BRS VENTURES INVESTMENTS LTD Vs. SREI INFRASTRUCTURE FINANCE LIMITED

JUDGEMENT

(1.) The 2nd respondent-Gujarat Hydrocarbon and Power SEZ Limited, is a corporate debtor. The corporate debtor approached the 1st respondent-SREI Infrastructure Finance Limited (the financial creditor), for a grant of a loan. Under the agreement dtd. 5/1/2011, the financial creditor granted the corporate debtor a loan of Rs.100.00 crores for setting up a SEZ project. The corporate debtor is a subsidiary of M/s. Assam Company India Limited (ACIL). The loan granted by the financial creditor to the corporate debtor was secured by a mortgage made by the corporate debtor of its leasehold land and a pledge of shares of the corporate debtor and ACIL. The loan was also secured by the corporate guarantee dtd. 5/1/2011 furnished by ACIL. The financial creditor filed an Original Application before the Debt Recovery Tribunal-I, Kolkata (for short, the DRT) to recover the outstanding loan amount. On 24/3/2015, a "debt repayment and settlement agreement" was executed to which the financial creditor, the corporate debtor and ACIL (the guarantor) were parties. On account of the default committed by the corporate debtor, the financial creditor invoked the corporate guarantee of ACIL. Thereafter, an application under Sec. 7 of the Insolvency and Bankruptcy Code, 2016 (for short, the IBC) was filed concerning ACIL as the guarantee was not honoured. The adjudicating authority vide order dtd. 26/10/2017 admitted the said application. Thus, the Corporate Insolvency Resolution Process (for short, CIRP) of ACIL commenced. The 1st respondent-financial creditor filed a claim of Rs.648.81 crores, out of which the claim of Rs.357.29 crores was admitted towards the claim by the Interim Resolution Professional (for short, IRP). After the appointment of the Resolution Professional (RP), the claim amount of the 1st respondent financial creditor was reassessed at Rs.241.27 crores inclusive of the principal amount of Rs.100.00 crores. The appellant is the successful Resolution Applicant of ACIL. The appellant submitted a resolution plan. The resolution plan was approved on 13/8/2018 by the Committee of Creditors (for short, the COC), which was approved by the adjudicating authority by the order dtd. 20/9/2018. The order of the adjudicating authority was confirmed in appeal by the National Company Law Appellate Tribunal (for short, the NCLAT). The appellant paid Rs.38.87 crores to the 1st respondent-financial creditor, against the admitted claim of Rs.241.27 crores in full and final settlement of all its dues and demands submitted in the resolution plan.

(2.) On 10/2/2020, the 1st respondent financial creditor filed an application under Sec. 7 of the IBC against the 2nd respondent corporate debtor. The claim of the 1st respondent-financial creditor was of Rs.1428.00 crores, which is claimed to be the balance amount payable to the financial creditor under the loan facility of Rs.100.00 crores. By the order dtd. 18/11/2020, the adjudicating authority admitted the application under Sec. 7 of the IBC. Aggrieved by the said order, the appellant preferred an appeal before the NCLAT. A suspended Director of the corporate debtor also preferred an appeal against the said order of the adjudicating authority. By the impugned judgment of the NCLAT, both appeals have been dismissed.

(3.) M/s. Zaveri and Co. Pvt. Ltd. has filed I.A. No. 11685 of 2023 for intervention. It is stated in the application that the applicant and other interested parties had submitted the resolution plan of the 2nd respondent-corporate debtor. A final resolution plan was submitted by the applicant on 23/8/2021, proposing to pay a sum of Rs.135.00 crores within a period of 15 months to the creditors of the 2nd respondent-corporate debtor. The COC of the 2nd respondent-corporate debtor approved the resolution plan of the applicant on 30/8/2021. As required by the approved resolution plan, the applicant has furnished a bank guarantee of Rs.2.00 crores on 3/9/2021.