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TMI Blog2022 (9) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Authority on the ground that the Corporate Debtor has defaulted in the payment of sum of Rs.9,56,64,393.25/- (Rupees Nine Crore Fifty-Six Lakh Sixty-Four Thousand Three Hundred Ninety-Three Twenty-Five Paisa only)[Principal - Rs.6,84,34,296.75/- and Interest - Rs.2,72,30,096.50/-) as on 30 December, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- (Rupees Two Crores Forty Five Lakhs Only) and the Letter of Credit limit to Rs.60,00,000/- (Rupees Sixty Lakhs Only) thus, enabling the Corporate Debtor to cope up with the financial exigency. 5.3 Thereafter, on 09.03.2010 had submitted an Enhancement-Cum-Renewal Proposal wherein they had applied for an enhancement in the Cash Credit limit to Rs.4,00,00,000/- (Rupees Four Crores Only). In reply to such proposal the Financial Creditor had requested the Corporate Debtor vide its letter dated 25.03.2010 to regularize the Cash Credit account and also to pay the outstanding EMI of the Working Capital Term Loan (WCTL) for processing the enhancement proposal. 5.4 Furthermore, on 18.06.2010 the Financial Creditor had requested the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm Loan amounting (WCTL) limit to Rs.95,50,000/-(Rupees Ninety Five Lakh Fifty Thousand Only). 5.7 Thereafter, with the consent of both the parties an Agreement was entered into and executed between the Corporate Debtor and the Financial Creditor on 29.06.2017. During the course of application for the various said credit facilities the Corporate Debtor have created security interests in favor of the Financial Creditor byway of Hypothecation of immovable properties belonging to the Corporate Debtor 5.8 From time to time, according to the stipulated Terms and Conditions the Corporate Debtor failed and neglected to make repayments of the principal debt and interest thereon in accordance with the Terms & Conditions. Furthermore, the Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Act, 1963. Nevertheless, even if we take the date of NPA as the date of default then also the letter dated 17 November, 2020 will attract Section 18 of the Limitation Act, 1963. 12. Further, we also rely on the judgment by the Hon'ble High Court for the State of Punjab and Haryana at Chandigarh in Sumit Singla v. Kala Mandir Sarees and Jewellers CRM-M-34617-2022 (O&M), where in the Court opined that- "21. While considering acknowledgement 'or "promise', another important aspect would be as regards the quality and kind of evidence required to establish such 'acknowledgement' or 'promise'. Hon'ble the Supreme Court, in Shapoor Freedom Mazda v. Durga Prosad Chamaria AIR 1961 Supreme Court 1236, while discussing 'acknowledgement&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (e) Mr. Madhur Agarwal, registration number IBBI/IPA-001/IP-P00653/2017- 2018/11127, email: [email protected], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code subject to submission of a valid Authorisation of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016. The fee payable to IRP or the RP, as the case may be, shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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