B.S.V. Prakash Kumar, Member - (1.) This applicant (ICICI Bank Ltd.) is one of the Creditors of the Corporate Debtor (Varun Resources Ltd.) against whom a Company Petition (Indian Bank Vs. Varun Resources Ltd.) filed u/s. 7 of The Insolvency and Bankruptcy Code, 2016 was admitted on 14.6.2017 by initiating Insolvency Resolution Process. In pursuance of the Moratorium declared, an IRP namely, Mr. Sanjeev Maheshwari has been appointed as Interim Insolvency Resolution Professional for collating the claims of the creditors and also to make arrangements for holding Committee of Creditors Meeting (CoC) as mentioned under the Insolvency and Bankruptcy Code. The Corporate Debtor company is chiefly in the shipping business for carrying gas from Arabian countries to India, the Corporate Debtor has executed contracts for Bare Boat Charter of its vessels (ships) with another company, i.e. Varun Global Ltd. (VGL) whose primary business is to trade vessels between the Middle East and India for transportation of LPG (Cooking Gas), in turn VGL has chartered these vessels including Maharishi Devatreya (vessel mortgaged to ICICI) to Indian Oil Corporation Ltd., HPCL and Bharat Petroleum Corporation Ltd. (BPCL). Since these vessels including Maharishi Devatreya are being chartered for six months, i.e., up to July, 2018, these vessels remain in constant circulation generating substantial funds to the Corporate Debtor. If at all these vessels stop doing business the loss of income per day would be USD 20,000, furthermore, any interruption in operation of these vessels would have negative effect on the business of other vessels which have been chartered by Indian Oil Corporation, Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corporation Ltd.
(2.) Now this applicant filed this application stating that this applicant sent a letter to the Insolvency Resolution Professional on 29.6.2017 requesting IRP to provide certain details of the Corporate Debtor in relation to the list of ships owned by or in possession or control of the Corporate Debtor, a list of Voyage plans for the next six months of the Corporate Debtor's vessels, any maritime lien and/or claims including the foreign jurisdictions where they have accrued a list of potential clients for many overseas creditors of the Corporate Debtor. The ground to ask these details is, the applicant says, that this Corporate Debtor owes a significant amount to the creditors based outside India, including foreign lenders from whom it has borrowed various credit facilities under Loan Agreement and various non-financial entities based outside India. The applicant says it is given to understand that pursuant to the financial situation of the Corporate Debtor, the substantial amount of the Operations is incurred in various foreign jurisdictions by the Corporate Debtor pertaining to dry docking expenses for certain vessels owned and operated by it, some of which have been unpaid for more than 2 years.
(3.) The applicant further submits that the IRP has confirmed in his reply dated 1.7.2017 that one of the creditors, i.e. Dry Docks World, Dubai has initiated litigation against the Corporate Debtor, as per the knowledge of the IRP, one of the vessels of the Corporate Debtor, i.e. Maharishi Vamdeva has been arrested/detained on 28.6.2017 at Furjairah Port, since it is being said to this applicant that Maharishi Devatreya is heading towards Furjairah, there is an apparent threat of this vessel getting arrested at the said Port in breach of the moratorium order passed by this Tribunal.;