Page 735 - IBC Orders us 7-CA Mukesh Mohan

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

Last date of sanction (Last renewal on 28.09.2012)

2. CFSCLN/501439 (ESCLN-500251) for Rs. 90

Lakhs; Date of Sanction : 15.07.2011

3. CFSCLN/501440 (ESCLN-400275) for Rs. 187
Lakhs; Date of Sanction : 14.05.2009

4. CFSCLN/501441 (ESCLN-400261) for Rs. 50
Lakhs; Date of Sanction : 26.02.2008

5. CFSCLN/501442 (ESCLN-500248) for Rs. 300
Lakhs; Date of Sanction : 15.07.2011.

(a) The Petitioner has claimed the total amount of Debt along with interest Rs. 24,50,95,702 and the

bifurcation of this total debt has also been narrated in the Petition.
(b) To grant credit facility of Rs. 400 Lakhs a Registered Mortgage Deed dated 14.03.2001 was

executed in respect of a plot of land in District Nasik. Further, few declaration have also been
executed in the year 2003 and there was extension of Indenture of Mortgage through which
further charge was created in the year 2005. Later on, a second extension was granted and further

charge was created through a Mortgage Deed dated 13.03.2008 in respect of factory building and
plot of and at Village Janori, Nasik, together with Plant and Machinery. Third extension was also
granted by the Bank in the year 2009 and the terms of earlier Indenture of Mortgage were

extended. Likewise, fourth extension was also granted by executing an additional Mortgage of
properties dated 07.04.2012.
(c) Due to the non-payment of the outstanding debt, the Financial Creditor has filed Original

Application (O.A.) before the Debt Recovery Tribunal, Mumbai for recovery of Rs. 16,53,75,968,
with interest thereon. It is stated that the said O.A. is pending before the DRT. Further it is placed

in the Petition that vide Sanction Letter dated 29.02.2008 a Cash Credit Facility of Rs. 600 Lakhs
has also been sanctioned. The said Cash Credit Facility was renewed and enhanced on 07.04.2012
to Rs. 1100 Lakhs. Placed on record the WCTL Facility documents, acceptance letter, execution

of Loan documents, Guarantee documents etc to demonstrate the acceptance of the Debt.
(d) The Petitioner has also placed on record the "Demand Promissory Note" issued from time to time.
For the sake of brevity details of those Promissory Notes are not narrated here. The petition also

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