Page 753 - 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. 645/7/NCLT/MB/2017

Decided On: 18.08.2017

Applicant: Abhyudaya Co-Operative Bank Limited
Vs.
Respondent: Raphel Engineering Private Limited

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

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Madhur Rai, Learned Advocate

For Respondents/Defendant:

ORDER

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

1. The Petitioner has furnished Form No. 1 under Rule 4 of the Insolvency and Bankruptcy
(Application to Adjudicating Authority) Rules, 2016 in the capacity of "Financial Creditor" on

9th June, 2017 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code.
2. In the requisite Form, under the Head "Particulars of Financial Debt" the total amount of Debt

granted is stated to be Rs. 130 Lakhs. And the total amount claimed to be in default is stated as
Rs. 3,99,08,230.521-.
3. Further under the Head 'Particulars of Corporate Debtor- the description of the debtor is stated as

`Raphel Engineering Private Limited' having Registered office at, 104, Siddhivinayak Co-op Hsg.
Society, Sector — 19, Plot No. 8, Kalainboli, Navi Mumbai — 410218.

4. Learned Counsel of the Financial Creditor (hereinafter as -Applicant-) has described that, the
Corporate Debtor (hereinafter as "Respondent") made an application for securing Cash Credit
facility for a sum of Rs. 200 Lakhs and Term Loan Facility of sum of 200 Lakhs. Thereafter

having due Scrutiny, the applicant on 11.06.210 sanctioned Cash Credit Facility of Rs. 100 Lakhs
and Mortgaged Loan of Rs. 130 Lakhs. The Respondent vide letter dated 22.06.2010 accepted the
terms and conditions of the sanctioned of the aforesaid Credit Facility. Thereafter, as per the

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