M.M.Kumar, President - (1.) The Punjab National Bank (for brevity 'PNB-Financial Creditor') has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code'). with a prayer for triggering the insolvency resolution process in the matter of Bhushan Power and Steel Limited (for brevity the 'Corporate Debtor'). It is appropriate to mention that PNB-'Financial Creditor' is a body corporate constituted by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its registered office at 7, Bhikaji Cama Place, New Delhi. The 'Corporate Debtor' has CIN No. U27100DL1999PLC108350. It was incorporated on 22.02.1999. Its authorised share capital is Rs. 450,00,00,000/- (Rupees Four Hundred Fifty Crore only) and the paid up share capital is Rs.249,70,11,300/- (Rupees Two Hundred Forty Nine Crore Seventy Lakhs Eleven Thousand Three Hundred). The aforesaid data concerning the Corporate Debtor is authenticated by master data available on the website of Ministry of Corporate Affairs and the Memorandum of Association available with the 'PNB-Financial Creditor' (Annexure-3).
(2.) The 'Financial Creditor' has also named Shri Mahender Kumar Khandewal, Golf Course, Gurgaon (Regn. No. IBBI/IPA-001/IP-P00033/2016-17/ 10086), which satisfied the requirement of Section 7(3)(b) of the Code.
(3.) The 'Financial Creditor' has also given the details of Financial Debt, Working Capital Facilities, Details of Term Loan and External Commercial Borrowings Facilities. In part-IV of the application, which is on a proforma prescribed under Rule-4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code, has given the following details about the financial debts: a) In total facilities aggregating to Rs.3750,53,92,271/- (Rupees Three Thousand Seven Hundred Fifty Crores Three Lakhs Ninety Two Thousand and Two Hundred Seventy One only). b) External commercial borrowings aggregating to USD98,000,000 (Ninety Eight Million Dollars) (rupee equivalent of which as of May 31, 2017 as per RBI reference rating is Rs.632,59,00,000/- (Rupees Six Hundred Thirty Two Crores and Fifty Nine Lakhs only). c) The total amount of facilities is Rs.4383,12,92,271/- (Rupees Four Thousand Three Hundred Eighty-Three Crores Twelve Lakhs Ninety Two Hundred and Two Hundred Seventy One only). There is full description of the individual facilities and the amounts disbursed thereunder which have been set out under the working capital facilities, term loan facilities and external commercial borrowings facilities.;