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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