through Bhilai Branch. The credit facility to the extent of Rs.40 crores was sanctioned on 15.01. 2014.Thereafter at the request of corporate debtor the limit was enhanced on 08.02.2016 to Rs.46.50 crores. The supplement agreement was executed on 10.02.2016. The limit was further enhanced to Rs.49.50 crores by sanction letter dated 10.02.2017. The renewed/enhanced finance agreement was entered on 15.02.2018. Later the corporate debtor failed and neglected to pay the instalment in term loan in utter violation of the terms of the sanction letters. The account of the corporate debtor became NPA on 28.07.2019. The financial creditor issued notice under section 13(2) of SARFAESI Act, 2002. The corporate debtor by letter dated 29.06.2020 admitted the default and liability to pay Rs.48.70 crore as on the said letter dated 29.06.2020. The corporate debtor submitted letter dated 29.06.2020 for settlement proposal, the settlement proposal was accepted by the financial creditor on 10.09.2020. When the corporate debtor failed to pay the amount as per the settlement, by letter dated 29.01.2022 the settlement was recalled. The corporate debtor was liable to pay a sum of Rs. 54,35,07,847/as on 15.09.2022. The earlier petition T.P. No. 105/CTB/2019 filed under section 9 of IBC 2016 was ended as withdrawn on 21.06. 2021. The petitioner in part IV (2) of the petition stated that the total days of default is 857 days when calculated from letter dated 29.06.2020 of settlement of corporate debtor.
