Allowed

In the matter of Ramanasree Consumer Products Private Limited [Cp (Ib) No. 158/10/AMR/2019]

NCLT15 Nov 2019CP (IB) No. 158/10/AMR/2019

Case brief

AI extract

What is this about?

This was a section 10 Corporate Insolvency Resolution Process (CIRP) petition filed by the corporate debtor itself. After verifying default and shareholder resolution, the Tribunal intermitted to declare moratorium and appointed an IRP.

What did the court decide?

Admitted the company petition, declared moratorium under Section 14, and appointed Mr. Pavan Kankani as the Interim Resolution Professional.

In the matter of Ramanasree Consumer Products Private… — Insolvency and Bankruptcy | NCLT (2019)

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NATIONAL COMPANY LAW TRIBUNAL

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AMRAVATHI BENCH

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PRESENT: HON'BLE JANAВ МОНАMMED AJMAL_MEMBER JUDICIAL

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ATTENDANCE-CUM-ORDER SHEET OF THE HEARING HELD ON 15.11.2019 AT 10.30 AM

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TRANSFER PETITION NO.

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NAME OF THE RESPONDENT(S) UNDER SECTION NAME OF THE PETITIONER(S) NAME OF THE COMPANY COMPANY PETITION/APPLICATION NO. Ramanasree Consumer Products Pvt Ltd 10 OF IBC CP(IB) NO. 158/10/AMR/TP/2019

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Counsel for Petitioner(s):

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Name of the Counsel(s) E-mail & Telephone No.
Signature
V. Pavi RUmer Aa
Designation
Aiw
Col fneD
996306740y

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Counsel for Respondent(s):

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Name of the Counsel(s)	Designation	E-mail & Telephone No. Signature

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ORDER

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Company Petition is admitted. Orders passed vide separate sheets.

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Member Jndicial)

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Binnu

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CP (IB) No.158/10/AMR/2019 Ramanasree Consumer Products Private Limited NCLT Amravati Bench

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NATIONAL COMPANY LAW TRIBUNAL ***. *** *** AMARAVATI BENCH AT HYDERABAD

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CP (IB) No. 158/10/AMR/2019

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Bankruptcy Code, 2016 In the matter ofa petition under section 10 of the Insolvency and

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PRODUCTS PRIVATE LIMITED IN THE MATTER OF M/s RAMANASREE CONSUMER

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Between

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Andhra Pradesh. Petitioner Santhi Nagar, Tirupati – 517 501, 18-3-60/С, Road No. 2, Srihari Colony, M/s Ramanasree Consumer Products Private Limited,

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And

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Bank of India, Andhra Pradesh. 18-1-24/C, Vaishnavi Towers, Chittoor District, KT Road, Tirupathi - 517 501,

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... Respondent

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Date of Order: 15.11.2019

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CORAM:

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Hon'ble Janab Mohammed Ajmal, Member Judicial

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Appearance:

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For the Petitioner: Mr. V. K. Sajith & Mr. V. Ravi Kumar, Advocates.

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For the Respondent:Mr. V. Sethu Madhava Rao & Ms. V. Dyumani, Advocates.

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Page 1 of3

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NCLT Amravati Bench CP (IB) No.158/10/AMR/2019 Ramanasree Consumer Products Private Limited

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ORDER

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This is a Petition under section 10 of the Insolvency and Bankruptcy Code, 2016 (the Code for short) seeking to initiate default in payment of a financial debt. Corporate Insolvency Resolution Process (CIRP) for itself due to its

15/11/19

incorporated on 27.04.2010 was established to carry on the business in India or elsewhere the business inter alia to trade, pack, repack, remove, grade, reduce, improve, buy, sell, resell, import, export, develop, design, market, procure, print, supply, work and to act as agent, broker, representative, collaborator, stockist, liaisoner etc. In loan of Rs. 21.59 Lakhs and availed a cash credit facility of Rs. 900 Lakhs from Bank of India, Tirupathi Branch, the Respondent. It defaulted in repayment of the credit facility as early as March, 2016. Having been unable to clear the debts and committed a default, it came up with the present Petition seeking its own CIRP. The Petitioner Company (CIN: U52399AP2010PLC068121) order to give effect to the objects of the Company it availed a term

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Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act) and the recovery proceedings initiated in OA No. 676 of 2019 before the Debt Recovery TribunalII, Hyderabad. The Petitioner approached this authority with unclean hands. Thus, its prayer for initiation of CIRP cannot be granted. The Respondent bank in its counter submitted that the Petitioner has approached this authority to avoid action under the Securitisation and

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Admittedly there is a default by the Petitioner (CD) in payment of a financial debt. It has enclosed along with the Petition a copy of the special resolution passed by the shareholders resolving to initiate CIRP. All the conditions mentioned in section 10 of the Code have been fulfilled. It is thus appropriate, that the Company Petition is

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admitted. Hence ordered.

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Page 2 of3

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Ramanasree Consumer Products Private Limited CP (IB) No.158/10/AMR/2019 NCLT Amravati Bench

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ORDER

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i. The Company Petition be and the same is admitted on contest. days hence.

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ii. The Corporate Insolvency Resolution Process of the respondent shall commence from this date and shall be completed within 180

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iii.

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pending/proposed against him as per the IBBI website. 1121, Agarwal Chambers, King Kothi, Hyderabad – 500 001. E- mail ID: [email protected] is appointed as the Interim N00368/2017-2018/11062), having office at F-45, First Floor, 5-9Mr. Pavan Kankani, (Registration No. IBBI/IPA-002/IPResolution Professional. No disciplinary proceeding is

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the CIRP in terms of Sections 13(2), 15, 17, 18 and 20 of Code management forthwith and take necessary steps in furtherance of

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iv. He is directed to take charge of the Petitioner/Corporate Debtor's and Rules made there under.

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v. Moratorium in respect of the respondent is hereby declared under Section 14 of the Code.

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vi. The Directors, Promoters or any other person(s) associated with assistance and cooperation to the IRP as stipulated under section 19 for effectively discharging his functions under the Code. the management of Petitioner/Corporate Debtor shall extend all

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Petitioner/Corporate Debtor and the Respondent/Financial Creditor forthwith.

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vii. The Registry is directed to communicate the order to the

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vii. The petitioner and the Registry are also directed to send the copy of this order to IRP for necessary compliance.

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MEMBER JUDICIAL (MOHAMMED AJMAL)

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In the matter of Ramanasree Consumer Products Private Limited [Cp (Ib) No. 158/10/AMR/2019]

Case brief

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In the matter of Ramanasree Consumer Products Private Limited [Cp (Ib) No. 158/10/AMR/2019]

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