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TMI Blog2021 (10) TMI 1078X X X X Extracts X X X X X X X X Extracts X X X X ..... by NCLT Headquarters. 2. This is a petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) by Anit Finvest Private Limited (Financial Creditor), a company incorporated under the Companies Act, 1956 and represented by its Directors, Mr. Babulal Soni and Mr. Ramesh Purohit, duly authorised by Board Resolution dated 07.12.2020, Page 33 of the petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Riga Sugar Co Ltd. (Corporate Debtor). 3. The Corporate Debtor is a listed public company incorporated on 02.09.1980 having CIN: L15421WB1980PLC032970 under the Companies Act 1956, with the Registrar of Companies, West Bengal, Kolkata. Its registered office is at 14, Netaji Subhas Road (2nd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with the Petition at page 21 and marked as Annexure I Exhibit D. (d) On 15.06.2015, the Financial Creditor sanctioned the said amount on the terms that the same would be payable on call or demand after the expiry of one year bearing interest quarterly for the period from 30.06.2015 to 29.06.2016 at the rate of 12% per annum till the repayment value were to be received. The term further provided for a promissory note of the said principal amount drawn by the Corporate Debtor in favour of the Financial Creditor. A copy of the sanction letter is annexed with the Petition at page 22 and marked as Annexure I Exhibit E. (e) On 30.06.2015, the Financial Creditor transferred the sum of Rs. 1,70,00,000/- (Rupees one crore seventy lakh only) fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irst week of July 2018 to make the payment of outstanding interest. Copies of the letters dated 27.04.2018 and 03.05.2018 are annexed with the Petition at pages 26 and 27 and marked as Annexure I Exhibit I and Exhibit J, respectively. (j) Having not received the amount due, on 10.07.2018 the Financial Creditor wrote to the Corporate Debtor recalling the loan amount with immediate effect and directed the Corporate Debtor to pay the principal amount along with the outstanding interest due within fifteen days of receipt of the recall letter. A copy of the recall letter dated 10.07.2018 is annexed with the Petition at page 28 and marked as Annexure I Exhibit K. (k) In response to the said recall letter, the Corporate Debtor through a letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) The corporate Debtor is one of the oldest sugar manufacturers in India that was making a profit, however, due to various circumstances, it started incurring loss in 2011. The account of Corporate Debtor with its bank was declared as Non-Performing Assets (NPA) in September 2018. (e) The bankers allowed a holding on operation, however, it retained 10% of the sugar sale receipts. As a result, the Corporate Debtor was left with a paltry percentage of its revenues to run the plant leading to a severe liquidity crunch. A copy of the document evidencing the mechanism of "holding on operations" is annexed to the reply affidavit at pages 14 and 15 and marked as Annexure B. (f) On 14.06.2021, the Principal Secretary, Sugarcane Department, Gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t from the Corporate Debtor, on 03.05.2018 the Financial Creditor extended the period of repayment till the first week of July 2018. Having not received any amount, the Financial Creditor finally recalled its loan on 10.07.2018. 10. As per Part IV of Form I, the date of default is 01.04.2018. The present Petition was filed on 30.01.2021, it is therefore within the limitation period. 11. The Corporate Debtor has also admitted the existence of debt time and again. The only defence taken by the Corporate Debtor is its inability to pay due to the continuous losses incurred by it. 12. The Financial Creditor has proposed the name of Mr. Neeraj Jain, having registration number IBBI/IPA-001/IP-P01067/2-017-2018/11758, e-mail: reachneerajjain@gma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the Code, as the case may be. d. Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. e. Mr. Neeraj Jain (Reg. No. IBBI/IPA-001/IP-P01067/2-017-2018/11758), having address at 4, Synagogue Street, Suite No. 205, 2nd Floor, facing Brabourne Road, Kolkata- 700001, e-mail id: reachneerajjain@gmail.com, is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code, subject to his ..... X X X X Extracts X X X X X X X X Extracts X X X X
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