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TMI Blog2019 (6) TMI 1562X X X X Extracts X X X X X X X X Extracts X X X X ..... tion are the following. The FC has sanctioned & disbursed a term loan -I of Rs. 7.00 crores (Rupees Seven crores only) and term loan - II of Rs. 7.80 crores (Rupees Seven crores Eighty thousand only) aggregating to Rs. 14.80 crores (Rupees Fourteen crores Eighty thousand only) sanctioned by Consortium banks with the State Bank of India being the lead bank [SBI - Rs. 50.00 crores (Rupees Fifty crores only), Indian Bank - Rs. 12.73 crores (Rupees Twelve crores Seventy Three lacs only), NEDFi - Rs. 21.50 crores (Rupees Twenty One crores Fifty lacs only) and Bank of India - Rs. 14.80 crores (Rupees Fourteen crores Eighty lacs only)]. Besides the above consortium loan facilities sanctioned by the consortium member banks, the State Bank of India had sanctioned a Cash Credit Loan of Rs. 21.00 crores (Rupees Twenty One crores only), Bank Guarantee of Rs. 3.00 crores (Rupees Three crores only) Corporate Term Loan -1 of Rs. 7.50 crores (Rupees Seven crores Fifty lacs only) and Corporate Term Loan -II of Rs. 10.00 crores (Rupees Ten crores only) individually on standalone basis. NEDFi has also sanctioned Corporate Rupee Term Loan - I of Rs. 3.50 crores (Rupees Three crores Fifty lacs only) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5, however, no payment has been received by the FC towards liquidation of the outstanding dues for an amount of Rs. 22,59,77,397.10 (Rupees Twenty Two crores Fifty Nine lacs Seventy Seven thousand Three hundred Ninety Seven and paise Ten only) as on 28-11-2018 and, thereby the FC has filed this application claiming the outstanding amount due as per Term Loan -I and Term Loan - II. 4. To support the contentions raised by the FC several documents were seen produced on the side of the applicant. The below mentioned documents are the relevant documents for the consideration of the application. Sr. No. Particulars Annexure Page No. 1 Copy of power of attorney dated 28.04.2017, Board approvals dated 14.06.2016, 02.03.2017, 19.12.2017 and copy of letter of authorization dated 26.06.2018 of the FC authorizing Sri Angom Ramchandra Singh I-1, I-2, I-3, I-4 and I-5 23 to 55 2 Copies of Statements of Accounts along with Memorandums of Interest and Loan Installments Reports (in case of Term Loans) I-A, I-B, I-C, I-D, I-E & I-F 56 to 78 3 Copy of request letter dated 28.06.2008 by the CD requesti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t during the course of hearing. However, the CD approached before the Hon'ble High Court of Meghalaya at Shillong by filing CR (P) N0.4 of 2019 in which the Hon'ble High Court vide order dated 18-02-2019 directed this Bench to keep the proceeding in abeyance and to transmit the records to the Hon'ble High Court. In compliance of the said direction, this Bench transmitted the entire file to the Hon'ble High Court of Meghalaya at Shillong. However, the FC challenged the said order/direction before the Hon'ble Supreme Court in SLP (C) N0.8739 of 2019 in which the Hon'ble Supreme Court has stayed the interim order of the Hon'ble High Court of Meghalaya dated 18-02-2019 and thereby the Hon'ble High Court of Meghalaya re-transmitted the records to this Bench and the case was called again on 17th May, 2019. On that day also the CD had not turned up. However, opportunity has been given to the CD to file reply affidavit, if any, and to contest the matter and this case again come up on 06-06-2019 for final hearing. In the above circumstances the learned counsel appearing for the FC was heard. Perused the records. 6. This is a case filed by the FC under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant/FC has also produced Form -2 [Annexure II and II (a)]. Reference to Form-2 proves that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. 7. Upon hearing the learned counsel appearing for the FC and on perusal of the records, I am satisfied that all the information required for maintaining an application filed under Section 7 of the Code are meted out by the FC. Though, the FC is a member of the consortium banks lent money to the CD, consent of the joint lenders in filing an application of this nature by the members of the consortium banks is not at all a requirement to be meted out in a case of this nature. The FC being succeeded in proving all elements required to admit the application of this nature, this application deserves to be allowed. Accordingly, it is allowed upon the following amongst other orders: (i) The petition filed by the financial creditor under Sec. 7 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process in respect of M/s. RNB Cements (P) Ltd., and declare a moratorium and public announcement in accordance with Sec. 13 and 15 of the IBC, 2016. (ii ..... X X X X Extracts X X X X X X X X Extracts X X X X
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