Disposed

In the matter of Shree Rajasthan Syntex Ltd. Cp No. (Ib)- 28-7-JPR-2022

NCLT19 Apr 2023

Case brief

AI extract

What is this about?

The Tribunal disposed of Section 7 IBC application by Bank of Baroda to initiate CIRP against M/S Shree Rajasthan SynTex Limited, directing submission of claim before the existing IRP under parallel pre-packaged insolvency proceedings.

What did the court decide?

Application disposed; applicant directed to submit claim before the IRP in the pending pre-packaged insolvency proceedings.

In the matter of Shree Rajasthan Syntex Ltd. Cp No… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL JAIPUR BENCH

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CORAM: SHRI DEEP CHANDRA JOSHI, HON’BLE JUDICIAL MEMBER

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SHRI PRASANTA KUMAR MOHANTY HON’BLE TECHNICAL MEMBER

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CP No. (IB)- 28/7/JPR/2022

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(Under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicatory Authority) Rules, 2016)

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IN THE MATTER OF:

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BANK OF BARODA

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…FINANCIAL CREDITOR

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VERSUS

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M/S SHREE RAJASTHAN SYNTEX LIMITED

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…CORPORATE DEBTOR

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MEMO OF PARTIES

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BANK OF BARODA ROSARB, II Floor, Baroda Bhawan, 13 Airport Plaza Durgapura, Tonk Road, Jaipur302018

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…Applicant/Operational Creditor

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VERSUS

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M/S SHREE RAJASTHAN SYNTEX LIMITED CINL24302RJ1976PLC001948 27-A, First Floor, Meera Nagar, Housing Board Colony, Udaipur313001 (Rajasthan)

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…Respondent/Corporate Debtor

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CP No. (IB) 28/7/JPR/2022

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For the Applicant	:	Anubha Singh, Adv. Pratap Singh Meena, Chief Manager
For the Respondent	:	Prakul Khurana, Adv. Ankit Sareen, Adv. Yash Tandon, Adv. Shivam Chouhan, Adv. Suruchi Kasliwal Multani, Adv. for SBI Dhirendra P.S. Rathore, Adv. Birendra Singh Rana, DGM of SBI K.L. Agarwal, AGM of SBI Ashish Aggarwal, DGM of IDBI Ashish Tiwari, Adv. for IDBI

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Order Pronounced on:_19.04.2023

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ORDER

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Per: Shri Deep Chandra Joshi, Judicial Member

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The present application has been filed by Bank of Baroda (‘Applicant’/‘Financial Creditor’) to initiate Corporate Insolvency Resolution Process (‘CIRP’) against M/s Shree Rajasthan Syntex Ltd. (‘Corporate Debtor’/‘Respondent’) under Section 7 of the Insolvency and Bankruptcy code (‘IBC’) for alleged default on the repayment of Financial Debt amounting to Rs. 35,66,23,325.47/- (Rupees Thirty-Five Crore Sixty Six Lacs Twenty Three Thousand Three Hundred Twenty Five and Forty Seven Paise only).

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It is pertinent to mention herein that Pre-Packed Insolvency Resolution Process (‘PPIRP’) against the Corporate Debtor has been initiated in CP No. (IBPP)- 01/54C/JPR/2022 in the matter of M/s Shree Rajasthan Syntex Limited vs. State Bank of India & Ors. vide order dated 19.04.2023.

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CP No. (IB) 28/7/JPR/2022

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Hence, the Petitioner/ Applicant herein is directed to submit his claim before the IRP who shall duly consider the same.

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In case of any withdrawal or setting aside of the Order of/in the CP No. (IBPP)- 01/54C/JPR/2022, the Applicant herein is at liberty to approach this Authority.

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In view of the foregoing, this Application under Section 7 of the Code for initiation of CIRP against the Corporate Debtor is disposed of.

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DEEP CHANDRA JOSHI

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Digitally signed by DEEP CHANDRA JOSHI Date: 2023.04.19 16:33:19 +05'30'

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(DEEP CHANDRA JOSHI) JUDICIAL MEMBER

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PRASANTA Digitally signed by PRASANTA KUMAR KUMAR MOHANTY Date: 2023.04.19 MOHANTY 18:37:33 +05'30'

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(PRASANTA KUMAR MOHANTY) TECHNICAL MEMBER

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CP No. (IB) 28/7/JPR/2022

In the matter of Shree Rajasthan Syntex Ltd. Cp No. (Ib)- 28-7-JPR-2022

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In the matter of Shree Rajasthan Syntex Ltd. Cp No. (Ib)- 28-7-JPR-2022

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