Allowed

In the matter of B N G Global India Limited a-W I.A.-1363 (ND)-2021 in Company Petition Ib (Ibc) No. 2978 of 2019

NCLT17 Mar 2023

Case brief

AI extract

What is this about?

This judgment admits a Section 7 insolvency petition filed by 163 financial creditors against B N G Global India Limited for defaulting on investment schemes. The court held that deposit holders in investment plans qualified as financial creditors and awarded the incumbent as the Interim Resolution Professional.

What did the court decide?

Admitted company petition IB (IBC) NO. 2978 of 2019, initiated CIRP, appointed Mr. Harish Taneja as IRP, and declared moratorium.

In the matter of B N G Global India Limited a-W… — Insolvency and Bankruptcy | NCLT (2023)

¶1

IN THE NATIONAL COMPANY LAW TRIBUNAL COURT-V NEW DELHI BENCH

¶2

COMPANY PETITION IB (IBC) NO. 2978 of 2019 A/W I.A./1363 (ND)/2021

¶3

A petition under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

¶4

IN THE MATTER OF :

¶5

Mohan Lal Dhakad & Ors.

¶6

…Financial Creditor

¶7

Versus

¶8

B N G Global India Limited

¶9

…Corporate Debtor

¶10

Order pronounced on: 17.03.2023

¶11

Coram:

¶12

SHRI P.S. N. PRASAD, HON’BLE MEMBER (J)

¶13

SHRI RAHUL BHATNAGAR, HON’BLE MEMBER (T)

¶14

MEMO OF PARTIES

¶15

Mr. Mohan Lal Dhakad

¶16

R/o 15, Vill: Sikhedi, PO: Badwan The & Dist. Mandsaur,

¶17

Madhya Pradesh-458 667

¶18

Mr. Bherulal Rathore

¶19

R/O Gram Semliya, Kaji, Kuchrod,

¶20

Mandsaur, Madhya Pradesh -458895

¶21

Mr. Prabhulal Prajapati R/o Ward No. 01, Afjalpur, Mandsaur, Madhya Pradesh - 458 895

¶22

Mr. Bharat Das Beragi R/o Gram:, Mandsaur, Madhya Pradesh -458 895

¶23

Mr. Somitraj Mandloi R/o Ward No. 07, Khaki Bag, Naharagarh, Mandsaur, Madhya Pradesh -458 558

¶24

Mr. Ramesh Chandra Nagda R/o Makan No. 402, Ward No. 13, Mata Ji Rod, Aantri Bujurg, Neemuch, Madhya Pradesh-458 113

¶25

Mrs. Sundar Bai R/o Makan No. 48, Ward No. 4, PO: Chaplana, Teh: Manasa, Neemuch, Madhya Pradesh-458 113

¶26

Mr. Bhupendra Vyas R/o Ward No. 3, Afjalpur, Mandsaur, Madhya Pradesh -458 895

¶27

Mr. Latif Mansuri R/o Makan No. 108, Ward No. 4, PO: Hatuniya, Nipaniya, Mandsaur, Madhya Pradesh - 458 667

¶28

Mrs. Jyoti Bhati R/o NAI Abadi, Sikhedi, Mandsaur, Badwan, Madhya Pradesh - 458 667

¶29

Mrs. Sumitra Bai Prajapat R/o Makan No. 236, Ward no. 11, The: Mandsaur, Maliya Kher, Malyakherkheda, Madhya Pradesh -458 895

¶30

Mrs. Sumitra Bai Prajapat R/o Makan No. 236, Ward no. 11, The: Mandsaur, Maliya Kher,

¶31

¶32

Malyakherkheda, Madhya Pradesh -458 895

¶33

Mr. Ramachandra Changeriya R/o Makan No. 92, Changeriya Nivash, Tawr Ke Pass, Naya Ganw, Mandsaur, Madhya Pradesh - 458 002

¶34

Mr. Gopal Prajapat R/o Gram: Semliyakaji, Ward No. 04, Afjalpur, Mandsaur, Madhya Pradesh - 458 895

¶35

Shyama Bai W/o Mohanlal Prajapat, Ward No 4, Kuchrod, Dist.Mandsaur, M.P-458895

¶36

Hiralal S/o Bagdiram, Gram-Semliyakaji, Ward No.3, Afjalpur, Mandsaur, M.P-458895.

¶37

Shyama Arya D/o Sitaram, Semliyakaji, Kuchrod, Mandsaur,MP-458695.

¶38

Premlata W/o Vardichand, Dansiya, Hatunia, Mandsaur, MP-458667

¶39

Bhanwar lal

¶40

S/o Jarelal,Dansiya, Hatunia, Mandsaur,MP-458667.

¶41

Pavitra Prajapat D/o Hiralal Prajapat, Gram-Semliyakaji, Ward No.2,Afjalpur, Mandsaur, MP-458895.

¶42

Santosh kumar S/o Gangaram, Semliyakaji, Afjalpur, Mandsaur,MP-458895.

¶43

Kishore prajapat S/o Hiralal Prajapat, Gram-Semliyakaji, Ward No.3,Afjalpur, Mandsaur,MP-458895.

¶44

Manju bai

¶45

W/o Mohanlal Prajapat, Daloda,

¶46

¶47

Ward No.9,Akya Umaheda, Mandsaur, MP-458669

¶48

Laxminaryan S/o Ratanlal, Ward No.2, Graakya Umaheda,Daloda, Mandsaur, MP-458669.

¶49

Sangita D/o Jujharlal, Makan No.32, Heragada, Sitamau, Mandsaur, MP-458389.

¶50

Dashrat kumawat S/o Ramkishan, Ward No.5, Gram-Imbod, Nimbod, Mandsaur, MP-458669.

¶51

Purushotam Sharma S/o Balkrishn, Sarsod, Daloda, Mandsaur, MP-458669.

¶52

Tejmal jain

¶53

S/o Mangilal Jain, 38 Haji Colony, Sanjeet Naka, Mandsaur, MP-458001.

¶54

Sangita sharma D/o Ashok Sharma, Vill-Mundla, Sitamau, Mandsaur, MP-458389.

¶55

Pushpa devi jain W/o Sanjay Kumar Jain, Ward No.17, Bargunda Gali,Dhangar Mohalla, Mandsaur, MP-458002.

¶56

Teena

¶57

W/o Alpesh , Semlya Upali Ghati , Semalya Mahidpur, Ujjain, MP-456443.

¶58

Huru Bai Fakir W/o Late Kurban Shah, Gram-Semliyakaji, Ward No.9,Afjalpur, Mandsaur, MP-458895.

¶59

Salamuddin S/o Gafur Mohd, Ward No.4, Gram-Nipaniya,Hatuniya, Mandsaur, MP-458667.

¶60

Ram Kuwar

¶61

D/o Mohanlal, Gram-Semliyakaji,

¶62

¶63

Ward No.3, Afjalpur, Mandsaur, MP-458895.

¶64

Vishnu Das

¶65

S/o Dwvarka das, 110/2, Gram-Majesara, Daloda, Mandsaur, MP-458667.

¶66

Gangu Bai W/o vishnu das, 133, gram-majesara, daloda, Mandsaur, MP-458667.

¶67

Sugan Bai W/o Luneeram,Ward No.2, Semliyakaji, Kuchrod, Mandsaur, MP-458895.

¶68

Shobiya Bee D/o Ajam Shah, Gram-Semliyakji, Ward No.8,Afjalpur, Mandsaur, MP-458895.

¶69

Dashrath kumar S/o Jagannath, Ward No.11, Semliyakaji, Kuchrod, Mandsaur, MP-458895.

¶70

Lalita bai

¶71

W/o Om Prkaesh, Ward No.11, Khatik Mohalla, Nahargarh, Mandsaur, MP-458558

¶72

Nitesh

¶73

S/o Suresh Rathor, Ward No.1, Semliyakaji, Kuchrod, Mandsaur, MP-458895.

¶74

Shyam Singh S/o Balu Singh, Semliyakaji, Kuchrod, Mandsaur, MP-458895.

¶75

Suresh Chandra S/o Karulal, Gram-Semliyakaji, Kuchrod, Andsaur, MP-458895.

¶76

Om Prakash S/o Ramkishan, Ward No.11, Khatik Mohalla, Nahargarh, Mandsaur, MP-458558.

¶77

Ibrahim S/o Nabi Baksh, Gram-Semliyakaji, Ward No.9, Afjalpur, Mandsaur, MP-458895.

¶78

¶79

46. Rameshvar

¶80

S/o Nanda Teli, House No.14, Gram-Patlasi Kala, Lawari, Sitamau, Mandsaur, MP-458389.

¶81

Aajam Shah S/o Nazir Shah, Gram-Semliyakaji, Ward No.8,Afjalpur, Mandsaur, MP-458895.

¶82

Sabbir Miya S/o Kari Miya, Gram-Semliyakaji, Ward No.7,Afjalpur, Mandsaur, MP-458895.

¶83

Ramesh Chandra

¶84

S/o Kanhaiyalal Nagda, Makan No.402, Ward No.13, Antribuzurg, Aantri, Neemuch, MP-458113.

¶85

50. Munna Bai

¶86

W/o Sunderlal, Makan No.87, Denthal, Neemuch, MP-458113.

¶87

51. Rais Mohamad

¶88

S/o Naseer Mohmd, Ward No.6,

¶89

Ganesh Chok, Aantri Bujurg, Neemuch, MP-458113.

¶90

Durga Shankar

¶91

S/o Kishanlal, Makan, No.67, Ward No.11, Antribuzurg, Manaasha, Neemuch, MP-458113.

¶92

Sidharath Jain

¶93

S/o Prakash Jain,Makan, No.140, Ward No.5,Antrubuzurg,Manaasha, Neemuch, MP-458113.

¶94

Mohmd Husain

¶95

S/o Ramju Pinjara, House No.158, Gram-Antribuzurg,Antri,Manasa, Neemuch, MP-458113.

¶96

Nanhe Khan S/o Nura Mohammad, Ganv, Antribuzurg, Manasa, Neemuch, MP-458113.

¶97

Mangilal Nagda 9000-5234-7086 (aadhar) S/o Nanuram Nagda, Makan No.472,

¶98

¶99

Ward No.16, Manasa, Antribuzurg, Neemuch,MP-458113.

¶100

Anju Bala D/o Ghanshyam Dhakad, Khaki Bagh, Nahargarh, Sitamau, Mandsaur, MP-458558.

¶101

58. Mnjur Husen

¶102

S/o Nanhekha, House, No.203, gram-Antribuzurg, Manasa, Neemuch, MP-458113.

¶103

Tulsiram

¶104

S/o Kanhaiyalal, Mali, Makan No.14, Antribuzurg, Manasa, Neemuch, MP-458113.

¶105

Gangaram

¶106

S/o Pyara Kushvah, Mokhampura, Chaplana, Neemuch, MP-458113.

¶107

Badrilal

¶108

S/o Durgashanakar, 436, Antribuzurg, Neemuch, MP-458113.

¶109

Rupchand

¶110

S/o Pannalal Kashyap, House No.136, Gram-Chaplana, Manasa, Neemuch, MP-458113.

¶111

Gurunandan

¶112

S/o Pannalal Kashyap, House no.136, Gram-Chaplana, Manasa, Neemuch, MP-458113.

¶113

Sajani Bai,

¶114

W/o Mangilal, Ward No.18, Manchha Khedi, Mansaur, MP-458556.

¶115

Bhavani Singh

¶116

S/o Uday Singh, Gram-Hanuantiya Pawar, Neemuch, MP-458441.

¶117

Mukesh

¶118

S/o Khyali Lal, B-41, Awasiy Colony, Mandphiya, Mandfia, Chittorgarh, Bhadesar, Rajasthan-312027.

¶119

Chandrakala Bai W/o Bheru Singh, Sirkheda, Neemuch, MP-458441.

¶120

¶121

68. Sunil

¶122

S/o Hari Pratap, Ward No.15, Bus Stand, Nahargarh, Mandsaur, MP-458558.

¶123

Rajkumar

¶124

S/o Bhanwarlal, Ward No.1, Mali Mohalla, Nahargarh, Sitamau, Mandsaur, MP-458558.

¶125

Balmukand

¶126

S/o Nandram Lohar, Makan No.81, Gram-Mundla,Ward No.4,Lavri,Sitamau, Mandsaur, MP-458389.

¶127

Gopal Rathor

¶128

S/o Kachrulal, Gram-Mundla,Lawari, Ward No.3,Sitamau, Mandsaur, MP-458389.

¶129

Sandeep

¶130

S/o Rajkumar Dhakad, Ward No.1, Mali Mohalla,Nahargargh,Sitamau, Mandsaur, MP-458558.

¶131

Sima Lohar

¶132

W/o Dharmendra, Lohar, Makan No.99, Ward No.6, Dhikola, Mandsaur, MP-458002.

¶133

Rahul S/o Pappulal,House, No.753, Ward No.11,Khatil Mohalla,Nahargarh, Mandsaur, MP-458558.

¶134

Bhagvatilal

¶135

S/o Pannalal, Sitamau, Mandsaur, MP-458990.

¶136

76. Rita

¶137

W/o Dasharath, Fatehgarh, Daloda, Mandsaur, MP-458667.

¶138

Shivnarayan

¶139

S/o Nandram Gehalod, Makan No.80, Gram-Mundla,Lawari,Ward No.4, Mandsaur, MP-458389.

¶140

Sita Bai

¶141

W/o Bhagvati Lal, Ward No.15, Mandsor Road, Sitamau, Mandsaur, MP-458990.

¶142

Nandram

¶143

¶144

S/o Hiralal, Makan, No.92, Ward No.6, Mahuvi,Kheta Kheda, Mandsaur, MP-458990.

¶145

80. Resham Bai

¶146

W/o Ramlal, Makan, No.4, Mahuwi, Mahua, Mandsaur, MP-458990.

¶147

81. Jashoda Bai

¶148

W/o Raju Gehalot, Ward No.10, Gram-Nahargarh, Sitamau, Mandsaur, MP-458558.

¶149

Vishnu Bai Dhakad W/o Tarachand Dhakad, Vill-Ladusa, Daloda, Mandsaur,MP-458667.

¶150

Ganga Sharan

¶151

S/o Vasudev Sharma, Ward No.10, Haatpura, Nahargarh, Sitamau, Mandsaur, MP-458558.

¶152

84. Monika

¶153

D/o Gajendra Singh, Ward No.6, Khajuri Chandravat, Nahargarh, Mandsaur, MP-458558.

¶154

Ram Kuwar Purohit

¶155

W/o Purohit Gatulalji, Ma Parvati Nagar, Muvaliya, Dahod, Gujarat-389151.

¶156

Dilip Tailor

¶157

S/o Anokhilal, Makan, No.13, Gram-Kuchrod, Mandsaur, MP-458895.

¶158

Pooja Tailor

¶159

D/o Dineshchandra, Gram-Semliyakaji, Ward No.10, Afjalpur, Mandsaur, MP-458895.

¶160

Raju Lohar S/o Badrilal Lohar, Gram-Mundla, Sitamau, Mandsaur, MP-458389.

¶161

Kanhaiya Lal

¶162

S/o Jagdish Prajapat, Ward No.17, Kuchrod, Mandsaur, MP-458895.

¶163

Puranmal

¶164

S/o Kailash Prajapat, Mokampura Road,

¶165

¶166

Chaplana, Manasa, Neemuch, MP-458113.

¶167

91. Krishna

¶168

S/o Chhagan Lal, Makan No.63, Semliyakaji Kuchrod, Mandsaur, MP-458895

¶169

Shakuntla Jain

¶170

W/o Kailash Jain, Ward No.13, Gram-Kuchrod, Mandsaur, MP-458895.

¶171

Nirmla Bai

¶172

W/o Kanwarlal, Makan, No.200, Ward No.8, Guradia Lalmuha, Mandsaur, MP-458002.

¶173

94. Babulal

¶174

S/o Meghaji, 109, Gram-Khajuri Chandravat, Sitamau, Mandsaur, MP-458556.

¶175

Mohanlal Khichi

¶176

S/o Megha, Makan, No.148, Khajuri Chandravat, Sitamau, Mandsaur, MP-458558.

¶177

96. Manoharlal

¶178

S/o Gobarlal Prajapat, Chaplana, Manasa, Neemuch, MP-458113.

¶179

Bhuli Bai

¶180

W/o Ramsukh, House No.54, Gram-Richha Gurjar, Jaora, Ratlam, MP-457336.

¶181

Shakuntla Lohar

¶182

W/o Balwant Lohar, Mundla, Lawari, Sitamau, Mandsaur, MP-458990

¶183

99. Rahul

¶184

S/o Bhagatram Rathor, House No.109, Nahargarh Road Billod, Malhargarh, Mandsaur, MP-458556

¶185

100. Badam Bai

¶186

W/o Bhagirath, Ward No.5, Rawala Mohalla, Nahargarh, Sitamau, Mandsaur, MP-458558

¶187

Jagdish

¶188

S/o Shrmiya, House No.68, Village -Sikhedi, Badwan, Mandsaur, MP-458667

¶189

¶190

Sunil Kumar

¶191

S/o Unnat Kumar, Sikhedi, Badwan, Mandsaur, MP-458667

¶192

Aasha

¶193

W/o Jagdish, House, No.70, Village-Sikhedi, Badwan, Mandsaur, MP-458667

¶194

Santosh Rathor

¶195

W/o Rameshchandra, Makan No.521, Ward No.12, Sutari Mohalla,Kalikheda, Ratlam, MP-457339.

¶196

105. Prakash

¶197

S/o Kanhaiyalal Sisodiya, Makan No.279, Ward No.16,Men Bajar,Sujapur, Ratlam,MP-457333

¶198

Shyamlal Lohar S/o Jagdish, Makan No.19, Ward No.1, Sakhtali, Sitamau, Mandsaur, MP-458990

¶199

Kamlesh Patidar

¶200

S/o Amrit Ram, House No.66, Ward No.5, Chikla Sitamau, Mandsaur, MP-458990

¶201

Shyamlal Prajapat S/o Nagulal, Semaliyakaji, Kuchrod, Mandsaur, MP-458895

¶202

Yateendra

¶203

S/o Bhanwarlal, Ward No.14,Khati Mohalla, Sitamau, Mandsaur, MP-458990

¶204

Balwant Lohar

¶205

S/o Radhrshyam Lohar, Vill-Mundla, Lawari, Sitamau, Mandsaur, MP-458990

¶206

Ganga Singh,

¶207

S/o Nathu Singh, Makan No.71, Ward No.6, Belara, Dhiknai, Sitamau, Mandsaur, MP-458990

¶208

Pushpa Kunwar W/o Late Ganapat Singh, Gram-Semliyakaji, Ward No.6, Afjalpur, Mandsaur, MP-458895

¶209

Karulal Dhangar

¶210

S/o Nanuram, Makan , No.7, Ward No.1,

¶211

¶212

Gram-Manpura, Sitamau, Mandsaur, MP-458389

¶213

114. Kalpesh

¶214

S/o Girdharilal, Lasudiya Bhati, Sitamau, Khajuri Nag, Mandsaur, MP-458389

¶215

115. Kala Bai Prajapat

¶216

D/o Bhagirath, Makan, No.171, Ward No.9, Ekalgarh, Deepakheda, Sitamau, Mandsaur, MP-458389

¶217

116. Pankaj

¶218

S/o Dinesh Chandra, Ward No.10,

¶219

Gram-Semliyakaji, Mandsaur, MP-458895

¶220

Ram Chandra

¶221

S/o Pura, Gram-Semliyakaji, Kuchrod, Mandsaur, MP-458895

¶222

118. Dharmendra

¶223

S/o Dhannalal, Ward No.11, Gram-Badwan, Badwan, Mandsaur, MP-458667

¶224

119. Ritika

¶225

C/o Ishwarlal, 457, Gram-Bahi Parashwnath, Malhargarh, Mandsaur, MP-458664

¶226

120. Sonu

¶227

W/o Manoj Tailor, 123, Kachariya, Sitamau, Mandsaur, MP-458990

¶228

Kishor Kumawat

¶229

S/o Devram, Ward, No.11, Kuchrod, Mandsaur, MP-458895

¶230

Mehraj Bee W/o Babushah, Semliyakaji, Kuchrod, Mandsaur, MP-458895

¶231

Arun kumar

¶232

S/o Kailash Prajapat, Mokampura Road, Chaplana, Manasa, Neemuch, MP-458113

¶233

Babita Singh

¶234

W/o Mrintunjay Singh, 140, Kamchari Colony, Mandsaur, MP-458001

¶235

¶236

Monika Prajapat D/o Jagdish Prajapat, Gram-Semliyakaji, Ward No.4, Afjalpur, Mandsaur, MP-458895

¶237

Sona Kunwar

¶238

D/o Abhay Singh, Makan No.89, Gram-Mundla, Ward No.4, Lawri, Sitamau, Mandsaur, MP-458389

¶239

Sunil Singh

¶240

S/o Abhay Singh, Makan No.89, Gram-Mundla, Ward No.4, Lawri, Sitamau, Mandsaur, MP-458389

¶241

Durga Lohar

¶242

W/o Rakesh, Ward No.4, Gram-Mahuwa,Sitamau, Mandsaur, MP-458990

¶243

Bhagirath

¶244

S/o Kalu, Jaggakhedi, Mandsaur, MP-458002

¶245

Mangu Bai

¶246

W/o Kanhaiya Lal, Makan No.128, Ward No.7, Bhutiya, Aalot, Ratlam, MP-457118

¶247

Ajab Kunwar

¶248

W/o Moti Singh, Gram-Semliyakaji, Ward No.10, Afjalpur, Mandsaur, MP-458895.

¶249

Vaishnavi

¶250

D/o Bherulal, Ward No.4, Gram-Semliyakaji, Kuchrod, Mandsaur, MP-458895

¶251

Geeta Bai

¶252

W/o Saligram, Gram-Semliyakaji, Ward No.4, Afjalpur, Mandsaur, MP-458895

¶253

Jagdish

¶254

S/o Harlal, Ward No.9, Laori, Lawan, Sitamau, Mandsaur, MP-458389

¶255

Nandkishor

¶256

S/o Badrilal Porwal, Ganesh Chouk, Ward No.5, Antribuzurg, Manasa, Neemuch, MP-458113

¶257

Gattu Singh

¶258

S/o Umrav Singh, Makan, No.21, Gram-Mundla, Ward No.1, Sitamau,

¶259

¶260

Mandsaur, MP-458389

¶261

Samapat Bai W/o Ganeshram, Makan No.130, Ward No.7, Laori, Sitamau, Mandsaur, MP-458389

¶262

Rameshwar Dangi, S/o Bhagwan, Makan No.225, Ward No.1, Jhirkan, Badwan, Mandsaur, MP-458667

¶263

Vishnu Bai

¶264

W/o Shivnarayan, Makan No.80, Gram-Mundla, Ward No.4, Lawari, Mandsaur, MP-458389

¶265

Krishna Bai W/o Nand Kishor, Ward No.6, Roasli Ganv, Ramganj Mandi, Kota, Rajasthan-326519

¶266

Ritu

¶267

D/o Prahlad, Panwasa, Bhatkhedi, Khachraud, Ujjain, MP-456224

¶268

Vishnu Prasad S/o Mangilal Prajapat, Makan No.330, Ward No.18, Palsoda, Ratlam, MP-457001

¶269

Jagdish Prajapat S/o Mangilal Prajapat, Makan No.330, Ward No.18, Palsoda, Ratlam, MP-457001

¶270

Bulbul

¶271

W/o Ishwar Solanki, 20, Ward No.2, Kumawat Mohalla, Namli, Ratlam, MP-457222

¶272

Rajendra Prasad S/o Gordhnlal, Panwasa, Bhatkhedi, Ujjain, MP-456224.

¶273

Rajendra Prasad S/o Gordhnlal, Panwasa, Bhatkhedi, Ujjain, MP-456224.

¶274

Resham Bai

¶275

W/o Ramaji, Panwasa, Bhatkhedi, Khachraud, Ujjain, MP-456224.

¶276

Durga bai prajapat W/o Bherulalgram-Dhudheda,

¶277

¶278

Sitamau, Mandsaur, MP-458990

¶279

Bharatlal

¶280

S/o Bagdiram, Panwasa, Bhatkhedi, Khachraud, Ujjain, MP-456224

¶281

Anil

¶282

S/o Ishwarlal, Panwasa, Bhatkhedi, Khachraud, Ujjain, MP-456224

¶283

Samrath

¶284

S/o Pannalal, Bhandla, Bhatlawadi, Ujjain, MP-456224

¶285

Bhanwar lal S/o Bagdiram, Bhandla, Batlawadi, Ujjain, MP-456224

¶286

153. Paras

¶287

S/o Madanlal, Behlola, Bhatkhedi, Kachraud, Ujjain, MP-.456224

¶288

Leela bai

¶289

W/o Unkar Lal, Gram-Sumrakheda, Tarana, Ujjain, MP-456665

¶290

155. Rajesh

¶291

S/o Subhash Rawal, Gram-Sumrakheda, Ujjain, MP-456665

¶292

156. Bharat lal

¶293

S/o Mangilal, Panwasa, Ujjain, MP-456224

¶294

157. Vijay laxmi

¶295

W/o Suresh Chandra, Panwasa, Bhatikhedi, Ujjain, MP-456224

¶296

Dinesh

¶297

S/o Devilal Rathore, 36, Gram-Panwasa, Bhatikhedi, Khachraud, Ujjain, MP-456224

¶298

Rukman Bai

¶299

W/o Shantilal Prajapat, Chaplana, Manasa, Neemuch, MP-458113.

¶300

Lila Bai

¶301

W/o Bherugir, Makan No.56,

¶302

¶303

Ward No.14, Bhuki Buzurg, Sunthi, Sitamau, Mandsaur, MP-458558

¶304

Kamla Bai W/o Mangeelal, Mahuwi, Sitamau, Mandsaur, MP-458990 162. Leela Bai Parihar W/o Jugal Kishor, Ward No.14, Satal kheda, Kuchrod, Mandsaur, MP-458895 163. Shantilal S/o Bherulal Prajapat, Chaplana, Neemuch, MP-458113

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…. Financial Creditors Versus B N G Global India Limited Having its Registered Office at: GD ITL A-09, Northex Tower, 5 th Floor, 504, Netaji Subhash Place, Pitampura, New Delhi- 110 034 …. Corporate Debtor

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Appearances (through video conferencing):

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For the Financial Creditor : Adv Karan Malhotra For the Corporate Debtor :

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PER: SH. P.S.N. PRASAD, HON’BLE MEMBER (JUDICIAL)

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ORDER

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This Court was convened through hybrid mode. 2. This is a Company Petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity “the

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Code”) read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,2016, by Mohan Lal Dhakad & Ors. (hereinafter referred to as ‘Financial Creditor’), represented by Mr. Mohan Lal Dhakad, who is also one of the Financial Creditor, authorized through a letter of authorisation dated 13.08.2019, seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against B N G Global India Limited. [CIN: U52590DL2011PLC225377] (“Corporate Debtor”).

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The Corporate Debtor was incorporated on 22.09.2011, having CIN: U52590DL2011PLC225377, under the Companies Act, 1956. Its registered office is at GD ITL A- 09, Northex Tower, 5^th Floor, 504, Netaji Subhash Place, Pitampura, New Delhi. Therefore, this Bench has jurisdiction to deal with this petition.

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The present petition was filed on 14.11.2019 before this Adjudicating Authority on the ground that the Corporate Debtor has defaulted to make a payment of a sum of Rs. 16,28,300/(Rupees Sixteen Lakh Twenty-Eight Thousand and Three Hundred). Later, the present petition was amended through IA No. 5987 of 2021 on 21.10.2021 and the petition was filed by 163 Petitioners for default of an amount of Rs. 1,06,09,300/- (One Crore Six Lakhs Nine Thousand and Three hundred). Therefore, the present petition has been filed on the ground that the Corporate Debtor has defaulted to make a payment of sum of Rs. 1,06,09,300/- (One Crore Six Lakhs Nine Thousand and Three hundred).

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Submission of learned Counsel appearing for the Financial Creditor

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The details of transactions leading to the filing of this petition as averred by the Financial Creditor is as follows:

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a) Corporate Debtor has floated two ‘investment schemes’ under the plans entitled the ‘Recurring Investment Plan’ and the ‘Lump-sum Investment Plan’ to collect investments from individual investors hailing from small town and villages in India. These schemes were floated by the Corporate Debtor soon after its incorporation in the year 2011. The schemes were floated by the Corporate Debtor soon after its incorporation in the year 2011. The schemes were floated carrying term periods of 3 years to 10 years under the ‘Recurring Investment Plan’ scheme as well as under the ‘Lump sum Investment Plan’ scheme.

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b) Under the Lump-sum Investment Plan, the Corporate Debtor has promised to provide return on the investment amount along with principle amount payable at the time of maturity of the team. Consequently, under the Recurring Investment Plan, the Corporate Debtor has assured to provide the investors interest on their investment amounts at the time of expiry of the term along with the investment amount. Some plans under both the schemes even offer for yearly returns.

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c) This application by the Financial Creditor pertains to the aforesaid ‘Lump-sum Investment Plan’ and Recurring Investment Plan’ of the Corporate Debtor where the Financial Creditors, who are poor and

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uneducated farmers and have invested their life savings with the Corporate Debtor. The Corporate Debtor has been running a business where investors were lured into parting with their hard earned money to the tune of Rs. 5,60,000/- (Rupees Five Lakhs and Sixty Thousand only) without any intention of paying back the monies owed to the investors/financial creditors.

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d) The Corporate Debtor also assured the Financial Creditors that on the maturity of the particular scheme, the Financial Creditors will either be allotted plots of land or be paid multi-fold returns on their investments. The Corporate Debtor also committed to pay the Financial Creditors a return on investments for time value of money of money, based on the amounts of investment made by the Financial Creditors.

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e) The amount was collected in the year 2012-13 and the plans opted by the Financial Creditors matured in the year 2017-2018. The Corporate Debtor has not only failed to allot the plots of land in favor of the Financial Creditors but has also failed to pay the amount payable on maturity along with interest and assured return. Therefore, the Corporate Debtor has committed a default.

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f) Initially there were fourteen Financial Creditors seeking initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor for default of an amount of Rs. 16,28,300/-. Later, the present petition was amended through IA No. 5987 of 2021 and the petition was filed by 163 Petitioners for default of an amount of Rs. 1,06,09,300/- which includes principal

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amount of Rs. 52,01,000/-. Additionally, each Financial Creditor has been provided with a document, duly signed by the Corporate Debtor, detailing the registration number, investment amount, details of the plan, term of investment, amount paid by the investor, acknowledgement of receipt of amounts and expected sum payable by the Corporate Debtor to the Financial Creditors.

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g) Therefore, the Corporate Debtor had not only failed to allot the land in favor of the Petitioners, but also failed to pay the amount payable on maturity together with interest and assured return. Hence, the present petition has been filed by the Financial Creditors for the initiation of corporate insolvency resolution process against the Corporate Debtor.

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h) The Financial Creditor has placed the following documents on record:

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a. Copy of Certificates issued by the Corporate Debtor to the Financial Creditors/Applicants.

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b. Copy of the brochure detailing the plans offered as well as distributed by the Corporate Debtor along with its true and translated copy.

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c. A tabular chart showing the names of the Financial Creditors along with the registration number, principle amount paid, term period and date of expiry.

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The Financial Creditor has proposed the name of Mr. Sanyam Goel, Registration number IIBI/IPA-002/IPN00138/2017-18/10397, as the Interim Resolution

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Professional of the Corporate Debtor. The proposed Interim Resolution Professional has given his written communication in Form 2 as required under rule 9(1) of the Insolvency and Bankruptcy [Application to Adjudicating Authority] Rules, 2016 along with a copy of registration.

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Despite several notices to the Corporate Debtor by the Financial Creditor and e-notice by the Court Officer, the Corporate Debtor failed to appear. Therefore, wide order dated 31.05.2022 the Corporate Debtor was proceeded exparte.

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Issues

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The issues in question in the present C.P are:

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a) Whether this application can be admitted or not?

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b) Whether the claim of the Financial Creditor can be admitted or not?

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Analysis and Findings

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We have heard the Learned Counsel for the Financial Creditor and perused the averments made in the petition. Since the registered office of the Corporate Debtor is in Delhi, this Tribunal which has territorial jurisdiction over the Union Territory of Delhi, therefore, is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of the respondent Corporate Debtor under Section 7 of the Code.

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This application was filed by the Financial Creditor to restore the IA No. 1770 of 2021, in terms of the order

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passed by Honorable National Company Law Appellate Tribunal (NCLAT) in Company Appeal (AT) (Insol) No. 684/2020. This Court heard and perused the order dated 22.02.2021 passed in Company Appeal (AT) (Insol) No. 684/2020, and therefore allowed the restoration of the CP (IB) N0. 1770 of 2021.

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Thereafter, Modification Application No. I.A. No. 5987 of 2021 and Condonation of Delay Application No. I.A. 4913/2021 was filed by the applicant. The application bearing I.A. No. 5987 of 2021 was filed on 21.10.2021 by the Applicant under Rule 155 and Rule 11 of the National Company Law Tribunal Rules for modification of the original Petition in order to comply with the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019. (notified on 28.12.2019). Therefore, vide order dated 08.03.2022 this Adjudicating Authority while condoning the delay, allowed the application seeking modification of the petition.

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In order to affirm that this petition falls within the ambit of Section 7, we need to see whether there is a debt owed to the Financial Creditor and whether there is a default with respect to such debt.

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In the present case, the Corporate Debtor floated investment schemes under the recurring investment plan and lump-sum investment plan and these schemes were floated after the incorporation of the Corporate Debtor in year 2011. The Corporate Debtor had assured the Financial Creditors that at the time of maturity of the particular scheme, the investors will either be allotted agricultural land or be paid multi-fold returns on their

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investments. The amount was collected in the year 2012 to 2013 and the plans opted by the investors matured in the year 2017-2018.

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Therefore, the Petitioners being deposit holders fall within the definition of the Financial Creditor as per Section 5(7) read with Section 5 (8) of the Code as has been determined by the Hon’ble NCLAT in order dated 22.02.2021 in Company Appeal (AT) (Insolvency) No. 684 of 2020.

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Thereafter, it may be noted that each Financial Creditor has been provided with a document, duly signed by the Corporate Debtor, detailing the registration number, investment amount, details of the plan, term of investment, amount paid by the investor, acknowledgement of receipt of amounts and expected sum payable by the Corporate Debtor to the Financial Creditors. The detail of the same has been attached with this petition. Therefore, one major essential of Section 7 i.e. whether there is a debt owed to the Financial Creditor, stands substantiated.

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In the present petition, the Corporate Debtor failed to allot the land in favor of the Petitioners and also failed to pay the amount payable on maturity together with interest and assured return. Therefore, after the failure of the Corporate Debtor to offer allotment of land or pay the principal amount along with interest has resulted in a default as defined under Section 3(12) of the Code. Therefore, the second essential of Section 7 of the Code i.e there has been a default with respect to the debt, also stands substantiated.

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From the perusal of aforesaid facts, since the applicant is a Financial Creditor and the debt owed to him by the Corporate Debtor is a Financial Debt, and there has been a default, we would like to quote the definition of Section 3(12), 5(7) and Section 5(8) of the IBC which are as follows:

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Section 3(12) of IBC defines Default. “Default” means nonpayment of debt when whole or any part or installment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor, as the case may be.

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Section 5(7) of IBC defines Financial Creditor: “Financial Creditor” means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to.

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Section 5(8) of IBC defines Financial Debt. “ Financial Debt” means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes-

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(a) Money borrowed against the payment of interest;

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(b) Any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent;

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(c) Any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

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(d) The amount of any liability is respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as maybe prescribed;

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(e) Receivables sold or discounted other than any receivables sold on non-recourse basis;

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(f) Any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing;

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(g) Any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account;

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(h) Any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution;

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(i) The amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clauses (a) to (h) of this clause.

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Also, Hon’ble NCLAT in Company Appeal (AT) (Insol) No. 684/2020 is of the view that: -

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“the ‘Respondent’/ ‘Corporate Debtor’ under the ‘Recurring Investment Plan’ had assured to provide the Investors interest on their investment sum along with the Investment amount, for the ‘time value of money’ and in view of the fact that the ‘Respondent’/Corporate Debtor’ failed in its commitment to offer the allotment and/or the possession of ‘Plots of Land’ as promised by it or pay the assured returns, or repay the sums collected by it along with interest on the maturity of the schemes etc, this ‘Tribunal’ comes to a consequent conclusion that the

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‘Appellant’s’ position is that of a ‘Financial Creditor’ as per Section 5(7) read with Section 5(8) of the ‘Insolvency and Bankruptcy Code’ and that there is default in payment of the accepted amounts by the ‘Respondent/Corporate Debtor’.”

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It is clear after examining the records, that there is a debt, and there has been a default by the Corporate Debtor for an amount of Rs. 1,06,09,300/- by the Corporate Debtor.

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There is a new IA/1363/2021 filed by the Financial Creditor under Rule 11 of the NCLT rules, 2016 seeking replacement of the proposed IRP. The name of Mr. Harsh Taneja bearing IBBI Registration No. IBBI/IPA-002/IPN00088/2017-18/10229 recommended by the Financial Creditor to replace Mr. Sanyam Goel. The authorization of assignment as well as the certificate of registration has been enclosed with the application. Therefore, after perusal of IA/1363/2021, the proposal by the Financial Creditor to change the name of the IRP, stands allowed.

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The present petition made by the Financial Creditor is complete in all respects as required by law. The Petition establishes that the Corporate Debtor is in default of a debt due and payable and that the default is more than the minimum amount stipulated under section 4 (1) of the Code.

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In the light of the above facts and circumstances, it is, hereby ordered as follows: -

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a. The application bearing COMPANY PETITION IB (IBC)/2978(ND) 2019 filed by Mr. Mohan Lal Dhakad & ors., the Financial Creditor, under section 7 of the

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Code read with Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against BNG Global India Pvt. Ltd., the Corporate Debtor, is admitted .

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b. The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be.

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c. 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.

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d. Shri Harish Taneja , Registration number IBBI/IPA002/IP-N00088/2017-18/10229, email: [email protected], i s hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code. He has a valid AFA up to 07.12.23 and submitted a valid Authorization of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016. The fee payable to IRP or the RP, as the case may be, shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17,

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18, 19, 20 and 21 of the Code. Accordingly, IA/1363/2021 stands allowed.

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e. During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or the RP, as the case may be, in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within one week from the date of receipt of this Order, in default of which coercive steps will follow. There shall be no future opportunities in this regard.

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f. The Interim Resolution Professional is expected to take full charge of the Corporate Debtor, its assets and its documents without any delay whatsoever.

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g. The IRP/RP shall submit to this Adjudicating Authority periodical report with regard to the progress of the CIRP in respect of the Corporate Debtor.

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h. Additionally, the Financial Creditor shall serve a copy of this Order on the IRP and on the Registrar of Companies, New Delhi, (territorial jurisdiction) by all available means for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from the date of receipt of a copy of this order.

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A certified copy of this order may be issued, if applied for, upon compliance with all requisite formalities.

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Sd/- Sd/SHRI RAHUL BHATNAGAR SHRI P.S. N. PRASAD Member (Technical) Member (Judicial)

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In the matter of B N G Global India Limited a-W I.A.-1363 (ND)-2021 in Company Petition Ib (Ibc) No. 2978 of 2019

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In the matter of B N G Global India Limited a-W I.A.-1363 (ND)-2021 in Company Petition Ib (Ibc) No. 2978 of 2019

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