In the matter of Shree Shyam Bearings Pvt. Ltd.

An application under Section 7(1) of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,2016. And Inthe matter of:

Mikros Kosmos Pvt.Ltd. (CIN:U29100WB2018PTC22895) … Financial Creditor Versus Inthe matter of: ShreeShyamBearings Pvt.Ltd. (CIN:U74999WB2005PTC102716) …CorporateDebtor Order Pronounced on :17/10//2024

Coram: Mrs. BidishaBanerjee, Member (Judicial) Mr. Balraj Joshi,Member(Technical)

Counselsappeared through Video Conference

For Financial Creditor : Mr. Yash Dalmia, Adv. Ms. Madhuri Pandey, PCS For Corporate debtor : Ms.Archana Baghel,Adv.

INTHENATIONALCOMPANYLAWTRIBUNAL, KOLKATABENCH,KOLKATA C.P(IB)No.71/KB/2024

. O R D E R

Per: BidishaBanerjee, Member (Judicial) 1. The Courtis convened byvideoconference today.

2. This petition under 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,2016 has been filed by Mikros Kosmos Pvt.Ltd., through its Director namely Gourango Putatunda, who claims to be a Financial Creditor (hereinafter referred to as the Financial Creditor), seeking initiation of corporate insolvency resolution process in respect of Shree Shyam Bearings Pvt.Ltd. (hereinafter referred to as the Corporate Debtor).

3. That amount in default is mentioned as 1,06,07,724/- ( Rupees One Crore Six Lakh Seven Thousand Twenty Four only) and the date of default is claimed to be 16/12/2023.

4. It is claimed that the amount in default includes Rs.1,00,00,000/- as debt plus Rs.6,07,724/-as interest @18% upto 13thJanuary, 2024.

5. The Financial Creditor in support of its contention that there is a debt and default, has relied uponthefollowing statements :- i. Bank Statement of the Financial Creditor evincing loan granted to the CorporateDebtor, annexed as Annexure-1 Ext.C page 19to23. ii. Copy of the loan agreement dated 10/08/2023 between the Financial Creditorand theCorporate Debtor (Annexure-1) Ext.Dpages 24to 27. iii. Copy of various letters from the Corporate Debtor requesting for disbursal of the amount as per loan agreement dated 10/08/2023 marked as Annexure-E page 28to 31. iv. Copy of the demand letter along with reminder letter dated 16/12/2023 and 26/12/2023 issued by Financial Creditor to the Corporate Debtor

INTHENATIONALCOMPANYLAWTRIBUNAL, KOLKATABENCH,KOLKATA C.P(IB)No.71/KB/2024 requesting of repayment of the loan amount as disbursed along with interest. (Ext.F), pages 32to 35.

6. The Financial Creditor has proposed the name of Mr. Swarup Ghosh to act as IRP. 7. Percontra, therespondent would disputethestatements made inthe petition. 8. However, in fact records exemplify and demonstrate that the Corporate Debtor has admitted its default as inpage 6ofthereply affidavit. 9. Wehave perused thefollowing documents :- i. Letters from theCorporate Debtor requesting disbursal at pages 28to 31; ii. Proofofdisbursement; iii. SupportingBankStatement at pages 18to 19;

10. On perusal of the documents, we are satisfied that there is debt and default and the Corporate Debtor has defaulted in repaying the amount that was due to be repaid and which ithas promised to repay interms oftheloan agreement.

11. We are also satisfied that the date of default is 16/12/2023 and the petition is filed within the statutory period of limitation and that there is admission of default on thepart oftheCorporate Debtor.

12. However, no record of default has been submitted by the Financial Creditor. Nevertheless therecords are speaking for themselves.

13. On being satisfied as stated above, we deem it appropriate to admit the application and pass thefollowing orders:-

O RDE RS i) The application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency ResolutionProcessagainsttheCorporateDebtorisherebyadmitted.

INTHENATIONALCOMPANYLAWTRIBUNAL, KOLKATABENCH,KOLKATA C.P(IB)No.71/KB/2024 ii) We hereby declare a moratorium and public announcement in accordance with Sections13and15oftheI&BCode,2016.

iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency&BankruptcyCode,2016shallbemadeimmediately.

iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibitsthefollowing:

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 Debtoranyofitsassetsoranylegalrightorbeneficialinteresttherein;

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 and EnforcementofSecurityInterestAct,2002(54of2002);

d) The recovery of any property by an owner or lessor where such property isoccupiedbyorinthepossessionofthecorporatedebtor.

v) The supply of essential goods or services rendered to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during the moratoriumperiod.

INTHENATIONALCOMPANYLAWTRIBUNAL, KOLKATABENCH,KOLKATA C.P(IB)No.71/KB/2024 vi) The provisions of sub-section (1) shall not apply to such transactions as may benotifiedbytheCentralGovernmentinconsultationwithanyfinancialsector regulator.

vii) The order of moratorium shall have effect from the date of admission till the completionofthecorporateinsolvencyresolutionprocess.

viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect fromthedateofsuchapprovalorliquidationorder,asthecasemaybe.

ix) Mr. Swarup Ghosh registered with Insolvency and Bankruptcy Board of India, having Registration No. IBBI/IPA-003/IP-N00438-C01/2017-2018/11661 Email swarupghosh1@ yahoo. co. in is hereby appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan subject to production of writtenconsentwithinoneweekfromthedateofreceiptofthisorder.

x) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 daysfromtheinsolvencycommencementdate.

xi) The Financial Creditor/Applicant is directed to deposit Rs. 3,00,000/- (Rupees Three Lakhs Only) with the IRP appointed hereinabove within three days from this order.IRP can claim the preliminary expensesand fees subject to the approvalbytheCoCandafterconstitutionofCoC.

INTHENATIONALCOMPANYLAWTRIBUNAL, KOLKATABENCH,KOLKATA C.P(IB)No.71/KB/2024 xii) Registry is hereby directed to communicate the order to the Financial Creditor, the Corporate Debtor, the I.R.P. and the jurisdictional Registrar of Companies bySpeedPostaswellasthroughemail.

xiii) Listthematteron18/11/2024for thefilingoftheprogressreport.

xiv) Certified copy of the order may be issued to all the concerned parties, if appliedfor, uponcompliancewithallrequisiteformalities.

(BalrajJoshi) (BidishaBanerjee) Member(Technical) Member (Judicial)

Order signed onthis, the 17th day of October, 2024 PJ