Mohd Sharief Tariq, Member - (1.) Under adjudication is an Application that has been filed by M/s. L&T Finance Limited (hereinafter referred to as 'Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. Meka Dredging Company Private Limited (hereinafter referred to as 'Corporate Debtor') . The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code) .
(2.) The Financial Creditor has claimed the principal amount of Rs. 19,60,00,000/- plus agreed interest which comes to Rs.22,74,42,271/- as on 09.11.2016. The basis of the Application are that the Financial Creditor has provided loan facility to the Corporate Debtor vide Loan Agreement dated 09.06.2010. The copy of the loan agreement is placed at pages 39 to 56 of the typed set filed with the Application.
(3.) Initially, the Loan Agreement was entered into between the Financial Creditor and Corporate Debtor with the condition that EMI of Rs. 1,03,83,500/- for 21 months starting from 15.11.2010 will be paid by the Corporate Debtor. But later on, a communication has been sent by the Corporate Debtor to the Financial Creditor dated 30.11.2011, the copy of which is placed at page 74 of the Application, wherein it has been projected that the Corporate Debtor is not able to pay such high EMI of Rs. 1,03,83,500/-, and a request was made to restructure the terms of loan and increase the repayment period to 41 months so that the EMI amount could be reduced. It is also mentioned in the said communication that the total amount due to the Financial Creditor as on 30.11.2011 was Rs.15,16,47,637/-, which includes outstanding principal, overdue instalment, increased exposure due to forex rate change with interest, ODC charges, broken period interest etc. At the end, a request was made by the Corporate Debtor to give time for further 41 months to repay the said amount of Rs. 15,16,47,637/-.;