- (1.) The present Company Petition bearing CP (IB) No.l73/10/HDB/2017 is filed by M/s. Sri Vinayaka Paper & Boards Limited (Petitioner / Corporate Debtor) under Section 10 of Insolvency and Bankruptcy Code, 2016 R/w Rule 7 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Sri Vinayaka Paper & Boards Limited, under the provisions of IBC, 2016.
(2.) Brief facts, leading to filing of the present company petition, which are relevant to the issue in question, are as follows:- 1) Sri Vinayaka Paper & Boards Limited (hereinafter referred to as "the petitioner/Corporate Applicant or the Company") is a Private Limited Company incorporated in the year 1995 under the provisions of Companies Act, 1956, and it is engaged in the business of manufacture of copier paper and boards out of recycled paper and pulp etc. Its authorized share capital of the Company as on 31.03.2017 is Rs.39,00,00,000/- comprising of 3, 90, 00,000 equity shares of Rs. 10/-each. 2) The following is the table showing the debt position of the CD as on 31st March 2015:- TABLE NOT FOUND
(3.) The then Managing Director of the Company, Mr. DebabrataKantha, submitted a letter dated 24lh March 2015 to the lead-bank, requesting for restructuring of the repayment terms of the company's debt, citing various difficulties leading to cash-flow mismatches on account of lower production of Paper Unit-11 and non-completion of Power plant. The following terms were proposed by the Company:- a. Cut-off date to be taken as 1sl November 2014; b. Rate of interest to be made uniform @ 12%; c. Re-scheduling of existing term loan repayment from quarter ended March, 2015 to the quarter ended December 2016, which was to be W\ repaid in 34 structured quarterly instalments; 'tin d. Funded Interest Term Loan (FITL) , covering the period from lsl II November 2014 to 30lh September 2016, to be repaid in 24 quarterly instalments from quarter ended December 2016& e. Replacement of one collateral property with another property of equivalent value.;