Manorama Kumari, Member - (1.) Bank of Baroda, through its Deputy General Manager of Grade /Scale- VI, filed this Application under Section 7 of the w m 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 Vimal Oil- and Foods Limited 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. S. Rengarajan, Deputy General Manager of BOB dated 15th December, 2009 authorising the said Deputy General 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 November, 2017 authorised all the Executives of the BOB in the category of General Managers in Grade-VII / Deputy General Managers in Grade-VI etc., 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 under the Working Capital Consortium Agreement dated 14th October, 2006 as set out in the First Schedule thereof; (i) Cash Credit Facilities upto an overall limit of Rs. 8.5 crores having the following sub-limits: (a) WCDL/FCNR (B) Loan upto a limit of Rs.6.80 Crores; (b) Export Packing Credit Facility of upto a limit of Rs. 3.80 crores; and (c) FBP/FBD of upto a limit of Rs. 1.25 crores. (ii) Import Letter of Credit'Facilities of upto a limit of Rs. 15 Crores. The total debt granted to the Corporate Debtor under the Working Capital Consortium Agreement is Rs. 23,50,00,000. 3.1. Thereafter, pursuant to execution of First Supplemental Working Capital Consortium Agreement dated February 2, 2008, the above said facilities were renewed and enhanced in the following manner as set out in detail in the Third Schedule of the Agreement; (i) Limits under the Cash Credit Facility was enhanced to Rs. 15 Crores with the sub-limits as stated in the Third Schedule. (ii) Limits under the Letter of Credit Facilities was enhanced to Rs. 18-Crores. The total debt granted to the Corporate Debtor on renewal and enhancement of the above said facilities under the First Supplemental Working Capital Consortium Agreement is Rs. 33,00,00,000. 3.2. Thereafter, on execution of Second Supplemental Working Capital Consortium Agreement dated 29th December, 2009 the above said facilities were further renewed and enhanced as detailed below as per Third Schedule of the Agreement; (i) Limits under the Cash Credit Facility was enhanced to Rs. 23 Crores with the sub-limits as stated in the Third Schedule; (ii) Limits under the Letter of Credit Facilities was enhanced to Rs. 24 Crores. The total debt granted to the Corporate Debtor on further renewal and enhancement of the above said facilities under the Second Supplemental Working Capital Consortium Agreement is Rs. 47,00,00,000. 3.3. Thereafter, pursuant to execution of Third Supplemental Working Capital Consortium Agreement dated 31st January, 2011 the above said facilities were further renewed and enhanced as detailed below as per Third Schedule of the said Agreement; (i) . Limits under the Cash Credit Facility was enhanced to Rs. 27 Crores with certain sub-limits as per the Third Schedule of the said Agreement; (ii) Letter of Credit Facilities upto an overall limit of Rs. 44.43 Crores along with a sub-limit in the form of Buyer's Credit Facility upto a limit of Rs. 27 Crores; (iii) Forward Cover limit upto Rs. 0.43 crores; (iv) A Corporate Loan of Rs. 5.83 Crores; (v) A Short Term Loan of Rs. 25 Crores. The total debt granted to the Corporate Debtor under the Third Supplemental Working Capital Consortium Agreement is Rs. 77,26,00,000. 3.4. Thereafter, pursuant to the Fifth Supplemental Working Capital Consortium Agreement dated March 29, 2012 the Facilities were renewed and enhanced as detailed in Third Schedule of the said Agreement as under; (i) Limits under the Cash Predit Facility was enhanced to Rs. 38 Crores with sub-limits; (ii) Letter of Credit Facilities was enhanced to an overall limit of Rs. 92 Crores; and (iii) Limits under the Forward Cover Limit was enhanced up to Rs. 0.95 crores; (iv) The amount under the Corporate Loan was enhanced to Rs. 2.91 crores. The total debt granted to the Corporate Debtor under the Fifth Supplemental Working Capital Consortium Agreement is Rs. 133,86,00,000. 3.5. Thereafter, pursuant to the Sixth Supplemental Working Capital Consortium Agreement, dated August 16, 2013, the Facilities were renewed and enhanced as detailed in Third Schedule of the said Agreement as under; (i) Limits under the Cash Credit Facility was enhanced to Rs. 46 Crores with certain sub-limits; (ii) Letter of Credit Facilities was enhanced to an overall limit of Rs. 111.95 crores; and (iii) Limits under the Forward Cover Limit was enhanced upto Rs. 0.95 crores. The total debt granted to the Corporate Debtor under the Sixth Supplemental Working Capital' Consortium Agreement is Rs. 157,95,00,000. 3.6. Thereafter, pursuant to the Seventh Supplemental Working Capital Consortium Agreement dated January 23, 2015, the Facilities were renewed and enhanced as detailed in Third Schedule of the said Agreement as under; (i) Limits under the Cash Credit Facility was enhanced to Rs. 50 Crores; (ii) Limits under the Letter of Credit Facilities was enhanced toRs. 123.00 crores. The total debt granted to the Corporate Debtor under the Seventh Supplemental Working Capital, Consortium Agreement is Rs 173,00,00,000.;