TMI Blog2022 (9) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... lt of a debt due and payable and that the default is more than the minimum amount stipulated under section 4 (1) of the Code, stipulated at the relevant point of time - Petition admitted - moratorium declared. - C. P ( IB ) No. 106/KB/2021 - - - Dated:- 19-9-2022 - Shri Rohit Kapoor : Member ( Judicial ) And Shri Balraj Joshi : Member ( Technical ) For the Financial Creditor : Mr. Sailesh Mishra , Adv For the Corporate Debtor : Mr. M. S. Tiwari , Adv. Ms. Shweta Poddar , Adv ORDER Per Balraj Joshi , Member ( Technical ) 1. The Court convened via hybrid mode. 2. This is a Company Petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 ( the Code ) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 byMr. SBN Tiwari, Assistant General Manager, UCO Bank ( Financial Creditor ), duly authorisedvideboard resolution dated 03 September, 1980 Annexure - 1 of the Petition for initiation of Corporate Insolvency Resolution Process ( CIRP ) against G R Multiflex Packaging Private Limited( Corporate Debtor ). 3. The present Petition was filed on 01 April, 2021 before this Adjudicating Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Working Capital Term Loan (WCTL) for processing the enhancement proposal. 5.4 Furthermore, on 18.06.2010 the Financial Creditor had requested the Corporate Debtor to adjust and/or regularize the overdue in the Cash Credit, Term Loan and the Working Capital Term Loan (WCTL) within 25.06.2010 and also intimated them about the possibility of the account becoming NPA (Non-Performing Asset.) followed by another letter on 23.07.2010. 5.5 On 16.03.2011 the Corporate Debtor had once again requested the Financial Creditor to sanction the said enhancement proposal so that upon availing the same the Corporate Debtor can generate profits and in turn regularize the EMI towards the Term Loan and interest thereon. Moreover, the Corporate Debtor had requested the Financial Creditor to enhance the Cash Credit limit to Rs.5,00,00,000/-(Rupees Five Crores Only) in respect of the Working Capital Term Loan (WCTL). 5.6 On 30.06.2015 the Financial Creditor had renewed the cash credit limit and enhanced the same to Rs.7,00,00,000/- (Rupees Seven Crore Only) where under the Corporate Debtor were extended enhanced Cash Credit limit to Rs.6,00,00,000/- up to December 2016 and the balance limit of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Financial Creditor and the Ld. Counsel appearing on behalf of the Corporate Debtor. 8. Upon perusal of the record it is seen that the Credit Facilities was renewed from time to time and was lastly restructured cum sanctioned on 29 June, 2017 [at pages 61 67 of the Petition]. As per the terms and conditions of the said restructured cum sanctioned letter the Corporate Debtor was to pay to the Financial Creditor as follows [at page 54 of the Petition]; (a) As regard Term Loan facility interest at the rate 3.90% p.a. above BPLR i.e., @ 12.50% p.a. with monthly rests (b) As regards Cash Credit/Overdraft facility interest at the rate of @2% p.a. above the BPLR with a minimum at present being @ 11.95% p.a. with monthly rests on the daily debit balance. 9. The Corporate Debtor failed to adhere to the terms and conditions of the said restructured cum sanctioned letter and defaulted in payment of the outstanding dues to the Financial Creditor. Thereafter, the Financial Creditor on 07 May, 2018 sent a notice under section 13 (2) of the SARFAESI Act, 2002 [at pages 145 153 of the Petition]. As per the records the account of the Corporate Debtor was declared as NPA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent petition made by the Financial Creditor is complete in all respects as required by law. The Petition establishes that the Corporate Debtor is in default of a debt due and payable and that the default is more than the minimum amount stipulated under section 4 (1) of the Code, stipulated at the relevant point of time. 14. Accordingly, it is, hereby ordered as follows:- (a) The application bearing CP (IB) No. 106/KB/2021 filed by UCO Bank, the Financial Creditor, under section 7 of the Code read with rule 4(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against G R Multiflex Packaging Private Limited, the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC. (c) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (d) Public announcement of the CIRP shall be made immediately as specified under section 13 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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