ICICI Bank Limited vs Stone India Limited

A Credit Arrangement Letter dated 17/04/2008 and the subsequent Master Facility Agreement dated 26/05/2008 as amended vide Note of Amendment dated 02/09/2008^{11.Annexure G at pages 74 to 101 and page 106 of the petition};

A Credit Arrangement Letter dated 06/11/2009 and a subsequent Master Facility Agreement dated 07/12/2009 ^{22.Annexure G at pages 107 to 134 of the petition} , as amended vide following documents :

Note of Amendment dated 27/12/2010 executed subsequent to a credit arrangement letter dated 14/12/2010 issued by the Financial Creditor to the Corporate Debtor^{33.Annexure G at pages 135 to 145 of the petition};

Note of Amendment dated 22/12/2011 executed subsequent to a credit arrangement letter dated 21/12/2011 issued by the Financial Creditor to the Corporate Debtor^{44.Annexure G at pages 146 to 157 of the petition};

Letter of Amendment dated 27/12/2012 executed subsequent to a credit arrangement letter dated 27/12/2012 issued by the Financial Creditor to the Corporate Debtor^{55.Annexure G at pages 158 to 173 of the petition};

Note of Amendment dated 17/07/2014 executed subsequent to a credit arrangement letter dated 11/06/2014 and two amendatory credit arrangement letters both dated 17/07/2014 issued by the Financial Creditor to the Corporate Debtor^{66.Annexure G at pages 174 to 198 of the petition};

Supplementary and Amendatory Agreement dated 18/08/2014^{77.Annexure G at pages 199 to 208 of the petition};

Supplementary and Amendatory Agreement dated 09/11/2015 executed subsequent to a credit renewal arrangement letter dated 29/09/2015 issued by the Financial Creditor to the Corporate Debtor^{88.Annexure G at pages 209 to 226 of the petition};

Note of Amendment dated 22/02/2017 executed subsequent to a credit arrangement letter dated 25/01/2017 issued by the Financial Creditor to the Corporate Debtor^{99.Annexure G at pages 227 to 245 of the petition};

Supplementary and Amendatory Agreement dated 23/03/2018 executed subsequent to an amendatory credit arrangement letter dated 16/03/2018 issued by the Financial Creditor to the Corporate Debtor^{1010.Annexure G at pages 246 to 257 of the petition};

Deed of Hypothecation dated 07/12/2009^{1111.Annexure G at pages 281 to 283 of the petition};

Supplemental Deed of Hypothecation dated 18/08/2014^{1212.Annexure G at pages 284 to 292 of the petition};

Supplemental Deed of Hypothecation dated 26/07/2016^{1313.Annexure G at pages 293 to 297 of the petition};

Supplemental Deed of Hypothecation dated 23/03/2018^{1414.Annexure G at pages 298 to 305 of the petition};

Copies of certificate of Registration of charges issued by the Registrar of Companies with respect of the securities along with the estimated value of the securities held by the Financial Creditor^{1515.Annexure F at pages 30 to 73 of the petition};

A copy of the CIBIL report dated 22/01/2020^{1616.Annexure H at pages 306 to 432of the petition};

A copy of Statement of Accounts from 29/08/2008 to 31/01/2020 available with the Financial Creditor along with the certificate u/s. 2A(a) of the Banker’s Books of Evidence Act, 1981 (as amended up-to-date)^{1717.Annexure I at pages 433 to 517 of the petition};

A copy of demand-cum-loan recalling notice dated 08/01/2020 issued by the Financial Creditor to the Corporate Debtor for payment of dues owed by the Corporate Debtor^{1818.Annexure J at pages 518 to 523 of the petition}.

a. The application bearing CP (IB) No.565/KB/2020 filed by ICICI Bank Limited, the Financial Creditor, under section 7 of the Code read with rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against Stone India Limited, CIN No. L35201WB1931PLC006996, the Corporate Debtor, is admitted.

b. There shall be a moratorium under section 14 of the IBC.

c. The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be.

d. Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

e. Mr. Kuldeep Verma, registration number IBBI/IPA-001/IP-P00014/2016-17/10038, 46, B B. Ganguly Street, 5^th Floor, Unit No. 501, Kolkata 700012, email: [email protected] is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code subject to submission of a valid Authorisation of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code.

f. During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within one week from the date of receipt of this Order, in default of which coercive steps will follow.

g. The IRP/RP shall submit to this Adjudicating Authority periodical reports with regard to the progress of the CIRP in respect of the Corporate Debtor.

h. The Financial Creditor shall deposit a sum of Rs. 3,00,000 (Rupees three lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC).

In terms of section 7(5)(a) of the Code, Court Officer of this Court is hereby directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post, email and WhatsApp immediately, and in any case, not later than two days from the date of this Order.

j. Additionally, the Financial Creditor shall serve a copy of this Order on the IRP and on the Registrar of Companies, West Bengal, Kolkata by all available means for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from the date of receipt of a copy of this order.