CP(IBC)/12/KOB/2023 (Under Section 95(1) of the IBC, 2016 read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Persons) Rules, 2019)

&

IA(IBC)/342/KOB/2023 (Under Section 99 of the IBC, 2016)

IN CP(IBC)/12/KOB/2023 In the matter of:

Mr. Abdul Rehman Basheeruddin CP(IBC)/12/KOB/2023 Memo of Parties:

Standard Chartered Bank, Crescenzo, 3A/F, Plot No. C-38 & 39, G-Block, Bandra-Kurla Complex, Mumbai- 400

051 … Petitioner -Versus-

CP(IBC)/12/KOB/2023 In re: M/s. Standard Chartered Bank Vs. Mr. Abdul Rehman Basheeruddin.

Mr. Abdul Rehman Basheeruddin, 2 Denoar Farm Road, Near Thane Health Care Hospital, Zenith Park, Chembur, Mumbai- 400 088.

Also at:

Furnace Fabrica (India) Limited, EPC Center- C/16-3, TTC, MIDC Pawane, Thane- Belapur Road, Navi Mumbai, Maharashtra- 400 705.

Also at:

Furnace Fabrica (India) Limited, Opp. MILMA Dairy, Koonamthai, Edapally, Kochi- 682 024.

… Personal Guarantor IA(IBC)/342/KOB/2023 Mr. Ram Ratan Kanoongo, IBBI/IPA-

001/IP-P00070/2017-18/18/10156, Resolution Professional.

… Applicant Order delivered on: 11.12.2023 Coram:

Hon’ble Member (Judicial) : TMT. Justice (Retd.) T. Krishna Valli.

Hon’ble Member (Technical): Shri. Shyam Babu Gautam CP(IBC)/12/KOB/2023 In re: M/s. Standard Chartered Bank Vs. Mr. Abdul Rehman Basheeruddin.

Appearances:

CP(IBC)/12/KOB/2023:

For the Petitioner : Mr. Renoy Vincent, Adv. For the Personal Guarantor :Mr. Dharmya M.S., Adv.

IA(IBC)/342/KOB/2023:

For the Applicant : Mr. Chelson Chembarathy., Adv.

O R D E R

Per: Shyam Babu Gautam Member (Technical)

CP(IBC)/12/KOB/2023

1. Under consideration is Petition No.

CP(IBC)/12/KOB/2023 filed under Section 95 (1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as "IBC, 2016") r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (Personal Guarantors Insolvency Rules). The relief sought is to initiate a Corporate Insolvency Resolution Process (hereinafter referred to as the CIR Process") against the Personal Guarantors of M/s. Furnace Fabrica (India) Limited (Corporate Debtor) for the default amount of Rs. 55,07,03,147.98/- (Rupees Fifty-Five Crores Seven Lakhs Three Thousand One Hundred Forty-Seven and Ninety-Eight Paisa Only) in respect of credit facility availed from the Petitioner/Creditor.

CP(IBC)/12/KOB/2023 In re: M/s. Standard Chartered Bank Vs. Mr. Abdul Rehman Basheeruddin.

2. The facts as narrated in the application and explained by the Applicant are summarized hereunder:

3. A Consortium of four banks presently consisting of State Bank of India (Lead Bank), Export-Import Bank of India, Axis Bank and the Petitioner granted credit facilities aggregating to Rs. 2,88,00,00,000/- (Rupees Two Hundred Eighty-eight Crores Only) to the Corporate Debtor vide Inter se Agreement and Working Capital Loan Agreement dated 13.05.2010. The Petitioner granted Consortium Facilities amounting to Rs. 30,00,00,000/- (Rupees Thirty Crores Only) vide Facility Letter dated 25.03.2010. The said Consortium Facilities were subsequently enhanced by the Applicant to Rs. 83,00,00,000/- (Rupees Eighty-Three Crores Only) vide Facility Letter dated 12.02.2016, while the total credit facilities granted by the Consortium were revised to Rs. 2,81,00,00,000/- (Rupees Two Hundred Eighty-One Crores Only) in terms of the supplemental Inter se agreement and Working Capital Loan Agreement dated 14.08.2017.

4. The Petitioner also granted Bilateral Facilities amounting to Rs.

57,60,00,000/- (Rupees Fifty-seven Crores Sixty Lakhs Only) to the Corporate Debtor vide Facility Letter dated 20.03.2017. Accordingly, Master Credit dated 20.03.2017 was executed between the Applicant and the Corporate Debtor. The said Bilateral CP(IBC)/12/KOB/2023 In re: M/s. Standard Chartered Bank Vs. Mr. Abdul Rehman Basheeruddin.

Facilities were last revised vide Supplemental