Page 817 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT New Delhi-II Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI BENCH

C.P. (I.B.) No. 244/7/NCLT/ND/2017

Decided On: 28.09.2017

Applicant: Indian Bank
VS
Respondent: M/s Athena Demwe Power Ltd.

Judges/Coram:
Hon'ble Smt. INA Malhotra, Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Sameer Rastogi, Ms. Pooja Singh, Learned Advocates

For Respondents/Defendant: Mr. Tarun Johri, Mr. Ankit Saini, Learned Advocates

ORDER

Hon'ble Smt. INA Malhotra, Member (J)

1. The Petitioner, being the Financial Creditor, has filed the present petition under Section 7 of the
insolvency and Bankruptcy Code, 2016, (hereinafter referred to as the Code, for initiating Corporate
Insolvency Resolution Process against the Respondent who has not been able to liquidate its dues towards

the Applicant Bank.

2. As per the averments, the Corporate Debtor, which is stated to be a SPV (Specie Purpose Vehicle) of a

conglomeration approached the Bank for financial assistance in the form of Tern, loan and other financial
assistance for setting up a Major Power generating Project in the North East. Given the size of the project,
the Corporate Debtor had sought funding from several banks which approved and sanctioned various

limits. The disbursement by banks, other than the financial Creditor and another, was however to be mode
upon implementation of the project and subject to other terms and conditions. The project has yet to be set

up as it is awaiting several clearances front the different departments of the government. The financial
creditor initially sanctioned and disbursed a Short Term Loan of 200 crores in 2011 and a further submit
sub-limit of Rs. 100 crores under the head FLC/ILC/BG/LOC. The repayment restructured several times.

Since the Corporate Debtor faded to regularise the account the same was declared a Non-Performing

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