Bikki Raveendra Babu, Member - (1.) Allahabad Bank, through its Authorised Signatory filed this Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ["IB Code" for short] read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, ("IB Rules" for short) against M/s. Gujarat Foils Limited, with a request to initiate Corporate Insolvency Resolution Process treating it as 'Corporate Debtor'., -
(2.) It is the case of the Financial Creditor that Gujarat Foils Limited ["the Corporate Debtor"] was sanctioned loan of amount of Rs 55,00,00,000 Financial Creditor has furnished dates of t w I J disbursement of various amounts in Column 2 of Form-1 In proof of the debt, Financial Creditor filed the following documents; (z) Notice under Section 13(2) of the SARFAESI Act; (aa) Demand Notice dated 472017 demanding outstanding dues as on 2472017 of Rs 61,67,37,712/- inclusive of interest (a) Sanction letter dated 26.5.2011; (b) Modification of sanction letter dated 30th July 2017; (c) Sanction letters dated 28.9.2012; 6.11.2012; 16.4.2014; and 19.5.2015; (d) Registered extension of mortgage dated 8.7.2 013 for credit facilities of Rs. 175 crores; (e) Registered extension of mortgage dated 18.5.2012 for credit facilities of Rs. 135 crores; (f) Demand Promissory Note of Rs. 12 crores dated 9.10.2012; (g) Letter of continuing security dated 9.12.2012; (h) Letter of hypothecation dated 9.10.2012; (i) Demand Promissory Note for Rs. 14 Crores dated 11.12.2012; (j) Letter of continuing security dated 11.12.2012; (k) Undertaking dated 11.12.2012; i - (l) Letter of hypothecation dated 11.12.2012 for Rs.14 crores; (m) Demand Promissory Note for Rs. 175 crores dated 25.3.2013; (n) 2nd Supplemental Hypothecation Agreement dated 25.3.2013; (o) 2nd Supplemental Deed of Hypothecation dated 25.3.2013; (p) Letter of hypothecation dated 4.6.2014; (q) Demand Promissory Note for Rs. 5 Crores dated 4.6.2014; (r) Letter of continuing security dated 4.6.2014; (s) 3rd Supplemental Working Capital Consortium Agreement dated 2.3.2015; (t) 3rd Supplemental Interse Agreement dated 2.3.2015; (u) Revival Letter dated 2.3.2015; (v) Board Resolutions of the Company dated 4.2.2015; 14.8.2012; 12.2.2014; and 28.3.2014; (w) Letters of Guarantee executed by Mr. Abhay N. Lodha dated 21.3.2013; 2.4.2013; and 2.3.2015; (x) Certified account statement of the company; . (y) Certificate under Section 2-a of the Banker's Book Evidence Act, 1891; (z) Notice under Section 13(2) of the SARFAESI Act; (aa) Demand Notice dated 4.7.2017 demanding outstanding dues as on 24.7.2017 of Rs. 61,67,37,712/- inclusive of interest.
(3.) It is the case of the Financial Creditor that Corporate Debtor has committed default in payment of the debt. Financial Creditor proposed the name of Interim Resolution Professional and filed his Written Communication. Financial Creditor served a copy r - of the Application on the Corporate Debtor. The Corporate Debtor filed its objections.;