ICICI BANK LTD Vs. INNOVENTIVE INDUSTRIES LTD

JUDGEMENT

(1.) The applicant-company, namely, ICICI Bank Ltd. mentioned this company petition on 22nd December, 2016 stating that the corporate debtor, namely, Innoventive Industries Ltd. availed Rs. 40,74,57,388 as term loan facility, Rs. 21,80,00,000 as working capital facility, and $7 million as external commercial borrowing facility, but when the respondent-company later defaulted in making payments, this applicant says the default occurred on 30th November, 2016 for Rs. 12,22,10,737 towards RTL facility, Rs. 7,50,05,661 towards working capital facility and Rs. 11,47,58,969 towards external commercial borrowing facility. Since the aforesaid facilities have not been recalled, the total outstanding amount payable by this corporate debtor is Rs. 1,019,177,034 as on 30th November, 2016 and the corporate debtor is liable to pay the outstanding amount together with interest cost, expenses and other moneys which shall accrue on the contractual rate. For the corporate debtor has defaulted in making repayment as mentioned above, this applicant-company initiated this company petition under Insolvency and Bankruptcy Code, 2016 for realisation of this money by initially seeking for an order of moratorium as mentioned in the provisions of aforesaid Code. In which, the corporate debtor filed an application in this creditor petition stating that as on the date of filing this creditor petition, the debts said to have been existing against the corporate debtor have been suspended under Maharashtra Relief Undertaking (Special Provisions) Act on 18th July, 2016 declaring that the industrial undertaking called Innoventive Industries Ltd. (under the said it is referred as "the said relief undertaking"), to which financial assistance of industrial promotion subsidy of Rs. 115,36,40,000 provided by the Government of Maharashtra under the Package Scheme of 2007, Incentive, shall for a period one year commencing on 22nd July, 2016 and ending of 21st July, 2017 be conducted to serve as a measure of preventing unemployment and directs that in relation to such undertaking in respect of one year period mentioned above, rights, privileges, obligations, or liability accrued or incurred before 22nd July, 2016 and any remedy for the enforcement thereof shall remain suspended and all proceedings relating thereto pending before any court, tribunal, officers or authority shall be stayed.

(2.) The case of the corporate debtor in this interim application is, since industry, energy and labour department of Maharashtra passed the above reliefs suspending the liabilities of the corporate debtor and remedies against the debtor for one year from 22nd July, 2016, this financial creditor could not have invoked this relief on the ground default occurred in relation to the debt owed to the creditor ignoring the order passed by the said Department declaring all liabilities and the reliefs thereof been suspended until 21st July 2017.

(3.) To fortify his argument, the counsel of the corporate debtor submits that the Maharashtra Relief Undertaking (Special Provisions) Act is armoured with non-obstante clause in section 4 with overriding effect, which is as follows: