IN THE NATIONAL COMPANY LAW TRIBUNAL

BENGALURU BENCH

(Exercising powers of Adjudicating Authority under

The Insolvency and Bankruptcy Code, 2016)

(Through physical/web based video conferencing platform)

CP (IB) No.117/BB/2022

Order U/s. 7 of the Insolvency and Bankruptcy Code, 2016

r/w Rule 4 of the Insolvency and Bankruptcy

(Application to Adjudicating Authority) Rules, 2016

IN THE MATTER OF:

Indian Bank

Having Corporate Office at:

254-260 Avvai

Shanmugam Salai, Royapettah,

Chennai-600014

Represented by Shri Bheem Prasad N,

Chief Manager, Indian Bank,

Stressed Assets Management Branch

No. 10, 1^st Floor, Indian Bank Buildings

K.G. Road, Bangalore- 560009 …Financial Creditor/Petitioner

VERSUS

M/s. Mantri Developers Private Limited

Having Registered Office at:

Mantri House, #41, Vittal Mallya Road,

Bengaluru -560001 … Respondent/Corporate Debtor

Order delivered on: 10/12/2024

Coram: Hon’ble Mr. K Biswal, Member (Judicial)

Hon’ble Mr. Manoj Kumar Dubey, Member (Technical)

PRESENT:

For the Petitioner : Shri H.R. Katti

For the Respondent : Shri Anish Acharya

O R D E R

Per: K. Biswal, Member (Judicial)

1. The present Petition has been filed by Indian Bank on 23/05/2022, under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity ‘IBC’/Code), r/w. rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016 (herein after referred as the Petitioner/ Financial Creditor), for inter alia, seeking to initiate Corporate Insolvency Resolution Process in respect of M/s Mantri Developers Pvt. Ltd. (hereinafter referred to as ‘Corporate Debtor/Respondent’) for the default amount of Rs. 153,99,35,374 (Rupees One hundred and Fifty Three Crores Ninty Nine Lakhs Thirty Five Thousand Three Hundred and Seventy Four Only) as on

05/03/2022 as per part IV of Form No. 1.

2. In Part IV of Form No. 1 filed with Petition, the following information is given:

Amount Amount claimed to be in Default: Rs. 153.99 Crores as on claimed to be 05.03.2022 with further interest accruing thereon.

in Default and the date Date on which default occurred: 28/09/2020 (i.e., Date of on which the NPA)

Default Account Ledger Uncharged Total occurred. Type Balance as on Interest +

NPA Flagging charges (Up (Attach the Date (i.e. to working for 28.09.2020) 05.03.2022)

Computation Term Loan 110,73,74,085 43,26,28,918 153,99,35,374 of Amount Less:

and Days of Default in Repayment 67,629.00 Tabular on 07.06.21 Form) Total 110,73,06,456 43,26,28,918 153,99,35,374 That the amount due with interest up to 30.04.2022 comes to Rs. 155,68,40,798. Detailed statement of account of Term Loan is annexed as Annexure D to the Petition.

3. The facts of the case are discussed below:

i. The Petitioner/ Financial Creditor is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its corporate office at 254-260 Avvai Shanmugam Salai Royapettah, Chennai- 600014 and inter alia having its Branch at Indian Bank, Stressed Assets Management Branch, No. 10, 1^st Floor, Indian Bank Buildings, K. G. Road, Bengaluru-560009.

ii. The Respondent/ Corporate Debtor, incorporated on 06.12.1990 and engaged in real estate development business. The Respondent applied for Term Loan under All Bank Property Scheme to Industrial Finance Branch, Allahabad Bank, which is now merged with Indian Bank w.e.f 01.04.2020 vide gazette notification dated 04.03.2020, the said notification has been marked and annexed as Annexure C to the Petition.

iii. Term Loan for Rs. 112,00,00,000/- (Rupess One hundred and Twelve Crores Only) was sanctioned by letter dated 19.08.2016 and renewed vide letters dated 20.01.2018 and 26.09.2019. As per sanction letter dated 19.08.2016, the loan facility was sanctioned as under:

Repayment: Repayable in 8 quarterly instalments after a moratorium period of 36 months from the date of first disbursement. Interest in the account will be serviced as and when charged.

iv. As security to avail the Term Loan, the Respondent mortgaged three immovable properti