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TMI Blog2021 (9) TMI 1209X X X X Extracts X X X X X X X X Extracts X X X X ..... aim of the Applicant as per the FORM C dated 12th September 2019 be admitted by the Respondent; b. That this Hon'ble Adjudicating Authority direct the Respondent to Stop the E - Voting scheduled on November 04, 2019 (Monday) at 4:00 PM till November 08, 2019 (Friday) at 4:00 PM and initiate the laiddown process after admitting aforesaid claim of the Applicant; c. That the Respondent be direct to update the Committee of Creditors voting share ratio after admitting the claim of the Applicant; d. For cost; e. For such other and further reliefs as the Hon'ble Adjudicating Authority may deem fit. SUBMISSIONS ON BEHALF OF APPLICANT: 2. The Applicant states that captioned company petition was filed by the Financial Creditor against the Corporate Debtor for initiation of Corporate Insolvency Resolution Process ("CIRP"). The Captioned petition was admitted by this Adjudicating Authority on 26th February 2019 and CIRP was initiated. 3. The applicant states that the Applicant had sanctioned various credit facilities aggregating Rs. 35 Crore, out of which Cash Credit Facility was for Rs. 20 Crores, Term Loan for Rs. 14 Crores and Bank Guarantee for Rs. 1 Crore to M/s. Deegee Orchads ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. A Copy of the Form C submitted before the Resolution Professional is annexed and marked as "Exhibit - 8" to the Application. 8. The Applicant states that the Resolution Professional vide email dated 14th October 2019 has rejected the part claim of the Applicant herein. The Resolution Professional provisionally admitted a claim of Rs. 47.33/- Crore and rejected the part of the claim on the grounds that consent of existing lenders was not obtained and therefore the Corporate Guarantee could not have been entered and executed, the Resolution Professional also rejected the claim on the grounds that there is no board resolution provided when the Applicant extended loans to Deegee Orchads Ltd ("Principal Borrower"). A copy of the email dated 14th October 2019 rejecting claim is annexed and marked as "Exhibit - 9". 9. The Applicant states that the Applicant vide letter dated 27th September 2019 addressed to Resolution Professional, has clarified, interalia that there is no legal requirement/practice as such for the Corporate Guarantor to obtain/submit prior written permission from its existing lenders to furnish a Corporate guarantee. Further, vide letter dated 25th October 2019 addr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Six Thousand Four Hundred Thirty-Five Twelve Paisa Only). Having regard to the fact that the said claimant is a PSU Bank, the Respondent/RP did not raise any objections for such delayed filings. 14. Subsequently, series of emails were exchanged between the Applicant and Respondent RP seeking additional information/workings and computations with regard to the said claim. 15. During the course of verification, the Applicant once again filed a revised Form C dated 12.09.2019 i.e. on the 191st day of Corporate Insolvency and Resolution Process (beginning from 05.03.2019). 16. The Respondent further states that it is pertinent to note that the Applicant had over a verbal communication informed the Respondent / RP within the first 30 days of initiation of Corporate Insolvency and Resolution Process that they have an exposure and would file a claim shortly, which was eventually received on the 155th day. The Respondent/ RP diligently and promptly updated the CoC members about the said exposure and has also noted that the Corporate Guarantee was given by the Corporate Debtor to IDBI Bank to the tune of Rs. 26.74 Crores, in the minutes of the 1st CoC meeting held on 03.04.2019. 17. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by Oriental Bank of Commerce to IDBI Bank. All the above mentioned banks have raised concerns over invocation of Bank Guarantee in absence of permission from existing consortium lenders. 21. The respondent further submitted that the Applicant has filed a revised claim on 12.09.2019 for an amount of Rs. 61.41 crores but has conveniently left out to mention the following facts: - a) All the objection letters which were issued by other consortium lenders in the year 2014, against the IDBI's invocation of Corporate Guarantee letters dated 10.07.2014, which are now placed on record by the Respondent RP. b) The said claim was first filed only after 155 days of Corporate Insolvency and Resolution Process which the revised claim was filed on 191st day of Corporate Insolvency and Resolution Process, still the RP, having regard to the relevant CIRP Regulations, has treated the Applicant as a CoC member and infact the Applicant already enjoys the maximum voting share compared to other secured Financial Creditors i.e. 32.46% which is higher than all other lenders. 22. The Respondent states that the Applicant is trying to escape from a stringent requirement of seeking NOCs from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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