Hon'ble Judges/Coram:
Venugopal M., J. (Member (J)) and V.P. Singh

JUDGMENT

V.P. Singh, Member (T)

1. These two Appeals emanates from the common order passed by the Adjudicating Authority/National Company Law Tribunal, Kolkata Bench, Kolkata in C.P. (IB) No. 1671/KB/2018, whereby the Application filed by the Oriental Bank of Commerce - Financial Creditors under Section 7 of the Insolvency and Bankruptcy Code (in short "I&B Code') for initiation of Corporate Insolvency Resolution Process ('CIRP') against the 'Corporate Debtor' - RDH Technologies Private Limited is admitted. Being aggrieved by the said order, the Appellants have filed this Appeal. Parties are represented by their original status, represented in the Company Application, for the sake of convenience.

2. Brief facts of the case are as follows:

The Financial Creditor, the Oriental Bank of Commerce had granted the term loan of Rs. 23,00,00,000/- (Rupees Twenty Three Crores only) to the 'Corporate Debtor' RDH Technologies Private Limited, vide sanction letter dated 17th April 2007. The Board of Director of the 'Corporate Debtor' by way of Resolution accepted the said term loan of Rs. 23,00,00,000/- (Rupees Twenty Three Crores only) and passed a Resolution to pledge the shares of 3 Companies M/s. Gunwate Properties Private Limited, M/s. Calcutta Nursing Private Limited and M/s. Anurashi Commotrade Private Limited, held by the 'Corporate Debtor' as additional security to the bank to secure the overall credit limit of Rs. 23 crores.

3. The 'Corporate Debtor' had created equitable mortgage on the entire fixed assets by simply depositing the title deeds of the Company, together with Hightech building, proposed to be constructed therein at Plot No. F1, Block GP Electronics Complex, Sector V, Salt Lake City, Kolkata, with an area of 0.34 acres of leasehold land in favour of the Financial Creditor Oriental Bank of Commerce. The 'Corporate Debtor' also executed an agreement of Term Loan. It was observed by the Bank that the construction of Hightech building at the above-said plot was getting delayed for which a sum of Rs. 6.70 crore approx had already been availed by the 'Corporate Debtor' without any corresponding work at the site. Thus, the entire outstanding amount, along with interest, was directed to be repaid by the 'Corporate Debtor' to the Financial Creditor vide its letter dated 06th March 2010. It is further stated that amount of Rs. 7,54,68,438/- (Rupees seven crore fifty-four lacs sixty-eight thousand four hundred thirty-eight only) was due as on 30th September, 2018 and the account of the 'Corporate Debtor' had been classified as an NPA as on 15th December 2012 when the amount of Rs. 5,31,14,402/- was due.

4. The 'Corporate Debtor' had stood guarantee for the loan of M/s. Bahubali Commercial Private Limited for a sum of Rs. 3,03,17,328/- inclusive of interest till 27th March 2014, M/s. Safal Dealers Private Limited for a sum of Rs. 3,84,05,667.60 inclusive of interest till 27th March 2014, M/s. Gandhyanya Properties Private Limited a sum of Rs. 94,26,284.23 inclusive of interest till 30th April 2012, M/s. Purushotam Trade Promotion Private Limited a sum of Rs. 89,05,156.85 inclusive of interest till 30th April 2012 and M/s. Rameshwaram Trexim Private Limited a sum of Rs. 2,78,89,937.53 till 30th April 2012 the outstanding total comes to Rs. 19,04,12,812.21 (Rupees Nineteen core four lacs twelve thousand eight hundred twelve and twenty-one paisa only) In support of the claim of the Financial Creditor has filed a copy of the Certificate of Registration for modification of charge registered with the Registrar of Companies, Kolkata in respect of the Corporate Debtor........