In the matter of Satyamitra Stock Consultants Private Limited

1' This Application is filed by Findeal Investments private Limited, (for brevity "Applicatrt")' claiming to be a Financial creditor, through its Director Mr, Manoj Gupta' who is duly authorizecl vide Board Resolution dated 03'09'20i 8 to file this Application against the corporate Debtor, Satyamitra stock consultants private Limited (for brevity ,corporate Debtor,) under section 7 of the Insorvency and Bankruptcy code,2016 (I'c,2016) read with Rule 4 0f the Insorvency and Bankruptcy (Apprication to Adjudicaring Authority) Rules, 2016 seeking initiation of the corporate Insorvency Resolution Process (CIRP), pursuant to default in repayment of loan amount by the Corporate Debtor to the Applicant, 2' The Applicant is a private Limited company, incorporated under the companies Act, 1956 0n 10.05. r/gl and dury registered with the Registrar of companies, Mumbai having cIN u67120MH1ggspTc, gg263. The Registered office of the company is at Frat No. 1201, Bliss_B, I,nicorn,s Global Arena, Tivari v,lage Naigaon (East), Thane, Maharash tra_ 40120g. orate Debtor is a private Limitecl company, incorporated under the, A rq J I s mpan R y Ldw Tribun i a e l s Act, 1956 on 09. duly registered with the Registrar \ I Jaipur Certified CoPY Order Findeal lnvestment pvt, Free CoPY ( Ltd, I I Vs. I Satyamitra Stock Consultants pvt. Ltd, of companies, Jaipur having cIN: tJ67120RI2007pTC023g15, The company is having Registered olfice at 6-,{-10, Mahaveer Nagar Extension, Kota, Rajasthan - 324005. The authorized share capital of the company is Rs' 20,00,000/- (Rupees Twenty Lakh onry) and paid up share capital of Rs, 16'00'000/- (Rupees sixteen Lakh only), The corporate Debtor is in the business of dealing in stock and shares.

4' It is stated that corporate Debtor has availed interest free advance of atotal amount of Rs' 3,87,48,909/-ti]I-3l.03 .2016 from the Applicant which was to be repaid on or after 0r.04.2016 on demand made by the Appricant, on failure of colporate Debtor to repay interest free advance in 2016-1.r, the Applicant and corporate Debtor agreed t. enter into Loan Agreement with security dated 01'04'2017 to convert interest free advance into interest carrying the loan for period of l2months beginning from 0r.04,2017. As a securify for the repayment of said loan, the corporate Debtor has predged 7,25,000 equity shares herd in Systematix corporate service Limited, As per the terms and conditions raid down in the Loan Agreement, after 12 months the corporate Debtor is required to repay the entire loan amount with interesr @ L5% p.a. or in case of default oi delay in payment thereof the corporate Debtor is liabre for payment of additionar charge at 2%op,a. on the loan amount,

Debtor has acknowledged its debt ompany Law Tribunal Jai ffioaw eal lnvestment pvt. Id Ltd. 'iht*' Vs. .E o F- .*j5L Satyamitra Stock Consultants pvt, L ti *.t \l -;

of Rs' 3,87,48,909/- r'ide confirmation cum contra account letter dated 01.04.2018 for the year ending ol ,r.o4,zo1g and the copy of same is annexed as Annexure-G with the Application, It is also stated that the corporate Debtor had made payment of Rs. 20,00,000 on 30.0g,201g and Rs. 4,40,000/- on 04.09.20rg but when rarer on the Appricant requested to make remaining payment, the Corporate Debtor informed that it has incurred huge loss on sale of equity shares of Systematix Corporate Service Limited and facing financial crunch and therefore it cannot repay the balance principal loan amount and interest @ ll%thereon. 6, As a consequence, this Apprication is filed. As:claimed by the Appricanr, the corporate Debtor is liable to pay an amount Rs. 4,29,63,620/_ as on 01'04'2019 as an outstanding amount, as reflected in part IV of the Form- I filed.

S, no. Particulars of Financial Debt L, Total amount of debt Rs. 3,87,48,909/-gra nted. ) L Amount claimed to be in As on 01.04.2019 the Corporate default and the date on Debtor is liable to pay to the Financial which the default occurred Creditor a total sum of Rs. 3,87,48,909/- along with interest rINN l>u ol @15%pa, payable and penal interesr ny Law Jaipur Certifie,d Copy Orde r Findeal lnvestment F,vt. Ltd. Vs, Free Co Satyamitra Stock Consultants pvt, Ltd.

@ 2% p.a, on the resultant figure which equals to Rs. 4,2g,63,610/."

The corporate Debtor has filed a reply stating that it is admitting rhat corporate Debtor has entered into Loan Agreement for repayment of Rs. 3,87,48,909/- arong with interest @ rs%p,. on or before March 201g and also states that payment of Rs, 20,00,000 on 30,0g, 2otgand Rs, 4,4o,ooor-on 04'09'20r8 was made to the Appricant. Thus, the corporate Debtor is liable to pay the remaining principal Amount ofRs. 3,63,0g,909/_ along with interest' In view of the admission made in the reply, the corporate Insolvency Resolution Process can be initiated against the corporate Debtor. This Tribunal perused all the relevant papers and found them to be in order. The Registered office of corporate Debtor is situated in Kota and therefore this Tribunal jurisdiction has to entertain and try this Application. The marrer is within the limitation period as enunciated under the Law of Limitation, 9' The Applicant has named the Interim Resolution professional (IRp) to be appointed by the order of this Tribunal, one Mr. vinod Tarachand Agarwar having Registration Number IBB/I'A-,r/Ip-p, 064r/2017-t,/r090 l.com, Mobile No, : 95103g0136), duly regisrered sta Institute of 4 fessional of ICAI, as the Interim t' Itesolution professional, filed consent in Form 2 uncier Findeal lnvestment pvt. 9.o Ltd. 4, Vs, a Satyamitra Stock Consultants pvt. .l Ltd.

Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 stating therein that no disciplinary proceedings are pending against the named IRp. 10' It is apparent from the Application and reply of the Respondent that rhe payment of amount of Rs. 3,63,0g,909/- along with interest has been defaulted by the Corporate Debtor to the Applicant. l1' In these circumstances, the ciaim of Rs. 3,63,0g,9 o9/- arong with interest stands established and prima facie presumption raised that there is default in ue to the Applicant and in view of the reply of the dmitted by the Respondent, 12. Hence' this Tribunal is inclined to initiate the corporate Insorvency Resolution Process (CIRP) against the corporate Debtor as envisaged under the provisions of IBC, 2016. 13. consequences of initiation of cIRp sha, be inter-aria as folrows: (i) The Resolution professionar proposed by the Appricant is Mr. vinod Tarachand Agarwal who is an IP registered with ICAI institute of Insorvency professionars having Registration No, IBB/I'A_, 1/Ip_ P0064r/2017-rg/11090. He is hereby appointed as the Insorvency Resolution professionar (IRp) to take over the affairs of the the provisions of including issue of publication Jaipur in l'b%"tUp?

Findeal lnvestment pvt. Ltd. Vs, Satyamitra Stock Consultants pvt. Ltd. V widely circulated Newspaper as contemplated under the provisions of IBC, 20t6 and calling for the claims from the creditors of Corporate Debtor and collation of the same shall be done. (ii) Further, as a sequence of admission, moratorium as envisaged under Section 14 of IBC, 2016 is invoked in relation to the Corporate Debtor which will be in vogue during the Corporate Insolvency Resolution Process of the corporate Debtor. The IRp shall carry out CIRP strictly as per the timelines specified and as envisaged under the provisions of IBC, 2016 in relation to the corporate Debtor. (iii) The said IRP shall act strictly with the provisions of IBC, 2016 and with a view to defray his expenses to be incurred and fees on account, the Applicant is directed to deposit a sum of Rs. 2,0o,0ool- (Two Lacs only) to the account of IRp within three days fi.orn the date of this order, The IRp shail duly file a status reporr appraising this Tribunal about the progress of cIRp unfolded in relation ro the corporate Debtor. In terms of Sections 17 & lg of IBC, z0t6 atl personnel of the corporate Debtor including promotors and Board of Directors, whose powers shall stand suspended will extend all cooperation to the IRP during his tenure as such and the management he affairs of the shall ver;t with the IRp, Order d CoPY L pany ree CoPY Jaipur ('g*$8 Findeal lnvestment pvt. Ltd, Vs, Satyamitra Stock r3onsultants pvt. Ltd.

(iv) In terms of Section 7 of IBC, 2016,this order shall be communicated to the Applicant, Corporate Debtor as weil as the Interim Resolutiorr Professional (IRP) appointed by this Tribunal to carry out the CIRP at the earliest not exceeding one week from today. A copy of this order shall also be communicated to IBBI for its records, (v) In the circumstances, this company petition is admitted.

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Findeal lnvestment pvt. Ltd, Vs. Satyamitra Stock Consultants pvt, Ltd,