P K Saikia, Member - (1.) Facts necessary for disposal of the present proceeding, in short, are that the Central Bank of India, Corporate Finance Branch, Kolkata Zone, Kolkata (herein after referred to as FC) had sanctioned two term loans vide term loan No. CFBK.CMD. 2010 -11-08-584, dated 14.8.2010. One of the said term loan was for an amount to the tune of Rs.18.50 crores, whereas, other loan was for Rs.41.50 crores totalling to Rs.60.00 crores. Such term loans were sanctioned in favour of M/s. Assam Company Ltd, hereinafter referred to as Corporate Debtor (in short, "CD") .
(2.) However, subsequently, at different points of time, said loan was re-structured. First restructure was done on 13.6.2012, which was also approved by higher authority of Central Bank of India, Kolkata. Such restructure was duly accepted by CD. On 07.01.2015, CD confirmed the liability amounting to Rs.49,67,26,531.00 as on 30.09.2014. Thereafter, on the basis of another letter dated 29.12.2015, received from the CD, further modification of term loan amounting to Rs.51.20 Crores was made and the same was done in order to accommodate the CD to make repayment of loans.
(3.) However, despite giving enough opportunities to repay the debts, the CD failed to repay the outstanding amount payable to the bank. Therefore, vide notice dated 02.03.2017, the FC demanded an amount to the tune of Rs.49,83,72,077.00 (Rupees forty-nine crores eighty-three lakhs seventy-two thousand and seventy-seven) only which was calculated up to 31.03.2015. Responding thereto, the CD vide letter dated 08.03.2017 duly accepted the said liability and also intended to repay the same through instalments.;