In the matter of Raghav Sarees Pvt. Ltd.

Under sections 14(1)(b) and74(1)of theInsolvency & BankruptcyCode, 2016

In thematter of: RelianceHome Finance Limited ….FinancialCreditor Versus RaghavSarees Pvt. Ltd. (U93000WB2009PTC132421) ....Corporate Debtor And In thematter of: Mr. Niraj Kumar Agrawal, ResolutionProfessional of Raghav Sarees Pvt. Ltd. …Applicant Versus Narendra KumarAgarwal & 3Others ….Respondents Orderreserved on:08/05/2023 Orderpronounced on:02/08/2023 Coram: Smt. BidishaBanerjee : Member (Judicial) ShriBalrajJoshi : Member (Technical)

Appearances (through hybrid mode): For RP : Mr. Shaunak Mitra, Adv. Mr. Sourav Jain, Adv.

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1423(KB)2022 inCP(IB)/1908(KB)2019

OR DE R Per:Balraj Joshi, Member (Technical) 1. This Adjudicating Authority convened through hybrid mode. 2. This application has been filed u/s. 14(1)(b) and 74(1) of the Insolvency and Bankruptcy Code, 2016, (in short “IBC”) by the Resolution Professional (in short “RP”) of Raghav Sarees Pvt. Ltd., Corporate Debtor, praying for passing an order directing the respondents nos. 1, 2, 3 and 4 to refund the amount of Rs.76,693/- along with interest or take cognizance to punish the officers/men/agent/directors/representative u/s.74 of the IBC. This application is supported byan affidavit1 dulyaffirmed bytheRP. 3. This Adjudicating Authority, on a petition filed u/s. 7 of the IBC read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Reliance Home Finance Limited, Financial Creditor, vide order2 dated 13/06/2022 in CP(IB)/1908(KB)2019, had ordered initiation of CIRP against Raghav Sarees Pvt. Ltd. appointing Mr. Niraj Kumar Agrawal as the Interim Resolution Professional (in short “IRP”). 4. In terms of section 15 of the IBC Public Announcement3 was made in Form A on 15/06/2022 in “Business Standard” (English) and “Aajkaal” (Bengali) inviting claims from creditors of the Corporate Debtor and also informed IBBI about the publicannouncement and requesting them to upload thesame in theirwebsite. 5. The IRP had duly intimated4 suspended members of the Board of Directors of the Corporate Debtor about initiation of CIRP against the Corporate Debtor attaching a copy of the order dated 13/06/2022 along with public announcement in Form A dated 15/06/2022through e-mail dated 15/06/2022. 1 Atpages25to27oftheapplication 2AnnexureAatpages28to38oftheapplication 3 AnnexureBatpages39and40oftheapplication 4 AnnexureCatpage41andavermentsinparagraph4(d)atpage17oftheapplication

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6. It is stated in the application that the applicant wrote letters to several banks – both public and private sectors based on PAN number of the Corporate Debtor seeking necessary information with regard to bank account, if any, maintained by the Corporate Debtor with them. In response, HDFC Bank, Dr. U. N. Brahmachari Street Branch, Kolkata had confirmed having a bank account, being A/c. no.50200040223193 in the name of the Corporate Debtor. Upon receipt of summary bank statement5 for the period from 13/06/2022 to 20/06/2022 had revealed violation of Moratorium declared vide order dated 13/06/2022 u/s. 14 of theIBC. 7. The applicant immediately wrote through e-mail6 dated 02/09/2022 to the respondent no.1 intimating about violation of Moratorium. In response, respondent no. 1 had duly replied vide e-mail7 dated 14/09/2022 stating that the cheque was handed over before commencement ofCIRP, i.e., 13/06/2022. 8. Thereafter, the applicant obtained copy of cheques cleared and the deposit slip for the same which reveals that the cheque for Rs.66,000/- was dated 16/06/2022 and deposited on 16/06/2022. Copy of cheque and deposit slip has been annexed as AnnexureH8. 9. We have heard the Ld. Counsel for the RP, perused the application and the documents attached therewith. 10. On perusal of the application it appears that the respondents have blatantly violated the order dated 13/06/2022 by issuing cheques post admission of the Corporate Debtor under CIRP passed in CP(IB)/1908(KB)2019. On a perusal of the order dated 13/06/2022, it is evident that the Corporate Debtor was represented by one Ms. Soma Ray, Advocate. Also, vide orders dated 22/12/2022 and 06/02/2023 of this Adjudicating Authority directions to file reply affidavit have been given in presence of the Ld. Counsel appearing for R-1 and R-2. 5 AnnexureEatpage42Aoftheapplication 6 AnnexureFatpages43to46oftheapplication 7 AnnexureGatpage47oftheapplication 8 AnnexureHatpages48to50 oftheapplication

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However, respondents have not availed that opportunity to file any reply affidavit inspiteofdirections given. 11. In view of the above circumstances, we hereby direct the respondent No. 1, Mr. Narendra Kumar Agarwal to deposit the said amount of Rs.76,693/- (Rupees Seventy Six Thousand and Six Hundred Ninety Three only) with the RP, Mr. Niraj Kumar Agrawal within two weeks of communication of this order to him. If he failed to do so within the aforesaid time, appropriate order will be passed under theprovisions oftheInsolvency and Bankruptcy Code,2016. 12. List the IA(IBC)/1423(KB)2022 for reporting compliance of the aforesaid order on16/10/2023. 13. The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld.Counsel for information andfor taking necessary steps. 14. Certified Copy of this order may be issued, if applied for, upon compliance of all requisite formalities.

BalrajJoshi Bidisha Banerjee Member (Technical) Member (Judicial)

Signed onthis,the2ndday of August, 2023.

hb.