IDBI BANK LIMITED Vs. M/S RUCHI SOYA INDUSTRIES LTD.
LAWS(BOM)-2017-2-201
HIGH COURT OF BOMBAY
Decided on February 14,2017

IDBI BANK LIMITED Appellant
VERSUS
M/S Ruchi Soya Industries Ltd. Respondents

JUDGEMENT

- (1.) By this Company Petition (570 of 2016), the petitioner prays that the respondent be would up by and under the directions, supervision and control of this Court under the provisions of the Companies Act, 1956 and seeks appointment of the Official Liquidator. The Company Application No.455 of 2016 is filed by the petitioner inter-alia praying for various interim reliefs against the respondent. The Company Application No.470 of 2016 is filed by the IDBI Bank Limited seeking its impleadment as a party respondent in Company Petition No.570 of 2016 and in the Company Application No.455 of 2016.
(2.) On 25th January, 2016, the petitioner sanctioned various facilities / financial assistance in favour of the respondent not exceeding an aggregate amount of Rs.200.00 crores. On 28th January, 2016, the petitioner and the respondent executed Master Facility Agreement. It was provided in the said agreement that the petitioner had sanctioned secured over all limits of Rs.200.00 crores consisting of Fund based limits of Rs.25.00 crores and Non-fund based limits of Rs.200.00 crores. On 28th January, 2016, the respondent executed an Unattested Deed of Hypothecation in favour of the petitioner thereby hypothecating only those Current Assets and Receivables created out of the financial assistance provided by the petitioner under any of the facilities contemplated under the said Master Facility Agreement.
(3.) on 8th February, 2016, the petitioner disbursed a sum of Rs.20.00 crores under the said Master Facility Agreement. The petitioner issued various letters of credit in accordance with the limits under the said agreement.;


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