Page 507 - IBC Orders us 7-CA Mukesh Mohan
P. 507

Order Passed Under Sec 7
                                                                            By Hon’ble NCLT Chennai Bench

               5. Shri N. Chandra Raj, the learned counsel appearing on behalf of the petitioners/FC submitted that the
               respondent approached to the petitioner for availing loans and the petitioner granted loans as mentioned in
               the  petition.  Accordingly,  the  petitioner  issued  sanction  letters  dated  14.06.2013  &  23.07.2013  to  the

               respondent  for  the  facilities  of  OCC  Rs.  1500  Lakhs  and  LC  limit  Rs.  2500  Lakhs  respectively.  It  is
               further submitted that the petitioner has executed all the loan documents independently to the petitioner

               by providing independent collateral security and by executing independent mortgage deeds. A few other
               banks also funded the respondent in a consortium with Punjab National bank as its lead bank.


               6. It is also submitted that the respondent executed all the loan documents on 23.07.2013 including the
               Promissory  Notes  and  several  Agreements  of  Guarantee.  Afterwards,  the  sanctioned  amounts  were
               disbursed to the respondent on 24.07.2013 and subsequent dates by the petitioner. It is further submitted

               that  to  secure  the  financial  assistance  granted  to  the  respondent,  the  Guarantors  have  deposited  the
               originals of the title documents as collateral security and also given the Letter confirming deposit of title
               deeds and creation of equitable mortgage by borrowers & guarantors and also executed and registered

               memorandum of deposit of title deeds on various dates. The respondent and M/s. Trishe EPC P. Ltd.
               executed the Corporate Guarantee on 02.08.2013guaranteeing the facilities availed by the Respondent/CD
               and Agreement of Guarantee dated 24.10.2013 was executed by M/s. Trishe Infrastructure Services P.

               Ltd. in favour of the petitioner.

               7. It is further submitted that the respondent also executed the acknowledgement of Debt cum Security on

               01.03.2016 to the petitioner acknowledging a sum of 18,70,45,042.04/- as outstanding in OCC Account
               and a sum of Rs. 23,80,46,584.18/- as outstanding in Devolved LCs Account as on 31.12.2015.


               8. The learned counsel submitted that the above said condition as admitted by the CD was not adhered to
               and the CD had defaulted in conforming to the terms as agreed, hence the final sanction letter was not

               issued. It is also submitted that a letter dated 02.05.2017 from the petitioner to the CD clearly indicated
               that the restructuring scheme had failed therefore, the petitioner proceeded to recover its dues as fell due
               on 30.04.2017 with further interest thereon.


               9. The learned counsel further submitted that as per the Annual Report and Audited Balance Sheet dated
               20.09.2013 of the respondent for the year 2015-16, the total outstanding borrowing of the Respondent/CD

               from the Petitioner/FC is Rs. 41,47,46,380/-.

               10. The learned counsel submitted that when the Corporate Debtor was unable to pay its Financial Debt

               which became due and payable on various dates, then petitioner, having been left with no other option
               approached this Adjudicating Authority claiming the payment of Rs. 1500 Lakhs towards OCC and Rs.



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