TMI Blog2021 (1) TMI 1125X X X X Extracts X X X X X X X X Extracts X X X X ..... al was also submitted by the Corporate Debtor and the Financial Creditors have met on 07.02.2020 to discuss about such OTS proposal. The above correspondence and the decrees passed by the DRT in the instant case amply prove that there is financial debt which was due. Thus, by accepting liability vide their letter dated 29.01.2020, agreeing to repay the debt, the Corporate Debtor now cannot take a stand that the debt is barred by limitation. Acknowledgement of debt and agreeing to repay the same amounts to liability and it automatically extends the limitation period. It is not in dispute that the Financial Creditor disbursed various types of loans from time to time and there is default. Other contentions raised by the learned counsel for the Corporate Debtor cannot be entertained since the Financial Creditor is able to establish the debt and default. Therefore, the petition is to be admitted against the Corporate Debtor. After going through the documents filed by the petitioner we are of the view that the petition is liable to be admitted against the Corporate Debtor. The petition is accordingly admitted. Petition admitted - moratorium declared. - CP (IB) No. 625/7/HDB/2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... U TL) 26.12.2009 The accounts of the above mentioned banks stood transferred and merged with the petitioner/ Financial Creditor with all rights and remedies available under the law. The accounts of the respondent/ Corporate Debtor are maintained with the Stressed Asset Management, Branch-Il, Kachiguda, Hyderabad. 5. The respondent/ Corporate Debtor having availed financial facilities from the Financial Creditor/ Banks has committed default in repaying the loan amounts. Pursuant to which the Financial Creditor has initiated proceedings as mentioned hereunder. Financial facility granted by Recovery proceedings Amount claimed by Financial Creditor and Associate Banks. Outcome of the proceedings FINACIAL FACILITY -- WORKING CAPITAL State Bank of Hyderabad; State Bank of Mysore. Joint Original Application No.154 of 2014, re- numbered as 1563 of 2017 (OA-1) before the Debt Recovery Tribunal, Hyderabad- II. Total amount of ₹ 864,36,71,855.40 was sought to be recovered by the Financial C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Original Application (OA-!) 17.10.2017 Original Application (OA-I]) 04.08.2017 Original Application (OA-II]) 08.09.2015 7. COUNTER DATED 26.02.2020/ 27.02.2020 FILED BY THE CORPORATE DEBTOR. 7.1 Itis submitted by the Corporate Debtor that due to unfavourable market conditions, such as bad debts, loss of 7 BOT projects, land acquisition issues, obtaining regulatory and other clearances, due to pending approval orders executed not getting converted to cash and other reasons, the Corporate Debtor could not repay the amount. Further, Bank Guarantees were invoked by different entities as referred in Joint Lenders Meeting (JLM) dated 31.12.2011, JLM dated 31.01.2012. Ultimately the Corporate Debtor has been classified as NPA during February 2012 - March 2013. (para 4) 7.2 The Corporate Debtor had been referred to Corporate Debt Restructuring Cell (CDR Cell). CDR Proposal was on record on 24.08.2012, which has been admitted by some Banks. However, Bank of India, a lead banker has rejected the CDR Proposal. 7.3 The Corporate Debtor contends that the petition is requi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Original Applications (OA). The DRT vide three different orders has directed the Corporate Debtor to pay the amounts to all the applicants therein including the Financial Creditor and its associate banks. The DRT, had further issued three Recovery Certificates in three different OAs in favour of Financial Creditor and its Associate Banks and other Banks to recover an amount of ₹ 1408,03,14,857.40. Out of the said amounts the Financial Creditor and its Associate Banks are entitled to recover ₹ 368,22,13,348.59. 10. The Financial Creditor has claimed that the dates of default by the Corporate Debtor are the date of orders passed by the DRT in three Original Application, viz. Original Application (OA-I) (17.10.2017), Original, Original Application (OA-II) (04.08.2017) and Original Application (OA-III) (08.09.2015). On the other hand the Corporate Debtor claims that date of default cannot be the date of order/ decree Recovery Certificate issued by the DRT, rather default is as defined in section 3(12) of the I B Code. It is therefore, submitted that date of NPA is the date of default. Thus, the date of orders/ decree passed by DRT have no significance. 11. The Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Bank to support them during the financial crisis the Corporate Debtor is facing due to various reasons beyond their control. They also requested vide the above letter to waive off the penal interest levied. The Corporate Debtor has also requested the Financial Creditors for One Time Settlement (OTS). By addressing such letter to the Financial Creditors, the Corporate Debtor has acknowledged the debt and also the Corporate Debtor was seeking OTS from the Financial Creditors. There was a decree issued by the Debt Recovery Tribunal (DRT) in the instant case based on which the instant application was filed and acknowledgement of debt by the Corporate Debtor vide their above letter dated 29.01.2020 to the Financial Creditor amply proves that there is financial debt and also the debt was not paid. The Financial Creditor has submitted various correspondence, such as letter dated 03.02.2020 and e-mail correspondence from the Corporate Debtor. It is observed that the OTS proposal was also submitted by the Corporate Debtor and the Financial Creditors have met on 07.02.2020 to discuss about such OTS proposal. The above correspondence and the decrees passed by the DRT in the instant case a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, whichever is earlier. (E) That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016. (F) That this Bench hereby appoints Shri G. SATYANARAYANA MURTY, having Registration No.IBBI/ IPA-001/ IP-P00177/ 2017-18/10356, as Interim Resolution Professional, whose contact details are: Address: Shri G. Satyanarayana Murty Chartered Accountant Partner, GS Murty Associates Chartered Accountants Flat No.308B, 34 Floor Sai Tirumala Towers Hyderguda Hyderabad - 500029. as Interim Resolution Professional to carry the functions as mentioned under the Insolvency Bankruptcy Code. (G) Proposed IRP filed Form-2. Authorisation for Assignment is valid till 04.012.2021. This information is also available in IBBI Website. Thus, there is compliance of Regulation 7A of IBBI (Insolvency Professionals) Regulations, 2016, as amended ..... X X X X Extracts X X X X X X X X Extracts X X X X
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