Page 161 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Principal Bench

(Exhibit-6). The principal amount in default under the cash credit facilities as on 30.04.2017 is claimed to

be Rs. 17,50,00,000 (Rupees Seventeen Crores Fifty Lakhs). In addition, the default amount towards the
overdue interest and penal interest aggregates to Rs. 2,69,14,420 (Rupees Two Crore Sixty Nine Lakhs
Fourteen Thousand Four Hundred and Twenty). The 'corporate debtor' defaulted the cash credit facilities

in 30th June, 2016. The principal amount in default under the letter of credit facilities as on 30.04.2017 is
claimed to be Rs. 21,80,57,874 (Rupees Twenty One Crores Eighty Lakhs Fifty Seven Thousand Eight

Hundred and Seventy Four). In addition, the default amount towards the overdue interest and penal
interest aggregates to Rs. 3,51,64,783 (Rupees Three Crore Fifty One La.khs Sixty Four Thousand Seven
Hundred and Eighty Three). The corporate debtor defaulted the letter of credit facilities in 23th May,

2016. Further details of the defaulted amount and the period of default has been disclosed (Exhibit-7).
The total amount of default under the term loan facility has been further accelerated by the consortium of
Bank of Baroda through the notice of acceleration-cum-demand dated 02.03.2017. According to the

notice the repayment of the defaulted amount was required to be made within 45 days from the date of the
acceleration notice.

7. The 'financial creditor' has placed on record an overwhelming evidence to prove the default. The details
of the security interest have been given in Part V which are set out below:-

(a) Second pari passu charge in favour of the BoB Consortium, in a form satisfactory to the BoB
Consortium, over all immovable assets, present and future of the Corporate Debtor, including at A-
2, Ecotech-6, Greater Noida (subject to the first charge with the Greater NOIDA Authority)

admeasuring 1,00,000 square meters (the "Immovable Property" as detailed in Exhibit-8;

(b) First charge by way of hypothecation of all the tangible / intangible/ movable properties of the

Corporate Debtor including, goodwill, revenues/receivables, plant and machinery, furniture,
fixtures and equipment and other movable assets, present and further, pertaining to the project;

(c) First charge by way of assignment or creation of security interest in favour of the BoB
Consortium of (more particularly stated in the indication list in Schedule II of the Facility

Agreement)

(i) ...............

(ii) ...............

(iii) ..............

(iv) ..............

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