V. P. Singh, Member - (1.) This Company Petition has been filed by the Financial Creditor, M/s. Rural Electrification Corporation Limited, under section 7 of the Insolvency and Bankruptcy Code 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate Corporate Insolvency Resolution Process against the Corporate Debtor. The financial creditor is notified as a Public Financial Institution by the Central Government under section 4A of the Companies Act, 1956 vide Notification dated 11.02.1992. Identification No. of the Financial Creditor is L40101DL1969GOI005095 and the petition has been presented by Shri A.P.S. Manocha, Additional General Manager (Law) , authorised by the Chairman & Managing Director vide Letter of Authority dated 19th May, 2017.
(2.) Corporate Debtor is Ferrow Alloys Corporation Limited, whose Identification No. L452010R1955PLC008400.
(3.) Financial Creditor has stated that he had sanctioned loan aggregating Rs.517.90 crores to FACOR Power Limited, a company incorporated under the Companies Act, 1956 having its registered office at New Delhi under Loan Agreement dated 22nd May, 2009 (Rs.140 crores) , on 29.10.2010 (Rs.257.68 crores) , on 28.06.2013 (Rs. 69.36 crores) and on 12th November, 2014 (Rs.50.86 crores) and disbursed an amount aggregating to Rs.510.97 crores on various dates. For securing the above-mentioned loan facility extended by the financial creditor to Facor Power Limited, the Corporate Debtor, a Corporate Guarantee agreement was signed and executed guarantee documents in favour of Financial Creditor on 24.08.2009, which was revised on 29.10.2010, 21.06.2013 and further on 22.01.2015.;