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TMI Blog2020 (8) TMI 926X X X X Extracts X X X X X X X X Extracts X X X X ..... ments and written notes of defence. 3. This is a petition filed jointly by Bank of Baroda and State Bank of India, Financial Creditors u/s. 7 of the Insolvency and Bankruptcy Code, 2016 (in short, 'I & B Code') for initiation of Corporate Insolvency Resolution Process (in short, 'CIRP') against M/s. Kilburn Chemicals Limited, Corporate Debtor for a total default in payment of a sum of Rs.208,89,62,561.80 (Rupees Two hundred eight crores eighty nine lakhs sixty two thousand five hundred sixty one and paise eighty only) as on 04/06/2020, details of which are stated below (Annexures "K" and "L" respectively):- For Applicant No. 1 : Bank of Baroda Principal Outstanding as on 04/06/2020 i) Term Loan Rs. 83,00,00,000.00 ii) Working Capital Rs.2,01,61,659.79 Overdue Interest Receivable i) Term Loan Rs. 17,32,15,207.39 ii) Working Capital Rs.22,80,389.17 2 Nos. Bank Guarantees Rs.90,28,370.00 Legal Charges Rs.5,00,000.00 Total Due payable to the Applicant No.1 Rs.103,51,85,626.35 For Applicant No. 2 : State Bank of India Principal Outstanding as on 04/06/2020 i) Term Loan Rs. 83,00,00,000.00 ii) Cash Credit (Working Capital) Rs.1,98,26,549.45 Accrued Interest i) T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uarantee of M/s. Shree Durga Agencies Limited (Collectively annexed as Annexure "E") and security documents, e.g., primary security, collateral security, etc. in favour of Financial Creditors (Annexure "F"). 5. It is further submitted that as per the agreements the Corporate Debtor was mandated to repay the outstanding sums for Term Loan facility and Cash Credit facility and Bank Guarantee. However, the Corporate Debtor has failed and/or neglected to make payment as per terms envisaged in the said agreements and thereby committed breach of terms and conditions of the said agreements. As such the Applicant No. 1 and the Applicant No. 2 were constrained to declare the Corporate Debtor account as a Non-Performing Asset (in short, "NPA") on 31/12/2018 and 28/12/2018 respectively as per RBI guidelines. The Corporate Debtor also acknowledged their debt from time to time by confirming their dues by signing Letters of Acknowledgement of debt dated 01/01/2019 & 11/02/2019 and revival letter dated 11/02/2019 respectively (Collectively marked Annexure "G"). The Financial Creditors had issued jointly a notice dated 13/03/2019 to the Corporate Debtor and the guarantors u/s. 13(2) of the SARFAE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tration No. IBBI/IPA-001/IP-P00554/2017-2018/10984 for appointment as Interim Resolution Professional and has enclosed Written Communication dated 04/06/2020 given by Mr. Partha Pratim Ghosh in Form 2 also. 7. Ld. Counsel for the Corporate Debtor Mr. Saurav Jain has submitted 'written notes of defence' stating therein the reasons for default and in fact admitting the default in repayment of loan. According to him the only point they have raised in the 'written notes of defence' is that the principal amount outstanding is Rs.171.00 Crores and that Corporate Debtor is not having any clarification relating to the calculation of interest and other penal charges, as mentioned in the application, without which it is not possible for them to comment on those amounts. 8. Having heard both sides and perusal of the documents and written notes on defence, it is certain that other than the alleged clarity regarding the total amount of claim due from the CD there is no other objections seen raised from the CD. Availing loan exceeding one crore rupees as per amended proviso to section 4 of the Code as well as default of the loan amount within the period of limitation and before the declaration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. v. The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. vi. The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii. The order of moratorium shall have effect from the date of admission till the completion of the Corporate Insolvency Resolution Process. viii. Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under subsection (1) of Section 31 or passes an order for Liquidation of Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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