V. Nallasenapathy, Member - (1.) Punjab National Bank (hereinafter called 'PNB') has sought the Corporate Insolvency Resolution Process of Vandana Energy & Steels Pvt. Ltd. (hereinafter called the 'Corporate Debtor') on the ground, that the Corporate Debtor committed default on 05.02.2015 in repayment of Rs. 132.98 Crores, under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
(2.) This petition was filed on 01.09.2017, listed on 25.9.2017 & 5.10.2017 for want of effecting service upon the Corporate Debtor, finally on 13.10.2017, when the Corporate Debtor did not appear despite service effected against it, this Bench set the Corporate Debtor ex-parte for its non-appearance and decided the case basing on the facts available on record.
(3.) Pnb in its Petition enclosed the following documents in proof of debt and default (a) Letter dated 19.11.2008 sanctioning term loan of Rs. 60 Crores. (b) Letter dated 28.08.2009 submitted by the corporate debtor extending the Equitable mortgage already created, for the above term loan. (c) Letter dated 28.03.2012 sanctioning Fund based Working Capital limit of Rs. 6.5 crores, Non-Fund based Working Capital limit of Rs. 4.31 crores and ballooning of instalment of above term loan within the overall repayment period (d) Agreement of Guarantee's dated 28.03.2012 issued by certain individuals (e) Agreement of Hypothecation of goods and book debts to secure cash credit facility (f) Master Restructuring Agreement between the Corporate Debtor and the Petitioner and CDR lenders dated 30.3.2013. (g) Master Joint-lender Forum Agreement dated 24.3.2015. (h) Particulars of registration and modification of charges created by the Corporate Debtor in favour of Financial Creditors. (i) Copy of status classification report of the Corporate Debtor issued by the CIBIL dated 19.12.2016. (j) Certificate under the provisions of Bankers Books Evidence Act, 1891. (k) Balance and Security confirmation letter dated 1.2.2015 given by the Corporate Debtor. (l) Letter dated 14.8.2015 issued by the Petitioner stating that term loan, FITL and WCTL account against security of equitable mortgage of land and building, plant and machinery and hypothecation of other movable assets, pointing out the accounts have become irregular, disclosing that a sum of Rs. 202,94,09,999/- is due to Punjab National Bank, UCO Bank and Bank of Baroda. (m) SARFAESI Notice dated 15.10.2015 demanding a sum of Rs. 228,71,11,517/- and also disclosing date of NPA.;