R. Varadharajan, Member - (1.) This is an application which has been filed by State Bank of India in the capacity as a 'Financial Creditor' of the 'Corporate Debtor' namely, Namdhari Food International Pvt. Ltd. the respondent on the ground that it has committed a 'default' in the repayment of amounts owed under financial facilities which were granted to the 'Corporate Debtor' on different dates, the latest being vide sanction letter dated 7.4.2016. The Applicant avers that the facilities which were extended to the 'Corporate Debtor' by way of consortium loan, wherein, both the Applicant Bank as well as the State Bank of Patiala had sanctioned overall financial facilities to the tune of Rs. 63.56 crores and the following table shows the exposure of each bank in relation to the financial facilities granted to the 'Corporate Debtor' namely: TABLE NOT FOUND
(2.) It is further averred that out of the sum of Rs. 48.56 crores sanctioned by the Applicant Bank, a sum of Rs. 45.00 crores was sanctioned in the form of Cash Credit Limit and the remaining Rs. 3.56 crores by way of term loan. In relation to State Bank of Patiala, it is averred that the entire amount of Rs. 15.00 crores was granted by way of Cash Credit(Hypothecation). Subsequently, from time to time, it is averred that both SBI as well as State Bank of Patiala, enhanced or modified the financial facilities granted to the 'Corporate Debtor'. On 11.12.2013, it is submitted by the Applicant Bank that the applicant Bank and its consortium partner State Bank of Patiala sanctioned an overall financial limit to the tune of Rs. 68.90 crores and in relation to which the 'Corporate Debtor' executed working capital consortium agreement for the said sum on 11.12.2013 and a Joint Deed of Hypothecation, in order to secure the sum granted by way of financial facilities. It is also averred that on 2.4.2015 'Corporate Debtor' executed the balance confirmation letter of the even date with respect to the financial facilities and acknowledging the outstanding dues in different accounts as on 31.3.2015. It is further submitted that on 1.8.2015 at the request of the 'Corporate Debtor' the financial facilities granted by the Applicant Bank were reduced and further renewed to the extent of Rs. 43 crores vide sanction letter dated 1.8.2015 and again vide sanction letter dated 7.4.2016, the financial facilities granted by the Applicant Bank were further reduced and renewed to the extent of Rs. 42 crores. It is further represented that the amount of financial facilities of the outstanding liability of the Applicant Banks were duly acknowledged by the 'Corporate Debtor' in its annual report dated 3.9.2016 for the financial year ending 31.3.2016. In view of the persistent default, the accounts of the 'Corporate Debtor' came to be classified as 'non-performing asset' by SBI on 27.9.2016. Further, an Original Application in OA bearing No. 917/2017 was filed for the recovery of a sum of Rs. 61,99,53,876.79/- under the provisions of RDDBFI Act, 1993 against the Corporate Debtor and it is also represented that the amount claimed in the above said OA does not include future interest payable by the 'Corporate Debtor' for the amount outstanding. The Applicant Bank avers that in view of Notification No. 128 Part. II Section 2 Sub-section 1 and Order No. GSR. 157(E) : MANU /FNSV/0012/2017 dated 22.2.2017 issued by the Govt. of India, State Bank of Patiala which had also granted financial facilities along with the Applicant Bank, as detailed above, has been acquired by way of Amalgamation by the Applicant Bank under Section 35 of State Bank of India Act, 1955 w.e.f. 1.4.2017 and in the circumstances in view of the acquisition of State Bank of Patiala by the Applicant Bank, even though prior to the said date financial facilities were granted separately by the respective banks has now become one as it has become merged and hence SBI is the Sole Applicant herein in the capacity as the 'Financial Creditor'. The Applicant Bank also avers that various securities as detailed in Part V, Form A, of the application prescribed for 'Financial Creditor' to initiate the Corporate Insolvency Resolution Process(CIRP) under the provisions of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016(AAA Rules) has been given which amongst others include immovable properties as well as movable properties belonging to the 'Corporate Debtor' as well as those pertaining to the guarantors of the financial facilities made available to the "Corporate Debtor' and that their aggregate value comes to the extent of Rs. 22,26,61,000/- against the amount in default which has been detailed in Part IV of Form A of the AAA Rules, 2016 to the extent of Rs. 63,53,44,632.63/- under the various financial facilities. In view of the default committed, it is submitted that the Applicant Bank has approached this Tribunal for initiating the CIRP against the Corporate Debtor.
(3.) Under the prescribed Application in Form-A, the Applicant Bank initially has also named one Mr. Mukul Bansal having registration No. IBBI/IPAA-00336/2016-2017/1912 to be the Interim Resolution Professional (IRP) whose consent it is claimed has been obtained in Form No. 2 and annexed along with the application filed by the Applicant Bank.;