M.M. Kumar, President - (1.) Learned Counsel for the respondent states that they are not contesting the petition by raising any objection to its admission.
(2.) We find that IRP has signed Form-2 as prescribed by Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
(3.) In the form, the IRP is also required to certify that the facts averred by the applicant in the application are true, accurate and complete and a default has occurred in respect of the relevant Corporate Debtor. It further requires the IRP to certify that he/she has reached the conclusion based on the following facts and/or opinion. Then opinion has been expressed as under: "ICICI Bank Limited ("ICICI Bank") had advanced financial assistance of INR 3033,29,45,267.73 (Rupees Three Thousand Thirty Three Crores Twenty Nine Lakhs Forty Five thousand Two Hundred Sixty Seven and Seventy Three Paise) by way of Rupee facility, letter of credit facility, external commercial borrowing facility and bank guarantee facility to Essar Power Jharkhand Limited ("Corporate Debtor") vide facility agreements executed in the year(s) 2010, 2011, 2012 and 2015. Due to the inability of the Corporate Debtor to service the aforesaid facilities, the account of the Corporate Debtor was classified as non-performing asset on September 30, 2016 in compliance with the RBI guidelines. Pursuant thereto, ICICI Bank issued a recall notice dated August 1, 2017 to the Corporate Debtor, thereby accelerating the facilities and directing the Corporate Debtor to make payment of the dues under the aforesaid facilities owed by it to ICICI Bank. Further, as per banker's book of evidence, CRILC report, and CIBIL report as annexed to this application, the account of the Corporate Debtor was declared as a non-performing asset in the books of ICICI Bank and in the records of relevant credit information companies".;