STATE BANK OF INDIA Vs. METALYST FORGINGS LTD

JUDGEMENT

(1.) State Bank of India (hereinafter called 'SBI') has sought the Corporate Insolvencv Resolution Process of Metalyst Forgings Ltd. (hereinafter called the 'Corporate Debtor') , a manufacturer of Forged Automotive components with its Registered office at Pune, on the ground that the Corporate Debtor committed default on 30.6.2016 onwards in repayment of various facilities granted by SB! and its Associates Banks (now merged with SBI) to the extent of Rs. 330,16,30,170/- crores (INR Three hundred and Thirty crores Sixteen lakhs thirty thousand one hundred and Seventy only) , under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. It was further stated that the total outstanding is of Rs. 794,10,78,642/- as on 3.10.2017.

(2.) The Counsel for the Corporate Debtor appeared and candidly stated that he is not opposing the Petition as instructed by his client.

(3.) The Petition reveals that State Bank of Bikaner and Jaipur sanctioned overall limit on 31.7.2012 to the extent of Rs. 100 crores and a Loan Agreement was executed by the Corporate Debtor and the said loan of Rs. 100 crores was disbursed to the Corporate Debtor. On 24.12.2012 State Bank of Patiala sanctioned an overall limit of Rs. 200 crores by entering into a Loan Agreement with the Corporate Debtor, wherein the said Rs.200 crores was disbursed to the Corporate Debtor. On 26.2.1013, State Bank of Hyderabad sanctioned an overall limit of H00 crores by entering into a Loan Agreement, wherein the said loan of Rs.100 crores was disbursed. On 20.11.2013 State Bank of India sanctioned an overall limit of Rs.300 crores by entering into a Loan Agreement and a sum of Rs. 294.06 crores was disbursed.