In the matter of Raghav Sarees Pvt. Ltd.

2. IA(IBC)/468(KB)2023 is an application filed under section 33(2) of the INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/468(KB)2023 inCP(IB)/1908(KB)2019

Insolvency and Bankruptcy Code, 2016 (in short “IBC”) by the Resolution Professional (“RP”) of Raghav Sarees Pvt. Ltd., the Corporate Debtor, praying for liquidation of the Corporate Debtor. This application is supported by an affidavit1dulyaffirmed byMr. Niraj Kumar Agrawal, the RP.

3. This Adjudicating Authority, on a petition filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016 read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Reliance Home Finance Limited, the Financial Creditor, vide order2 dated 13/06/2022 in CP(IB)/1908(KB)2019, had ordered initiation of CIRP against Raghav Sarees Pvt. Ltd., the Corporate Debtor. Mr. Niraj Kumar Agrawal was appointed as the Interim ResolutionProfessional (“IRP”).

4. In terms of regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, Public Announcements3 in Form A was published 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 public announcement and requesting them to upload the sameintheirwebsite. 5. The applicant duly intimated to the members of the suspended members of the Board of Directors of the Corporate Debtor about initiation of CIRP through e-mail4 dated attaching therewith the order dated 13/06/2022 and the copy of Form A published. As per record of the MCA and Income Tax Department, the Corporate Debtor has not filed its Annual Accounts and Income Tax Return for the Financial Year 2021-22. A copy of Master Data of the Corporate Debtor is annexed as AnnexureD5.

6. In response to public announcement dated 15/06/2022 only one claim was 1Atpages29and31oftheapplication 2AnnexureAatpages32to42oftheapplication 3AnnexureBatpages43and44oftheapplication 4 AnnexureCatpage45oftheapplication 5 Atpage46oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/468(KB)2023 inCP(IB)/1908(KB)2019 received only from the petitioning Financial Creditorand Committee ofCreditors (in short “CoC”) was duly formed and RP had filed his report6 dated 06/07/2022 onconstitutionofCoC with thisAdjudicating Authority.

7. 1st CoC meeting was held on 13/07/2022. At the said 1st meeting of the CoC, IRP was confirmed as RP with 100% voting share and this Adjudicating Authority duly approved the same vide its order7 dated 02/08/2022 passed in IA(IBC)/748(KB)2022.

8. In terms of regulation 36A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016, Form G was published in “Business Standard” (English), Kolkata Edition and in “Aajkaal” (Bengali) on 29/08/2022 inviting Expression of Interest (in short “EoI”) from prospective resolution applicants (in short “PRA”). In response, several EoIs were received from PRAs. Only two PRAs, viz., (1) Madona Creation Pvt. Ltd. and (2) Nakshatra Corporation Advisors Ltd., have submitted their detail documents and their names were published in the Final List of PRAs. As per Form G last date of submission of Resolution Plan was 26/10/2022. At the request of the PRAs, CoC at its 5th meeting held on 26/10/2022 has extended the date till 10/11/2022. On 10/11/2022 only one PRA, Madona Creation Pvt. Ltd. had submitted its Resolution Plan and deposited an amount of Rs.20 Lakhs in terms of EoI by way of Bid Deposit/EMD. However, other eligible PRA, Nakshatra Corporation Advisors Ltd. had not submittedany ResolutionPlan.8

9. At the said 5th meeting of the CoC held on 26/10/2022, the CoC has recommended to seek extension of 90 days from this Adjudicating Authority. Accordingly, an application being IA(IBC)1575(KB)2022 was filed with this Adjudicating Authority which was duly allowed vide order9 dated 22/12/2022, thereby the270days CIRP would come to an end on10/03/2023.

6 AnnexureEatpages47to55oftheapplication 7 AnnexureFatpages56to57oftheapplication 8 Avermentsinparagraph4(m)atpages18and19oftheapplication 9 AnnexureHatpages60to61oftheapplication

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10. The Resolution Plan received from the PRA was put for approval before the CoC wherein it was decided that the plan would be considered at the next meeting. The resolution plan was again placed before the CoC at its 6th meeting held on 02/02/2023. After due deliberation on the plan and going through the valuation report, CoC decided to allow the resolution applicant to submit a revised plan with better offer. It was also decided in the said meeting that a resolution for liquidationshould also beincluded inthe agendaof nextmeeting.10

11. At the 7th CoCmeeting held on13/02/2022, the CoC after duedeliberation on the plan, has decided that as there was no business in the company and realization would be made from the sale of building which is only realizable asset, hence it would be prudent to put the company for liquidation. Minutes of the meeting has been annexed as Annexure J11 and the CoC passed the following resolution for liquidationwith 100%voting share:

“RESOLVED THAT in pursuant to applicable provisions of the Insolvency and Bankruptcy Code, 2016, the consent of the members of CoC be and is hereby accorded to approve the filing of application with Hon’bleNCLAT, Kolkata Bench, for initiationof liquidation of Corporate Debtor.” Voting results of the 7th CoC meeting have been placed as Annexure K12 at pages 89to96of theapplication. 12. In compliance of regulation 40A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the applicant has duly submitted timeline13adhered to.

13. Mr. Niraj Kumar Agrawal, Resolution Professional has submitted his consent14 dated 23/02/2023 along with valid AFA issued by the Insolvency Professional

10 Avermentsinparagraph4(p)atpages20oftheapplication 11 Atpages69to88oftheapplication 12 Atpages89to96oftheapplication 13 AnnexureLatpage97oftheapplication 14 AnnexureIatpages62to68oftheapplication

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Agency (IPA) of which he is a professional member to act as the Liquidator of theCorporate Debtor.

14. It isto be noted here that the270days CIRP period has ended on10/03/2023.

15. Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order of liquidation where no resolution plan is received before the expiry of the CIRP. Sub-section (2) thereof requires the Adjudicating Authority to pass the liquidation order where the Resolution Professional intimates to the Adjudicating Authority the decision of the Committee of Creditors approved by not less than 66%ofthe votingshare toliquidatetheCorporate Debtor.

16. A conjoint reading of these two provisions leaves this Adjudicating Authority withnoother option butto order liquidationof theCorporate Debtor.

17. ThisBench, therefore, hereby orders as follows: - a. IA(IBC)/468(KB)2023 filed by Mr. Niraj Kumar Agrawal, RP of Raghav Sarees Pvt. Ltd., the Corporate Debtor, is allowed. Consequently, the Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Coderead with sub-section (1)thereof;

b. Though the RP has given his consent to act as the Liquidator of the Corporate Debtor but in view of direction of the IBBI Circular dated 18/07/2023 vide no. Liq-12011/214/2023-IBBI/840 for appointment of Liquidator other than IRP/RP under section 34(4)(b) of the Code, we are appointing Mr. Sriram Mittal (Reg. No. IBBI/IPA-001/IP-P02276/2021- 2022/13677) having e-mail i.d. srirammittal.ey@gmail.com, mobile no. 9748755155 as Liquidator as provided under section 34(1) of the Code, subject, however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. The Liquidator is directed

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/468(KB)2023 inCP(IB)/1908(KB)2019 tosubmit his consent to act as Liquidator within 10days of receipt of this order. The erstwhile RP shall handover all papers and documents in his possession concerning the Corporate Debtor to the Liquidator appointed in this matter within10days.

c. The Liquidator shall initiate liquidation process as envisaged under Chapter-III ofthe Codeand theIBBI (Liquidation Process) Regulations, 2016.

d. Public Notice shall be issued in the same newspapers in which advertisements were issued earlier, i.e., in “Business Standard” (English), Kolkata Edition and in “Aajkaal” (Bengali) stating that the Corporate Debtor is inliquidation.

e. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest inthe Liquidator.

f. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing theliquidation process oftheCorporate Debtor.

g. On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with itsproviso.

h. In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtorcontinued during the liquidation process bytheLiquidator.

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/468(KB)2023 inCP(IB)/1908(KB)2019 i. In terms of section 33(1)(b)(iii), the Liquidator shall file a copy of this Order with the Registrar of Companies, West Bengal, within whose jurisdiction the Corporate Debtor is registered. Additionally, the Registry shall alsoforward acopy ofthisOrder to theRegistrar ofCompanies, West Bengal.

18. The application bearing IA(IBC)/468(KB)2023 shall stand disposed of in accordance withtheabove directions.

19. CP(IB)/1908(KB)2019 is to come up for filing of Periodical Progress Report on 16/10/2023.

20. The Registry is directed to send e-mail copies of the order forthwith to all the parties and theirLd.Counsel for information and fortaking necessary steps.

21. Certified Copy of this order may be issued, if applied for, upon compliance of all requisiteformalities.

BalrajJoshi Bidisha Banerjee Member(Technical) Member (Judicial)

Signed onthis, the2ndday ofAugust, 2023.

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INTHENATIONAL COMPANY LAW TRIBUNAL KOLKATABENCH (Court-II) KOLKATA IA(IBC)/1423(KB)2022 in CP(IB)/1908(KB)2019

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.