Rajesh Bindal JUDGMENT
Abhay Shreeniwas Oka, J.
FACTUAL ASPECTS
1. The Respondent-Bank filed an application Under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short, 'the IB Code') before the National Company Law Tribunal, Hyderabad, Telangana. The said application was filed against a Corporate Debtor M/s. Kranthi Edifice Pvt. Ltd. The present Appellant claims to be a suspended Director of the Corporate Debtor. National Company Law Tribunal (for short, 'NCLT'), by an Order dated 27th June 2022, admitted the application filed by the Respondent- Bank and declared a moratorium for the purposes referred in Section 14 of the IB Code. The Appellant claiming to be an aggrieved person preferred an appeal against the said Order before the National Company Law Appellate Tribunal (for short, 'NCLAT'). By the impugned judgment dated 5th August 2022, NCLAT has dismissed the appeal.
2. The first Respondent, Canara Bank is the successor of Syndicate Bank, which made application Under Section 7 of the IB Code to NCLT. Syndicate Bank was merged into the first Respondent-Canara Bank. A letter of sanction dated 2nd April 2016 was issued by Syndicate Bank by which credit facilities were sanctioned to the Corporate Debtor for one-year valid up to 28th February 2017. A Secured Overdraft Facility of Rs. 12 crores was granted by the Syndicate Bank, apart from sanctioning the Bank Guarantee limit of Rs. 110 crores. Thus, the facilities granted by the Syndicate Bank to the Corporate Debtor were fund-based (Overdraft Facility) and non-fund-based (Bank Guarantees).
3. In the application Under Section 7 of the IB Code, the Syndicate Bank stated that as on 30th November 2019, the liability of the corporate debtor under the Secured Overdraft Facility was Rs. 74,52,87,564.93. The liability of the Corporate Debtor towards outstanding Bank Guarantees was Rs. 19,16,20,100.
4. On 21st October 2022, this Court while issuing notice, recorded a statement of the learned Senior Counsel appearing for the Appellant that a proposal for settlement under a One-Time Settlement Scheme has been submitted to the first Respondent-Bank and a sum of Rs. 6 crores........