Page 160 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
per the master data available on the website of Ministry of Corporate Affairs. It has its registered office

also at Delhi.

4. The financial creditor has proposed the name of Mr. Rajesh Samson as an Insolvency Professional. A

certificate of registration dated 30.06.2017 issued by the Insolvency and Bankruptcy Board of India has
been placed on record (Annexure-B) attached with the application. He has registration No. IBBI/IPA-
001/IP- P00240/2017-18/10469. He has also made declaration and sent. a written communication dated

04.08.2017. According to the declaration made, Mr. Rajesh Samson has no disciplinary proceedings
pending against him nor he is a related party to 'Financial Debtor' namely Amrapali Infrastructure Private

Limited nor he is an employee of the Amrapali Infrastructure Private Limited.

5. The details of the 'financial debt' may now he set out, There was a facility agreement dated 16.04.2013

(Exhibit-3) executed between the 'financial debtor' and consortium banks which include the financial
creditor-Bank of Baroda and Union Bank of India. It is pertinent to mention that aforesaid facility
agreement was amended by an amendatory facility agreement dated 18.06.2013. In pursuance of the

aforesaid facility agreement the consortium banks along with the financial creditor sanctioned a term loan
to the corporate debtor. Under the term loan agreement, the 'financial creditor' sanctioned to the 'corporate
debtor' a term loan. of Rs. 53,75,00,000 (Rupees Fifty Three Crores and Seventy Five Lakhs). However,

the financial creditor has contributed Rs. 53,09,00,000 (Rupees Fifty Three Crores Nine Lakhs). The
details of the same have been annexed (Exhibit-3 86 4). The principal amount in default under the term
loan facility as on 30.04.2017 is claimed to be Rs. 44,59,00,000 (Rupees Forty Four Crore Fifty Nine

Lakhs). In addition, the default amount towards the overdue interest and penal interest aggregates to Rs.
7,18,50,626 (Rupees Seven Crore Eighteen Lakhs Fifty Thousand Six Hundred and Twenty Six), The

corporate debtor defaulted the term loan in 31th July, 2016. Further details of the defaulted amount and
the period of default has been disclosed (Exhibit-7).

6. There was also a working capital agreement dated 16.04.2013 (Exhibit-5) executed between the
financial debtor and consortium banks which include the financial creditor-Bank of Baroda and Union
Bank of India. In pursuance of the aforesaid agreement the consortium banks along with the financial

creditor sanctioned certain working capital facility to the 'corporate debtor'. Under the working capital
agreement, the 'financial creditor' sanctioned to the 'corporate debtor' cash credit facility of Rs.
17,50,00,000/- (Rupees Seventeen Crores Fifty Lakhs) as well as letter of credit facility of Rs.

25,00,00,000 (Rupees Twenty Five Crores). However, under the head of letter of credit facility the
financial creditor has contributed Rs. 24,86,31,354 (Rupees Twenty Four Crores Eighty Six Lakhs Thirty
One Thousand Three Hundred and Fifty Four Rupees), The details of the same have been annexed

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