TMI Blog2021 (5) TMI 277X X X X Extracts X X X X X X X X Extracts X X X X ..... tor on 16.04.2021 and the fact that there is a debt and default of non-payment of amounts under the term loan and the cash credit facility, both the loan accounts were thus declared as NPA as on 31.01.2019 and 31.03.2019. The Corporate Debtor in its reply sought six months' time to repay the debt, there is no denial of sums borrowed and default of non-payment. This bench is of the opinion that all the ingredients of Section 7 are satisfied and that the amounts disbursed by Petitioner to the Corporate debtor under two different facilities (term loan and Cash Credit facility) remain outstanding, owing to the default of non-payment by the Corporate Debtor. Hence, the Petition is admitted. The nature of Debt is a Financial Debt as defined under section 5 (8) of the Code. It has also been established that there is a Default as defined under section 3 (12) of the Code on the part of the Debtor. The two essential qualifications, i.e., existence of 'debt' and default', for admission of a Petition under Section 7 of the I B Code, have been met in this case. Besides, the Company Petition is well within the period of limitation. This petition is admitted. Petition ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 29.09.2015 sanctioned the Term Loan Facility amounting to ₹ 14,18,39,000/- under consortium arrangement with Sangli Urban Co-operative Bank Ltd. The share of DNSB in the said term loan was ₹ 6,18,39,000/- and the share of Sangli Urban Co-operative Bank Ltd. in the said term loan was ₹ 8 crores. The Sangli Urban Co-operative Bank Ltd. issued its Sanction Letter dated 29.09.2015 to DNSB for a term loan amounting to ₹ 8 crores. The Corporate Debtor vide its letter dated 14.10.2015 acknowledged the sanction of the loan by the DNSB in consortium with Sangli Urban Co-operative Bank Ltd. 5. The said loan account of the Corporate Debtor in other banks were assigned to the Financial Creditor/Petitioner herein. Therefore, the Corporate Debtor requested the Financial Creditor to provide a No Objection Certificate for creation of charge on the assets of the Corporate Debtor by a DNSB. Pursuance to the same, the DNSB, Sangli Urban Co-operative Bank Ltd. and the Financial Creditor/Petitioner executed an inter-se pari-passu Agreement for an extension of charge dated 14.10.2015 through the Financial Creditor allowed the DNSB and the Sangli Urban Co-operative Bank Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht Thousand Two Hundred and Forty One only) Total Claim: ₹ 38,87,53,376/- (Rupees Thirty Eight Crore Eighty Seven Lacs Fifty Three Thousand Three Hundred and Seventy Six only) 12. The Petitioner enclosed the list of documents filed along with the Petition as follows; a. Copy of the Sanction Letter dated 28.06.2014 issued by DNSB b. Copy of the NOC dated 14.07.2014 issued by the Financial Creditor c. Copy of the Deed of Mortgage dated 23.07.2014 d. Copy of the loan documents dated 22.07.2014 and 24.07.2014 e. Copy of the Inter-Se Pari-Passu Agreement dated 01.10.2014 f. Copy of the Sanction Letter dated 29.09.2015 issued by DNSB and the copy of the acceptance letter dated 14.10.2015 sent by the Corporate Debtor to DNSB g. Copy of the NOC dated 01.10.2015 issued by the Financial Creditor h. Copy of the Inter-Se Pari-Passu Agreement for Extension of Charge dated 14.10.2015 i. Copy of the loan documents dated 13.10.2015 and 14.10.2015 j. Copy of the Joint Deed of Mortgage for Further Charge dated 14.10.2015 k. Copy of the Inter-Se Pari-Passu Agreement dated 14.12.2015 l. Copy of the Sanction Letter dated 25.04.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor mentions that admission of the CIRP against the Corporate Debtor in C.P. No. 3010 of 2019 and was ordered on 10.06.2020. Thereafter, the suspended directors of the Corporate Debtor settled the matter and filed form FA with the RP and the withdrawal of CIRP was granted on 16.02.2021. 18. However, the Corporate Debtor is not in a situation to handle the finances from the period 10.06.2020 till 16.02.2021. During this period, the sugar production did go waste, without the company being functional. It has further impacted the position of the Corporate Debtor. The Corporate Debtor can at the best start the upcoming season in the month of September, 2021. By that time, the Directors of the Corporate Debtor are not in a position to pay the loans of the Corporate Debtor. The Corporate Debtor also mentions that the two more applications are pending before the two other courts of NCLT vide C.P. 1458 of 2020 and I.A. 283/2020 in C.P. 915 of 2019. Findings: 19. The Petitioner being the assignee under the assignment deed dated 30.03.2019 and 05.11.2019 have taken over the loan the term loans of DNSB(original Lender), cash credit facilities granted by DNSB. The said t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter for your records. Regards, Agam H Maloo Advocate on behalf of Corporate Debtor 2. The Bench heard the Petitioner side for admission of C.P.(IB)-233(MB)/2021. Reply has been filed by the Corporate Debtor. 3. Reserved for Orders. Sd/- CHANDRA BHAN SINGH Member (Technical) Sd/- SUCHITRA KANUPARTHI Member (Judicial) 21. In view of the admission of liability by the Corporate Debtor on 16.04.2021 and the fact that there is a debt and default of nonpayment of amounts under the term loan and the cash credit facility, both the loan accounts were thus declared as NPA as on 31.01.2019 and 31.03.2019. The Corporate Debtor in its reply sought six months' time to repay the debt, there is no denial of sums borrowed and default of non-payment. This bench is of the opinion that all the ingredients of Section 7 are satisfied and that the amounts disbursed by Petitioner to the Corporate debtor under two different facilities (term loan and Cash Credit facility) remain outstanding, owing to the default of non-payment by the Corporate Debtor. Hence, the Petition is admitted. 22. Considering the above facts, we come to conclusion that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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