V P Singh, Member - (1.) This company petition has been filed under section 7 of The Insolvency and Bankruptcy Code, 2016 by Bank of Maharashtra as a financial creditor against the corporate debtor viz. West Bengal Essential Commodities Supply Corporation Ltd.
(2.) Brief facts as stated in the application for initiation of corporate insolvency process under section 7 of the IBC 2016 are as follows.
(3.) Petitioner claimed that corporate debtor i.e. West Bengal Essential Commodities Supply Corporation Ltd. owes Rs.27.93 crores, details of which given in Annexure 1-B. Petitioner has filed the copy of Ledger Account of Corporate Debtor in Annexure 1-0, page no. 186-187; copy of Term Loan Agreement with Consortium Bank(s) as Annexure 1-R (page no.197-216) ; copy of CIBIL Report as Annexure 1-N (page no. 183-185) ; copy of sanction letter dated 13.12.2004 as Annexure 1-P (page no.188-194) ; agreement relating to opening of an irrevocable without Recourse Import Letter of Credit and Ledger Account of the Corporate Debtor as Annexure 1-B (page no. 17-23) of the petition which clearly indicates that Corporate Debtor owes ledger balance of Rs. 16.07 crores and unpaid interest balance of Rs. 11.86 crores and total dues including interest amount before filing the petition is Rs. 27.93 crores. Copy of the Ledger of Bank Account of Corporate Debtor shows that they committed default in making payment of Rs.27.93 crores. It is also pertinent to mention that the account of corporate debtor has become a Non-Performing Asset (NPA) since 18.08.2005 and is still continuing as a NPA account. Corporate Debtor has not made the payment and the amount which was disbursed to the corporate debtor has not been paid by him and the account has become NPA since 2005 and still continuing as NPA account. This clearly indicates that corporate debtor has committed default in making payment of Rs.27.93 crores.;