Bikki Raveendra Babu, Member - (1.) Bank of Baroda, through its Chief Manager, 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 Varia Aluminium Pvt.Ltd., with a request to initiate Corporate Insolvency Resolution Process treating it as 'Corporate Debtor'.
(2.) Bank of Baroda ]"BOB"] gave a General Power of Attorney to Mr. Mridul Misra, Chief Manager of BOB on 21st August, 2017 authorising Mr. Mridul Misra, Chief Managar to appear and represent the Bank in Courts of Law, Suits, arbitration or other proceedings relating to the BOB and sign pleadings, applications etc. Further, BOB by its Circular Resolution dated 14th July, 2017 authorised all Chief Managers of the BOB to file Applications, proceedings before the National Company Law Tribunal and the National Company Law Appellate Tribunal and to sign the papers, petition etc.
(3.) Bob sanctioned the following facilities to the Corporate Debtor, vide Sanction Letters dated 2nd January, 2012 read with Sanction Letter dated 3rd July, 2013; (a) Rupee term loan facility to the tune of Rs.50,00,00,000/- (Rupees Fifty Crores Only);and (b) Cash Credit facility of Rs.60,00,00,000/- (Rupees Sixty Crore Only); (i) Rupee Term Loan of Rs. 45,21,00,000/- (Rupees Forty Five Crores Twenty One Lakhs Only) ("Term Loan"), as mentioned in Schedule II of the Facility Agreement; (ii) Working Capital Term Loan of Rs. 22,56,00,000/- (Rupees Twenty Two Crores Fifty Six Lakhs Only) ("WCTL Facility") as set out in Schedule II of the Facility Agreement; (iii) Funded Interest Term Loan of Rs.20,15,00,000/- (Rupees Twenty Crores Fifteen lakhs Only) ("FITL Facility"), as set out in Schedule II of the Facility Agreement; (iv) Cash Credit Facility of Rs. 40,00,00,000/- (Rupees Forty Crores), having following sub-limits; a) Letter of Credit limit of up to Rs.20,00,00,000/- (Rupees Twenty Crores Only);and b) Letter of Credit for Buyer's Credit of upto Rs. 20,00,00,000/- (Rupees Twenty Crores Only); (collectively referred to as "Cash Credit Facility"). The total debt granted to the Corporate Debtor under the Facilities is Rs. 127,92,00,000/- (Rupees One Hundred Twenty Seven Crore Ninety Two Lakhs Only). 3.1. The dates of disbursements are as follows; 3.2. According to the Petitioner, the amounts in default and dates of default under various Facilities are as follows; 1) The amount in default under the Term Loan as on June 30, 2017 is Rs. 52,04,57,370.20/- (Rupees Fifty Two Crores Four Lakhs Fifty Seven Thousand Three Hundred and Seventy Only). The first date of default in respect of this facility was July 01, 2016. 2) The amount in default under the WCTL Facility as on June 30, 2017 is Rs. 25,89,46,803.41/- (Rupees Twenty Five Crores Eighty Nine Lakhs Forty Six Thousand Eight Hundred and Eighty Three only). 3) The amount in default under the FITL Facility as on June 30, 2017 is Rs. 19,62,04,067.55/- (Rupees Nineteen Crore Sixty Two Lakhs Four Thousand and Sixty Seven Only). The first date of default in respect of this facility was May 01, 2016. 4) The amount in default under the Cash Credit Facility as on June 30, 2017 is Rs. 46,23,49,474.06/- (Rupees Forty Six Crore Twenty Three Lakhs Forty Nine Thousand Four Hundred Seventy Four Only). The first date of default in respect of this facility was April 01, 2016. The total amount in default as on June 30, 2017 is Rs. 143,79,57,715.22/- (Rupees One Hundred Forty Three Crore Seventy Nine Lakhs Fifty Seven Thousand Seven Hundred and Fifteen Only). The account was classified as NPA on June 30, 2016, w.e.f. March 30, 2015. Vide notice dated October 06, 2016, the Corporate Debtor was asked to pay the outstanding amount of Rs. 130.64,19,734.24/- (as on October 01, 2016) within 60 days of the notice therefrom, however, the Corporate Debtor failed to make such payment.;