Page 117 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Principal Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
PRINCIPAL BENCH NEW DELHI

C.P. (I.B.) No. 190/7/NCLT/PB/2017

Decided On: 21.08.2017

Applicant: Union Bank Of India

Vs
Respondent: Era Infra Engineering Limited

Judges/Coram:
Hon'ble Sh. R.Varadharajan, J. (Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Nesar Ahmad, Practicing Company Secretary and Ahsan Ahmad,
Learned Advocate

For Respondents/Defendant: Manoj_K_Singh,_Advocate and Vijay K.Singh, Learned Advocate

ORDER

Hon'ble Sh. R.Varadharajan, J. Member (J)

1. Union Bank of India has categorized itself as a Financial Creditor under the provisions of
Insolvency & Bankruptcy Code, 2016 (hereinafter for sake brevity called as 'Code') for the purpose of
initiating the Corporate Insolvency Resolution Process (CIRP) as contemplated under the Code against

Era Engineering Infra Limited, being the Corporate Debtor. The circumstances leading to the filing of the
present petition as per the averments of the Financial Creditor is detailed as follows: -

(a) The Corporate Debtor being an EPC contractor is engaged in execution of large construction
projects like construction of highways, airports and industrial projects and since 1990 has been
availing credit from the Financial Creditor and the latest being in the year 2012 wherein a Working

Capital Term Loan of Rs.100 crores on standalone basis was sanctioned vide sanction letter bearing
No.IFB:CR:602.12. Pursuant to the sanction the loan was also disbursed to the Corporate Debtor on
31.12.2012. The amount of term loan along with interest was repayable in 14 instalments as agreed

to between the parties. Perusal of the form as prescribed under Insolvency and Bankruptcy
(Application to Adjudicating Authority) Rules, 2016 in Form I as filed by the Financial Creditor

discloses in Part IV of the said form that the total amount sanctioned to the Corporate Debtor on

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