9911796707
TMI Blog2020 (2) TMI 1543X X X X Extracts X X X X X X X X Extracts X X X X ..... that Rs. 83.00 crores (Rupees Eighty Three crores only) ("Term Loan Consortium Facility") was sanctioned to Mackeil Ispat & Forging Limited ("Corporate Debtor") by a consortium of lenders consisting of the Applicant as the lead bank, (erstwhile State Bank of Saurashtra, erstwhile State Bank of Patiala, erstwhile State Bank of Travancore, each of them now stands amalgamated with the Applicant i.e. State Bank of India), Indian Overseas Bank and City Union Bank, with the Applicant's proportionate share being Rs. 58.00 crores (Rupees Fifty Eight Crores Only), under a common rupee loan agreement dated August 05, 2008, as amended vide common rupee loan amendment agreement dated November 29, 2008 to include the loan facility extended by Andhra Bank and further amended vide common rupee loan amendment agreement August 05, 2009 to include Allahabad Bank whereby the aggregate loan amount increased to Rs. 94.83 crores (Rupees Ninety Four Crores and Eighty Three Lakhs), along with other transaction documents and security documents. Additionally, working capital facilities were also extended by consortium of lenders comprising of the Applicant, Indian Overseas Bank, erstwhile State Bank of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of Mr. Siba Kumar Mohapatra, for being appointed as the Interim Resolution Professional, in case of admission of the application. Mr. Siba Kumar Mahapatra vide his letter dated 31st January, 2019 written to this Tribunal, agreed to accept the appointment as IRP, if the present application is admitted. 4. The Financial Creditor has also filed CIBIL Report in respect of the Corporate Debtor which classifies the account of the Corporate Debtor as ("doubtful"). It is submitted in the application that the Financial Creditor herein i.e. State Bank of India had acquired by way of amalgamation the business including the assets and liabilities of State Bank of Saurashtra vide order dated 13th August, 2008 and similarly also acquired by way of amalgamation the business including the assets and liabilities of the following Associate Banks viz., State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore vide Gazette notification dated 13th August, 2008 and Gazette notification dated 22nd February, 2013 (Annexure 'A' to the petition). 5. It is submitted that to secure the loan and other facilities granted to the Corporate Debtor, var ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of further fresh Working Capital Loan was sanctioned by the Financial Creditor in favour of the Corporate Debtor which indicates that the account of the Corporate Debtor was not NPA and the business of the Corporate Debtor was still financially viable with adequate financial assistance from the Banks. However, this sanctioned amount of Rs. 30.00 crore loan was never disbursed by the Financial Creditor which directly resulted in worsening of the debt position of the Corporate Debtor. The Financial Creditor approached this Tribunal on 1st February, 2019, even while they were in negotiation of OTS proposal with the Corporate Debtor till 7th & 14th February, 2019 and Corporate Debtor had submitted substantial sums towards such settlement. The Corporate Debtor has denied that the principal amount was disbursed to the Corporate Debtor under various facilities to the tune of Rs. 100,41,97,000/- (Rupees Hundred Crores Forty One Lakhs Ninety Seven Thousand Only) or that the amount claimed to be in default is a sum of Rs. 217,42,97,170.42 (Rupees Two Hundred Seventeen Crores Forty Two Lakhs Ninety Seven Thousand One Hundred and Seventy and Forty Two Paise Only). 9. In the rejoinder to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, 2019. The relevant extract of the said judgment is reproduced as under:- "That apart, there is acknowledgment of the outstanding debt on the part of the Corporate Debtor, a fact not disputed by the Corporate Debtor. This comes to fore from the letter dated 4th August, 2018 emanating from the Corporate Debtor and addressed to the Financial Creditor wherein the Corporate Debtor agreed to settle all outstanding dues of the Financial Creditor on One Time Settlement (OTS) basis (refer pages 692-693 Vol. Ill of the Appeal Paper Book). This is a clear acknowledgment of the outstanding debt in writing and the Corporate Debtor cannot wriggle out of the liability so acknowledged. It is not in controversy that on the date of such acknowledgement the debt was not time barred and the Insolvency Resolution Process was triggered within the period of limitation in terms of Article 137 of the Limitation Act, computed from such date. Admittedly, the OTS proposal was rejected by the Financial Creditor on 30th October, 2018. Superadded to it is the fact emerging from the impugned order that the Corporate Debtor was ready to settle the dispute for a sum of Rs. 31 crores on the basis of value of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor, M/S. MACKEIL ISPAT AND FORGING LIMITED is hereby admitted. (ii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. (iii) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following:- (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) 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 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
