9911796707
TMI Blog2022 (9) TMI 950X X X X Extracts X X X X X X X X Extracts X X X X ..... -; Inters outstanding of Rs.22,94,22,162.31/-; and Penal outstanding of Rs.2,54,96,263.06/- as on 30.08.2021 3. The Date of Default as mentioned in the Petition is 27.06.2016 which is the Date of NPA. The Petition is filed on 14.12.2021. 4. The case of the Financial Creditor is as under: a) Upon request of the Corporate Debtor, the Financial Creditor had sanctioned a Credit Facility of Rs.20,92,00,000/- (Rupees twenty crore ninety-two lakh only) by way of Demand Cash Credit and Medium-Term Loan on 09.01.2012. Pursuant to sanction letter for the Credit Facility dated 09.01.2012, the following agreements were executed: i. Letter of Arrangement dated 09.01.2012 was executed by Corporate Debtor, its Director and M/s Khadkeshwar Oil Mill Pvt. Ltd (Guarantor). ii. Agreement of loan-cum-Hypothecation dated 09.01.2012 was executed by the Corporate Debtor. iii. Guarantee Agreement dated 09.01.2012 was executed by the Directors of the Corporate Debtor and M/s Khadkeshwar Oil Mill Pvt. Ltd. iv. Memorandum for recording creation of Mortgage by Deposit of Title Deed dated 09.01.2012 was recorded by the Chief Manager of the Financial Creditor, in regards to the Equitable Mort ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice. g) The Annual Report for F.Y. 2017-18 and 2018-19 along with Annual Balance Sheet for F.Y. 2020 for the Corporate Debtor showing the existence of debt has been provided. h) The Financial Creditor submits that all the transactions of the money advanced and interest accrued, expenses lawfully incurred and the repayments received were entered into the books of extracts of the loan account, regularly maintained in the course of business of the Financial Creditor and a copy of the same, duly certified under the Banker's Books Evidence Act, 1891 and the same includes interest up to 12.08.2021. The Financial Creditor is also entitled for unapplied accrued interest from 10.04.2017 and future interest from 11.04.2017 till actual realization of entire loan amount. i) The current amount due and payable by the Corporate Debtor is Rs.50,14,08,535.88 as on date 30.08.2021. The details of dues are as under: Sr. No. Particulars of Outstanding Amount Amount Due (INR) 1. Principal Outstanding 24,63,90,110.51 2. Interest Outstanding 22,94,22,162.31 3. Penal Outstanding 2,54,96,263.06 Total 50,14,08,535.88 5. The Financial Creditor has submitted the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p Act, 1958 on the following documents: i. Board Resolution of the Corporate Debtor dated 11.12.2012; ii. Letter of Arrangement of Corporate Debtor dated 11.11.2012; iii. Supplemental Agreement of Loan Cum Hypothecation dated 12.12.2012; iv. Guarantee Agreement executed by the Directors and the Guarantor dated 12.12.2012; v. Memorandum for Recording extension of Mortgage dated 12.12.2012; vi. The Letter of Confirmation for Recording extension of Mortgage dated 12.12.2012; f) The Financial Creditor has not paid the requisite Stamp Duty in respect of a sum of Rs.27,15,00,000/- (Rupees twenty-seven crore fifteen lakh only) as per the provisions of Maharashtra Stamp Act, 1958 on the following documents: i. Board Resolution dated 03.02.2014; ii. Letter Arrangement dated 31.01.2014; iii. Loan Cum Hypothecation 3 dated 13.02.2014; iv. Guarantee Agreement (GA-3) dated 13.02.2014; v. Memorandum Recording extension (MoE-3) of Mortgage by Deposit of Title Deeds dated 03.03.2014; vi. Letter for extension of Mortgage by Deposit Title Deeds dated 05.03.2014; vii. Letter of Arrangement dated 11.03.2014; viii. Revival Letter dated 13.02.2014 and 23.09.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, are of the view that there is no merit in the Appeal and Appeal deserves to be dismissed." Findings: 8. We have heard the arguments of the Learned Counsel for both the parties and perused the records. 9. It is observed by the Bench that the Financial Creditor had sanctioned a Credit Facility of Rs.20,92,00,000/- (Rupees twenty crore ninety-two lakh only) by way of Demand Cash Credit and Medium-Term Loan on 09.01.2012. The said facility was extended by the Financial Creditor up to Rs.27,15,00,000/- (Rupees twenty-seven crore fifteen lakh only). For this purpose, the Letter Arrangement and Loan Cum Hypothecation were entered between Financial Creditor and Corporate Debtor. 10. The Corporate Debtor has raised issue with respect to the limitation in the matter. The Corporate Debtor has contended that the account of the Corporate Debtor has turned NPA on 27.06.2016. Hence, the Petition is filed after 26.06.2019 which is barred by limitation. It is observed by the Bench that the Corporate Debtor has time and again acknowledged it debt in its Balance Sheet for each Balance Sheet. The Corporate Debtor has neither where in reply has denied the facility availed by the Financial Credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and payable by the Corporate Debtor to the Applicant. There is default by the Corporate Debtor in payment of debt amount. Therefore, it is the fit case for initiation of CIRP against the corporate debtor. Hence, the Application filed by the Financial Creditor is liable to be admitted. 16. The application is complete and has been filed under the proper form. The debt amount is more than Rupees One Crore and default of the Corporate Debtor has been established. 17. The Applicant has proposed the name of Mr. Anurag Kumar Sinha, a registered insolvency resolution professional having Registration Number [IBBI/IPA-001/IP-P00427/2017-18/10750] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code and has also given his declaration that no disciplinary proceedings are pending against him. ORDER This Application being C.P. (IB) No. 1262/NCLT/MB/C-IV/2021 filed under Section 7 of I&B Code, 2016, filed by State Bank of India, Financial Creditor/ Applicant against R J Bio-Tech Limited, Corporate Debtor for initiating Corporate Insolvency Resolution Process is adm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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