In the matter of Ellenbarrie Exim Ltd.

1. Ld. Counsel appearing onbehalf ofthePetitionerpresent. 2. Hon’ble NCLAT vide its Order dated 01.04.2024 has passed the followed Order(s) as under: - “We thus are satisfied that Adjudicating Authority rejected Section 10 application on insufficient grounds, debt and default was amply proved which was reflected in the Financial Statements of the Corporate Debtor. No Creditor has come up either before the Adjudicating Authority or before this Tribunal in pursuance of the notices published inthe newspaper to object thedebt anddefault. We are satisfied thus Section 10 application was not required to be rejected by the AdjudicatingAuthorityin thefacts of thecase. In result, we allow this Appeal, set aside the Order dated 09.11.2023, revive the CompanyPetition IB No. 76/KB/2023 before theAdjudicating Authority. Adjudicating Authority may pass a fresh order on the said Application after copy of the Order is produced before theAdjudicating Authorityatanearlydate.” 3. In terms of theOrder passed bythe Hon’bleNCLAT on01stApril, 2024 sincenothing is left forthis Tribunal toconsider ortoadjudicate upon,weadmit theapplication.

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4. In the light of the enumerations supra, the application bearing C.P.(IB) No. 76/KB/2023, and the evidence placed on record and the discussion hereinabove, we allowthis application filed under Section 10 of I&B Code, and accordingly, we order the initiation of Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtorbythe followingOrders: - i. The Application filed by the ELLENBARRIE EXIM LTD. (Corporate Applicant), under Section 10 of the Insolvency & Bankruptcy Code, 2016, is hereby, admitted for initiating the Corporate Insolvency Resolution Process inrespect ofCorporate Applicantherein.

ii. As a consequence of this Application being admitted in terms of Section 10 of the I&B Code, moratorium as envisaged under the provisions of Section 14(1) of the Code, shall follow in relation to the Corporate Applicant as per clauses (a) to (d) of Section 14(1) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(3) oftheCodeshall come intoforce.

iii. Moratorium under Section 14of theInsolvency & Bankruptcy Code, 2016, prohibits thefollowing, as:- (a) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment decree or order in any court of law, Tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its asset or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002(54 of2002); (d) The recovery of any property by an owner or lessor where such property isoccupied by orin possession of theCorporateDebtor.

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[Explanation.--For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;]

iv. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period.

v. The provisions of sub-section (1) of the Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.

vi. The Corporate Applicant has proposed the name of the newly Interim Insolvency Professional. In view of the above, Mr. Vishal Shekhar, IBBI Registration No. IBBI/IPA-002/IPN00593/2018-19/11891, email ID: vs.vishalshekhar@gmail.com; as the newly Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the I&B Code subject to submission of a valid Authorisation 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 theRP,as thecase may be, shall becompliant withsuch 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, 18, 19, 20 and 21 of the I&B Code.

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vii. In pursuance ofSection 13(2) oftheCode, we direct theIRP orthe RP,as the case shall cause a public announcement immediately with regard to the admission of this application and call for the submission of claims under Section 15 of the Code. The public announcement referred to in Clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016, shall be made immediately. The expression immediately means within three days as clarified by Explanation to Regulation 6 (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

viii. During the CIRP period, the management of affairs 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 nofutureopportunities inthisregard.

ix. The Interim Resolution Professional is also free to take police assistance to take full charge of the Corporate Debtor, its assets and its documents without any delay, and this Court hereby directs the concerned Police Authorities and/or the Officer-in-Charge of Local Police Station(s) to render all assistance as may be required by the Interim Resolution Professional in thisregard.

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

xi. The Corporate Applicant in absence of the Financial Creditors shall be liable to pay to IRP a sum of Rs. 3,00,000/- (Rupees Three Lakh Only) as payment of his fees as advance, as per Regulation 33(3) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which amount shall be adjusted at thetimeof final payment. The expenses

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relating to the CIRP are subject to the approval of the Committee of Creditors (CoC).

xii. The Registry of this Adjudicating Authority is hereby directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional by Speed Post and through email immediately, and in any case, not later than two days from the date of this Order.

xiii. Additionally, the Registry of this Adjudicating Authority shall serve a copy of this Order upon the Insolvency and Bankruptcy Board of India (IBBI) for their record and also upon the Registrar of Companies (ROC), West Bengal, Kolkata 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 thedate ofreceipt ofa copy of thisorder.

xiv. The Resolution Professional shall conduct CIRP in time-bound manner as per Regulation 40A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016.

xv. The IRP/RP shall be liable to submit the periodical report including the minutes of the CoC of the Corporate Debtor, with regard to the progress of the CIRP in respect of the Corporate Debtor to this Adjudicating Authority timeto time.

xvi. The order of moratorium shall cease to have effect as per Section 14(4) of the I&B Code.

5. Urgent certified copy of this order, if applied for with the Registry, be supplied to the parties, subject tocompliance with all requisiteformalities.

6. Accordingly, thisC.P.(IB)/76(KB)2023 is thus allowed.

7. Postthematter on01/07/2024for filingthe Periodical Progress Report bythe IRP/RP.

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D. Arvind BidishaBanerjee Member (Technical) Member (Judicial)

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