Page 738 - 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. 1140/7/NCLT/MB/2017

Decided On: 04.08.2017

Applicant: Reliance Commercial Finance Limited
Vs.
Respondent: Maharashta Vidyut Nigam Pvt. Ltd.

Judges/Coram:
Hon'ble Sh. M.K. Shrawat, (Member (J))

Counsels:
For Appellant/Petitioner/Plaintiff:

For Respondents/Defendant:

ORDER

Hon'ble Sh. M.K. Shrawat, Member (J)

1. The Petitioner is a "Financial Creditor" hence submitted Form No.1 on 28th of June 2017 in

respect of an outstanding financial Debt of Rs. 10,50,00,000 and also claiming interest thereon.
As per the details available on the requisite Form the Financial Debtor is Maharashtra Vidyut
Nigam Pvt. Ltd., Temple Road, Civil Line, Nagpur.

2. There was a requirement of additional fund to be used as working capital for purchase of bio-fuel
in bulk for the power plant in Wardha by the Debtor. The Creditor had, therefore, issued a "Letter
of intent" dated 15th September 2014 for providing the working capital demand loan facility of

Rs. 10.50 crore.

2.1 A Working Capital Demand Loan Facility Agreement was executed on 29.09.2014. The Financial
Creditor had agreed to make available to the Corporate Financial Debtor a Working Capital Demand

Loan up to an aggregate amount of Rs. 10.50 crores. The disbursement details, date-wise, are as under:-

Date Disbursement Amount (Rs.)

30-Sept-14 9,62,25,000
1-Nov-14 14,60,000

1-Dec-14 13,85,000
31-Dec-14 14,55,000

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