Page 693 - IBC Orders us 7-CA Mukesh Mohan

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

IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH

C.P. (I.B.) No. 1061/7/NCLT/MAH/2017

Decided On: 04.07.2017

Applicant: Union Bank of India,

Vs
Respondent: Guruashish Construction Pvt. Ltd.

Judges/Coram:
Hon'ble Sh. B.S.V. Prakash Kumar (Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Nirman Sharma, Ms. Ishita Advani, Learned Advocate

For Respondents/Defendant: Mr. Arif Bookwala, Mr. Piyush Raheja, Mr. Sahil Gandhi, Learned
Advocate

ORDER

Hon'ble Sh. B.S.V. Prakash Kumar Member (J)

1. Union Bank of India (hereinafter called IUBI') has sought the Corporate Insolvency Resolution

Process of Guruashish Construction Pvt. Ltd. (hereinafter called the 'Corporate Debtor') on the ground,
that the Corporate Debtor committed default on 30.09.2014 in repayment of Rs. 254,53,85,278/- (INR

Two Hundred Fifty Four Crores Fifty Three Lakhs Eighty Five Thousands Two Hundred and Seventy
Eight only), under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read
with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

2. UBI in its Petition stated that it had sanctioned a Term Loan facility to the Corporate Debtor for
Rs. 200 crores under General Term Loan Agreement dated 25.03.2011 which was amended vide

Supplementary Term Loan Agreement dated 30.08.2011. UBI has enclosed a copy of the Resolution of
the Board of Corporate Debtor wherein it was resolved to borrow a sum of Rs. 200 crores from UM, as
per sanction letter No.: BHR:HR:1111:10 dated 11.11.2010 and the Company also authorised its

Directors Mr. Rakesh Kumar Wadhawan and Mr. Waryam Singh to finalise the terms and conditions of
the bank. UBI has also enclosed a letter dated 11.11.2010 sanctioning the term loan of Rs. 200/- Crores.

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