IN RE Vs. STARLOG ENTERPRISES LIMITED

JUDGEMENT

(1.) The petitioner i.e., ICICI Bank, having failed to realize outstanding dues from the Corporate Debtor i.e., Starlog Enterprises Limited in respect to the loan facilities the petitioner granted, filed this petition u/s. 7 of The Insolvency and Bankruptcy Code 2016(herein after referred as "Code"), seeking for admission of this petition declaring moratorium on the Corporate Debtor Company, direction for public announcement of initiation of corporate insolvency process and call for the submission of claims u/s. 15 and appointment of interim resolution professional as prescribed under the Code and Rules thereon.

(2.) The Petitioner, Financial Creditor, granted Rs. 230 million Rupee Term Loan facility (RTL Facility) on an agreement entered on October 19, 2011, thereafter disbursed the same, apart from this, this petitioner also granted Rs. 160 million Working Capital Term Loan Facility (WCTL Facility) on an agreement dated March 2014 and disbursed the same on March 6, 2014.

(3.) Besides the above two facilities, this petitioner already granted Rs. 20.4 million Working Capital Bank Guarantee facility (BG Facility) basing on facility agreement dated October 27, 2007 with utilization date as February 02, 2017.