Bikki Raveendra Babu, Member - (1.) Bank of Baroda through its Chief Manager, Mr. Mridul Misra filed this application uncjer section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") with a prayer to trigger Corporate Insolvency Resolution process in respect of M/s. Varia Engineering Works Private Limited.
(2.) Bank of Baroda by power of attorney as well as Board Resolution No. 62 authorised the Chief Manager to appear and represent the bank in courts of law, suits, arbitration or other proceedings relating to Bank of Baroda and sign pleadings, applications etc. In view of the said authorisation, Chief Manager is authorised to file this petition.
(3.) Bank of Baroda sanctioned the following facilities to the Corporate Debtor as restructured in the Master Restructuring Agreement dated 31.03.2015: (1) Rupee term loan facility to the tune of Rs. 7,00,00,000 (Rupees seven crores only) (Term Loan - I) as set out in schedule IVA of the MRA, read with Schedule III of the MRA. (2) Rupee term loan facility to the tune of Rs. 7,84,00,000 (Rupees seven crore eighty four lacs only) (Term loan -II) as set out in schedule IVA of the MRA, read with schedule III of the MRA. (3) Various working capital term loan facilities as set out below: (i) Working capital term loan-I (WCTL-I) of Rs. 20,14,00,000 (Rupees twenty crores fourteen lacs only) as set out in Schedule IVB of the MRA read with Schedule III of the MRA; and (ii) Working capital term loan - II (WCTL-II) of Rs. 14,97,00,000 (Rupees fourteen crores ninety seven lacs only) , as set out in schedule IVB of the MRA, read with schedule III of the MRA. (4) Restructured funded interest term loan facility of Rs. 9,74,00,000 (Rupees nine crores seventy four lacs only) FITL facility) as set out in schedule IVC of the MRA read with schedule III to the MRA. (5) Restructured Fund Based Working capital facility of Rs. 12,86,00,000 (Rupees twelve crore eighty six lakhs only) (Fund Based WC facility), as set out in schedule III to the MRA.The FoHowing additional facilities were also sanctioned under the MRA, however, no disbursements were made under these facilities: (6) Additional fund based working capital facility of Rs. 4,17,00,000 (Rupees four crorer seventeen lacs only) (additional fund based WC facility) as set out in schedule III to the MRA. (7) Additional letter of credit facility of Rs. 2,00,00,000 (Rupees two crores only) (LC facility) as set out in schedule III to the MRA.;