reschedulement/ account regularization plan as per RBI guidelines. i. On 08.11.2018, a request was made to the Petitioner for restructuring the loan account by listing out the difficulties faced by the Corporate Debtor which led to the account becoming NPA. Further on 30.03.2019 an one time settlement proposal was given to settle the account for Rs. 22.68 Crores or below Rs. 23.00 Crores, but the Petitioner informed that the OTS proposal would considered subject to deposit of Rs. 23.00 Crores on same day itself which shows the bias and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owed to any financial creditor of the corporate debtor - it need not be a debt owed to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in Part III, particulars of the financial debt in Part IV and documents, records and e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Petition declaring moratorium with the directions as mentioned below: (a) that this bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgement, decree or other in any court of law; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest 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; the recovery of any property by an owner or lessor wher ..... X X X X Extracts X X X X X X X X Extracts X X X X
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