STANDARD CHARTERED BANK Vs. PRAG DISTILLERY (P) LTD

JUDGEMENT

(1.) The Financial Creditor, Standard Chartered Bank, a Banking Corporation incorporated in England by the Royal Charter, 1853, having its principal office at 1, Basinghall Avenue, London, EC2V 5DD filed this Company petition against the Corporate Debtor Prag Distillery Pvt. Ltd, for initiation of Corporate Insolvency Resolution Process under Section 7 of Insolvency and Bankruptcy Code, 2016 ("the Code") read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, alleging that the Corporate Debtor defaulted in repaying the debt of USD 2,183,915.71 (USD Two Million One Lakh Eighty Three Thousand Nine Hundred and Fifteen and Seventy One Pennies).

(2.) The Company Petition was filed by Mr. Shailesh Agrawal, an employee of the Financial Creditor who is authorised to file this Petition by a Power of Attorney executed by the Financial Creditor on 1.6.2017.

(3.) The Financial Creditor granted a term loan facility to the Corporate Debtor for an amount of USD 11,000,000 (USD Eleven Million) by way of External Commercial borrowing under Automatic Route. A Facility Agreement was executed on 7.3.2011 between the Corporate Debtor, M/s. Tilaknagar Industries Ltd., Tilak Nagar, Shrirampur, Ahmednagar-413720 as Guarantor, the Financial Creditor as Lender and the Financial Creditor's commercial branch viz. Standard Chartered Bank, Hyderabad Branch as Security Agent.