IN RE Vs. NICCO CORPORATION LIMITED

JUDGEMENT

(1.) In this case, the Corporate Debtor M/s. Nicco Corporation Ltd had moved an Application under Section 10 of the IBC, which was admitted on 02/05/2017 and Shri Kunal Banerjee was made the IRP and subsequently, based on the recommendations of the Committee of Creditors, he was made the RP on 28/02/2017. In the instant Company Application the Corporate Debtor M/s. Nicco Corporation Ltd represented through the Resolution Professional Shri Kunal Banerjee has stated that the Respondent No.1 is a banking company who has its Hare Street Branch in the ground floor of the premises, 'NICCO House', 2 Hare Street, Kolkata 700 001. The Respondent No.2 is the Chief Manager of the Hare Street Branch under whose directions, the business at the said Hare Street Branch is carried out. NICCO House, 2, Hare Street, Kolkata 700 001 is owned by the Corporate Debtor, i.e. Nicco Corporation Limited. The Respondent No.1 is a leasee for an area of 6468 sq ft. in the ground floor and 2684 sq ft. in the mezzanine floor of the said premises under a registered Lease dated 6th April 2011. Pursuant to the said Lease dated 6th April 2011, the lease is valid upto to 28th February, 2018 and the Respondent No.1 was obliged to pay a lease rental of Rs. 3,06,900/- till February 2013 and thereafter is under an obligation to pay rent of Rs. 3,83,625/- plus applicable tax including KMC Tax per month to the Corporate Debtor for the period 01/03/2013 to 28/02/2018.

(2.) The Corporate Debtor has also obtained credit facilities in the nature of Fund based loan of Rs. 18.344 crores and non fund based of Rs.31 crores aggregating to Rs. 49.344 crores from the Respondent No.1 vide their sanction letter No. I/CR/RP/2009 dated 23/05/2009, details of which are provided in the sanction letter issued by the Respondent No.1 to the Corporate Debtor. The said loan amount was reduced by repayment by the Corporate Debtor from time to time. In this regard a copy of the aforesaid sanction letter is annexed with the Company Application and marked with the letter "C".

(3.) The Respondent No.1 is one of the consortium of banks of the Corporate Debtor out of a total of 12 Consortium Banks from whom the Corporate Debtor has obtained credit facilities.