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TMI Blog2020 (1) TMI 1508X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor, a company registered under the Companies Act, 1956. The Corporate Debtor was incorporated on 28-09-2004 under the Companies Act, 1956 and continue now its existence with CIN No: U55101KL2004PLC017474 and has its registered office at 1st Floor, New Corporation Building, Palayam P.O., Thiruvananthapuram 695033 in the State of Kerala and therefore, the matter falls within the territorial jurisdiction of this Tribunal. 2. The Financial Creditor sanctioned a term loan of Rs. 16 Crores to the Corporate Debtor on 31-08-2015. The account was later classified as Non-Performing Asset on 01-10-2015, due to the default committed by the Corporate Debtor in making the repayments. The applicant has approached this Hon'ble Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y equity. 4. Contrary to the decision on 22.10.2013, State Bank of India sanctioned Rs. 8 Crores on 28-05-2014 after a lapse of 1 1/2 years with additional terms and conditions which were not acceptable to the Corporate Debtor. Hence the same was not availed. The State Bank of Travancore sanctioned a sum of Rs. 8 Crores on 09-02-2015 with existing conditions after lapse of 2 years and 3 months. Union Bank was not ready to sanction the financial assistance. Hence, the Corporate Debtor approached Dhanalaxmi Bank Ltd. for the financial assistance of Rs. 16 crores which was sanctioned and disbursed on 28-09-2015. 5. The Corporate Debtor further submitted that they have repaid substantial amount towards principal and interest. The Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel who have vakalath was laid-up and this Hon'ble Tribunal gave last chance for filing settlement memo stating that otherwise the matter will be decided based on available records and the matter adjourned to 06-01-2020. 7. Today, the Financial Creditor has filed a petition for withdrawal of the IBA/41/KOB/2019 stating that consequent to filing of said application the Corporate Debtor has approached the applicant for settlement of the outstanding dues and offered to settle the amount for Rs. 12.50 Crores. The said offer was accepted by the Financial Creditor with terms and conditions. The One Time Settlement certain terms and conditions are duly accepted by the Corporate Debtor and remitted initial 5% of the One Time Settlement ..... X X X X Extracts X X X X X X X X Extracts X X X X
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