Hemant Kumar Sarangi ORDER
Hemant Kumar Sarangi, Member (T)
1. The present application is filed under Section 7 of The Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s. State Bank of India, claiming to be 'Financial Creditor' (FC) (for brevity 'Applicant') has filed this application, through its authorised representative Mr. Shambhu Kumar Singh authorized by the Applicant in terms of General Resolutions No. 76 & 77 of State Bank of India in exercise of the powers conferred by Sub-Section (3) of Section 50 of the State Bank of India Act, 1955 with a prayer for initiation of Corporate Insolvency Resolution Process ("CIRP"), in respect of respondent company, M/s. Indo Alusys Industries Ltd. (for brevity 'Respondent'.
2. The Respondent, Corporate Debtor ("CD"), namely M/s. Indo Alusys Industries Limited (CIN U74999DL1979PLC009937) was incorporated on 17.10.1979 under the provisions of the Companies Act, 1956. The registered office of the respondent company is situated at B-292, Office No. 303, Chandra Kanta Complex, New Ashok Nagar, Delhi 110096. Its authorized share capital is Rs. 15,00,00,000/- and paid up capital is Rs. 8,50,79,000/- which is based on the details given in master data as reflected on the official website of Registrar of Companies.
3. The registered office of the CD is in Delhi, therefore, this Tribunal being the Adjudicating Authority ("AA"), has territorial jurisdiction in respect of CD as per the provisions of sub-section (1) of Section 60 of the Code.
4. The FC states that the CD had been availing various credit facilities (Working Capital and Term Loan), from the Applicant Bank and other Consortium Member Banks under leadership of the Applicant Bank. That at the request and the subsequent correspondence of CD with the Applicant Bank, i.e., the then State Bank of Mysore (SBM) & State Bank of Bikaner & Jaipur (SBBJ) had sanctioned Working Capital Limits on terms and conditions as set out in the Letters of Sanction of the SBM Consortium/Arrangement Letters of SBM No. ADV/AK/233/198 dated 07.07.2005 and ADV/AK/233/283 dated 18.08.2005 and of SBBJ letter dated 02.09.2005 and further amendment letter dated 12.09.2005, which was duly acknowledged by the CD and accepted all the terms and conditions mentioned therein the sanction letters by putting signatures thereon. The said facilities sanctioned to the CD were enhanced and revised from time to time as per requests of the CD.
5. The total amount of debt granted and the date of disbursement as stated by the Applicant is as follows:
6. The amount claimed to be in default and the date of default as stated by the applicant is as follows:
7. The CD executed several documents for availing the aforesaid credit facilities from the FC. True Copies of each one of those documents namely, Working Capital Con........