9911796707
TMI Blog2017 (8) TMI 1676X X X X Extracts X X X X X X X X Extracts X X X X ..... (for brevity the 'Financial Creditor') has filed the Instant application under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer for initiating the corporation Insolvency Resolution process in the matter of Tecpro systems Ltd. (For brevity the 'Corporate Debtor') The "Financial Creditor' has stated that it has filed the petition in its capacity as the Trustee of EARC Trust SC -124 and Trust (for brevity EARCL and Trust respectively). A copy of the Memorandum of Articles of Association of the 'Financial Creditor' along with declaration of trust dated 17.3.2015 which led to the formation of 'Financial Creditor' have been placed on record (Annexure-1 colly) The 'Financial Creditor' has been allotted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor' through its predecessor in interest namely State Bank of India ("SBI"), the predecessor in interest of the Financial Creditor. The following debts were advanced to the Corporate Debtor: 1. Working capital facilities of Rs.2125 crores (Rs. Two thousand one hundreds twenty five crores only) under the Working Capital Consortium Agreement dated 26.4.2013. Subsequently, the working capital facilities were renewed and enhanced to Rs.2350 Crores (Rs. Two thousand Three hundred Fifty crores only) vide Working Capital Consortium Agreement dated 7.8.2013. As per Article 1, para 6 of the said Working Capital Consortium Agreement, the facilities extended comprised of following facilities: a) Cash Credit-1 b) Cash credit-2 c) Bank Guarantees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fault Date of default Facility A Rs. 2556,96,76,008 ( Rs. Two thousand five hundred fifty six crores ninety six lacs seventy six thousand and eighty only) 28th May 2014 Facility B Rs.244,47,76,360 (Rs. Two hundred forty four crores forty seven lacs seventy six thousand and three sixty only.) 28th May 2014 Total Rs.2081,44,52,368/- 7. The working/computation of amount and days of default in tabular format along with the statement of account maintained by the 'Financial Creditor' is enclosed herein as (Annexure 5) 8. In support of the claim the 'Financial Creditor' has placed on record the particulars of security held, the date of its creation, its estimated value as per the 'Financial Creditor'. The detail of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equirement of showing the record of default the 'Financial Creditor' has annexed status classification report of corporate debtor dated 21.6.2017 issued by CIBIL (Annexure 8). Copies of entries in Bankers book in accordance with the Bankers Book Evidence Act, 1891 showing the detail account of Corporate Debtor maintained by the State Bank of India have also been placed on record (Annexure 9 Colly). Acknowledgment of debt Issued by Corporate Debtor vide letter dated 28.3.2017 in favour of 'Financial Creditor' along with the annual report are also placed on record (annexure 10 colly). The 'Financial Creditor' in its capacity as trustee of other trusts has separately acquired financial assets and loan accounts of the Corporate Debtor to enable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Sankaranarayanan, D 301, Sreevatsa Residency, 10 G N Mills Post, Mettupalayam Road, Coimbatore- 641029 whose name also figures in the latest list of Insolvency Professionals issued by the Insolvency & Bankruptcy Board of India ¡s appointed as an Interim Resolution Professional. 15 In pursuance of Section 13 (2) of Code, we direct that public announcement shall be immediately made by the Interim Resolution Professional with regard to admission of this application under Section 7 of the Code. We also declare moratorium ¡n terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) and thus the following prohibitions are imposed: '(a) the institutio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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