In the matter of Shyam Ginning And Pressing Private Limited

ORDER (Hvbrid Mode) The case is fixed for pronouncement of the order. The order is pronounced in the open court, vide separate sheet. - - -s)\ -JA SAMEER KAKAR SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BEFORE THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT-I, AHMEDABAD cP (IB) No.2O5 lArtMl2O24 (An application under Section 7 of the Insoluencg and Bankruptcg Code, 2016 read uith Rule 4 of the Insoluencg and Bankruptcy (Application to Adjudicating Authorit| Rules, 2016) In the Matter ofi Raj Radhe Finance Limited Having Address at: 101- 104, Tila1<raaj Complex, Nr. Surya Rath, Par-rchvati First Lale, Ambawadi, Ahmedabad - 380006. ...Applicant/Financial Creditor

VERSUS Shyam Ginning and Pressing Private Limited CIN No. UL7 L19GJ 1996PICO3OA47 Registered office at: 27 National Highway, Rajkot-Gondal Road, At: Hadamta.la, Tal: Gondal, Rajkot, Gondal, Gujarat, India, 36031 1.

...Respondent/Corporate Debtor Order Pronounced On: 12.09.2o.24

2-2.-'' cP(B)/2As/AHM/2421 Raj Radhe Finatrce Ltcl. Vs. Shgam Ginning and Pressing Put. Ltd.

CORAM: SH, SHAMMI KHAN, HON'BLE MEMBER (JUDICIAL} sH. SAMEER KAKAR, HON'BLE MEMBER (TECHNTCAL)

APPEARANCE: For the Applicalt : Mr. Prateek Thakkar, Advocate For the Respondent :Ex-parte. ORDER 1. The Present Application is filed on .O5.2O24 by lhe 17 Applicant- Raj Radhe Finance Limited (hereinafter refemed to as "Financial Creditor") against the Respondent Shyam Ginning and Pressing Private Limited (hereinafter referred to as "Corporate Debtor") under Section 7 of the Insolvency and Balkruptcy Code, 20),6 (hereinafter referred to as "IBC, 2OL6") read with Rule 4 of the Insolvency ald Balkrrrptcy (Application to Adjudicating Authority) Rules, 2076 (hereinafter referred to as "IB (AAA) Rules, 2OL6") for initiation of Corporate Insolvency Resolution Process (CIRP), to appoint Interim Resolution Professional (hereinafter referred to as "IRP") and declare the moratorium for having defaulted payment of its outstanding dues of v\,t' /L cP(rB) 2Os(AHM)2024 Raj Radhe Fnnnce Limited v/ s ShAam Ginniis And Pressins Put. LttT

Rs,98,91,OO,295.13ps. including interest. The date of default as stated to be 31.05.2O16. 2. On perusal of Part-I of the Form-l reveals that the Applicant, Raj Radhe Finance Limited is a Non-Banking Finalce Company which was incorporated on 17.01.1985 under the Companies Act, 1956 bearing CIN: U67120GJ1985PLC0O7576 and having itsRegistered Office at: 1O1 104, Tilakraaj Complex, Nr. Surya - Rath, Panchvati First Lane, Ambawadi, Ahmedabad, Gujarat - 380006.

3. It is submitted that the present application has been filed by Miss Virati D. Shah, Authorised Officer (Raj Radhe Finance Limited), being the Authorized Representative of the Applicant/Finalcial Creditor. It is further submitted that Miss Virati D. Shah is authorized to sign the documents on behalf of the Finar-rcial Creditor in terms of the Board Resolution dated 13.04.2022. Copy of the Board Resolution dated 13.04.2O22 is annexed at Annexure -A/2.

cP(rB) 2A56HM)2424 Raj Rctdhe Finance Linitecl v/s ShAam Ginning And Pressing Put- Ltd

4. On perusal of Part II of the Form-l reveals that the Respondent/ Corporate Debtor is one Shyam Ginning and Pressing Pdvate Limited having CIN No. UL7 Ll9GJ 1996P|C030847. The Corporate Debtor was incorporated on 07.70.7996 and having registered office at 27-National Highway, Rajkot-Gondal Road, At: Hadamtala, Tal: Gonda-I, Rajkot, Gondal, Gujarat-Pin 36031 1. 5. On perusal of Part-lll of the Form- 1 reveals that the Financial Creditor has named Mr. Bhupendra Singh Narayan Singh Rajput having Registration No. IBBI/IPA- 001/IP-P00397 /2017 lallO715, under section 13 (1)(c) of the Code to act as Interim Resolution Professional (IRP). He has filed his Written Communication dated 13.05.2024 as Form 2 as per the requirement of Rule 9(1) of the lnsolvency and Bankruptcy (Application to Adjudicating Authority) Ru1es, 2016. A copy of Form-2 and Fotm-B being copy of APA valid from 78.04.2024 to 30.06.2025 are attached with the Application as Annexure -A/4. u-.-- cP(rB) 2Os(AHM)2024 Raj Radhe Finance Limited V/ s ShAam Ginning And Prcssing PDt- Ltd

6. Part-IV of the Form- 1 reveals that total dues as claimed by the Financial Creditor is Rs.98,91,00,295.13ps. consisting of Rs.50,75,02,008/ - being principle arrd amount of Rs.53,6 1,82,236.82ps. as interest and Rs.9,94,40,960.3 1ps. as penal interest :up-to 29.O2.2024.

7. The Financial Creditor has placed the facts through this Petition in the following manner:- i. The brief facts of case are that the Corporate Debtor on 05.09.2011 through its Directors availed approached State Bank of India for grant of finar-rcial assistar-rce in the shape of Working Capital as well as Term Loan Facilities ald submitted loan application. State Bank of India a-fter considering the loan application on 29.ll.20LL sanctioned a Cash Credit Limit of Working Capital of Rs.20.00 Crore & Term Loan of Rs. 1.95 Crore against primary security of hlpothecation of entire stocks, Book Debts, Plant & Machinery, personal guarantees of others and collatera-1 security by way of equitable mortgage of immovable properties owned by V,' cP(rB) 2Os(AHM2A24 Raj Radhe Finance Limited v/ s Shsam Ginning And Plessing Put. Ltd the Corporate Debtor and others in favour of State Bank of India. The Corporate Debtor and others executed and signed various loan and secudty documents on 29.ll.2oll in favour of State Bank of India. The copies of the same are arnexed as Annexure -A/5 & Annexure -4/6.

Thereafter State Bank of India on 27.1,2.201,2 11. sanctioned a Cash Credit Limit of Working Capital of Rs.27.50 Crore & Term Loan of Rs. 1.35 Crore & CEL of Rs.20.00 Lakh by way of enharcement/Renewal for which again various executed and signed various loan and security documents on 27.\2.2012 in favour of State Bank of India. Further, State Bank of India renewed Credit Facilities from time to time vide Sanction Letter dated 24.O2.2014, 24.06.2015, 08.10.2015, 29.O4.20L6 for which again various executed and signed various loan and security documents by the Corporate Debtor in favour of State Bank of India. The copies of the same are annexed as Annexure -A/O7 to Annexure -A/ 13. .r/ cP(rB) 2Os(AHM)2024 Raj Radhe Finatrce Limited v/ s ShAam Ginning And Pressing Put. Ltd iii. However, after availing the aforesaid Loan/Credit Facilities, the Corporate Debtor failed to maintain financia-l discipline as per terms and conditions of the loan agreement arrd committed default on 31.05.2016 in loarr accounts. Consequently, the said account of the Corporate Debtor was classified as NPA on 2a.Oa.2ol6 Thereafter, State Bank of India served Demald Notice dated 27.O4.2O1.7 U I s 13(2) of the S.A.R.F.A.E.S.I.

Act, 2OO2 to the Corporate Debtor and others to repay the outstanding dues but the Corporate Debtor failed to make the payment of outstanding dues. iv. Thereafter, State Bank of India fi1ed recovery suit being O.A. No.664 of 2Ol7 before Debt Recovery Tribunal-Il, Ahmedabad which is pending for adjudication. Copy of memo of Original Application No.664 of 2077 is annexed as Annexure -A/ 15. vii. The Corporate debtor also filed Securitisation Application No. 643 of 2079 U/s 17 of the S.A.R.F.A.tr.S.I. Act, 2OO2 challenging the S.A.R.F.A.E.S.]. action of the State Bank of India which .1-.. Rctj Radhe Finance Liniteil v/s Shtlam Ginnins And hessing Put. Ltd is also pending before Hon'ble DRT Court II. A copy of interim order daled 27.1O.2022 passed by Hon'ble DRT Court II is annexed as Annexure -A/21. viii. Thereafter, Corporate Debtor has also issued two letters dated 15.04.2019 and 23.72.2021. to State Bank of India acknowledging the debt liability in favour of State Bank of India with respect limitation U/s 18 of the Limitation Act, 1963. The copies of the same are annexed as Annexure -Al L6 to Annexure -A/ 17. i,x.

Further, the loan account of the Corporate Debtor was assigned to the Applicant/ Financial Creditor by the State Bank of India through an Assignment Agreement dated 28.02.2023 which was registered on 06.03.2023. Copy of the Assignment Agreement is attached in the application as Annexure -Al 18. x. The Financial Creditor has also created its charge on the Corporate Debtor by way of filing Form No.CHG- 1 for Modification of Charge before the Registrar of Companies. The said charge is already reflected in the cP(rB) 205(AHM)2024 Rat Radhe Finance Limited V/ s ShAam Ginning And Pressing Put. Ltd

Master Data of the Corporate Debtor. A Copy of Form No.CHG 1 is alnexed herewith as Annexure-A/ 19. xI. The total alnount due of financial debt against the is Corporate debtor Rs.98,91,00,295. 13ps. consisting of Rs.50,75,02,008/ - being principle and amount of as interest Rs.53,6 1,82,236.82ps. and Rs.9,94,40,960.3lps. as pena,l interest up to 29.O2.2024. A copy of banker's statement of State Bank of India is alnexed as Annexure-A /L4 atd a copy of statement of account of the Corporate Debtor maintained by the Financial Creditor is annexed herewith as Annexure-A/20. xii. The Finalcia.l Creditor has also filed Form-D being record of debt and default issued by National tr, Governance Seruices Limited ("NeSL") in which date of default is reordered as 31.05.2016 with status "Deemed to be Authenticated" authenticated on 07 .O3.2O24. A copy of the same is annexed with the Petition as Arnexure-A/22.

4-.-- cP(rB) 2Os(AHM)2424 Raj Radhe Finance Limited v/ s Shlam Ginnins And Prcssing Put. Ltd xiii. The Financial Creditor submitted that the present petition is fi1ed on 77 .05.2024 which is with-in the period of limitation, in view of the series of events taken place between the actual date of default and the date of filing the present Petition. Further, The Corporate Debtor's loal accounts were classified as Non Performing Asset on 28.08.2076. However, in view of the acknowledgement given by the Corporate Debtor on Limitation Act, 1963 from time to time the present petilion is within Limitation.

8. The matter was taken up for hearing on 05.06.2024 where this Tribuna-l issued notice to the Respondent/ Corporate Debtor who was directed to file a reply within a week of the receipt of the notice.

9. The matter was listed and heard on 28.06.2024, where the Financial Creditor submitted that they have filed Affidavit of Seruice for service of notice through Registered Post (which returned undelivered on 26.06.2024 with remarks addressee left without instruction). The notice through e mail was ,"t' 4- cP(rB) 2O5(AHM)2024 Raj Radhe Finance Lnnikd V/s Shgam Ginnmg And Pressnq Prt. Ltd ser-ved on the registered E-mail ID on 20.06.2024. However, MCA data filed was not matching with the tr-mail id on which the notice was sent as some of the portion of E-mail Id masked in the MCA data annexed at Annexure-A/3.

10. Learned counsel for the Finalcial Creditor requested for steps for service to the Corporate Debtor through Dasti Mode. Hence, Dasti Notice was issued to the Corporate Debtor by the Registry with direction to the Financial Creditor to serve Notice upon the Corporate Debtor along with copy of the order through Dasti Mode and file proof of service by way of affidavit.

11. The matter was again listed and heard on 15.07.2024, In compliarrce of order dated 28.06.2024, DasL, service report by way of affidavit was filed by the Financial Creditor. As per Dasti service report, Dasti notice along with copy of the order was duly received upon the Corporate Debtor through its director against acknowledgement on 10.07.2024. Hence, service upon Corporate Debtor was considered through Dasti mode sufficient and complete. However, despite due L cPttB) 2A5lAHMl2O21 Raj Radhe Finance Limited v/ s Shgatn Ginning And Pressitw Put. Ltd service neither anyone appeared on behalf of the Corporate Debtor nor any reply was filed. Therefore, last opportunity was given for appearance and filing reply if any by the Corporate Debtor within extended period of 10 days with a copy to the opposite counsel. Thereafter, rejoinder if any.

72. The matter was again listed and heard on 72.08.2024, however, despite due service through dasti mode ar-rd extended opportunity, neither the Corporate Debtor agarn appeared, nor filed any reply. Therefore, the Corporate Debtor was proceeded Ex-parte by this Tribunal vide order dated 12.08.2024.

13. We have heard the arguments of Ld. Counsel for the Applicant/ Financial Creditor, ex-parte against the Respondent/ Corporate Debtor and perused the material on record.

t4. On perusal of the records, it is found that on 05.09.2011 the State Bank of India had provided financial assistance in the shape of Cash Credit Limit of Working Capital of Rs.20.00 Crore & Teim Loan of Rs. 1.95 Crore to Corporate t^,-- CPIB) 2A56HM)2024 Raj Radhe Ftwnce Linitecl V/ s ShAam Ginni..g And Pressitg Put Ltd PaCe 12 of 25

Debtor for which various loal/security documents were executed ald signed by the Corporate Debtor in favour of State BaIk of India. Thereafter, the Credit Facilities were enhanced/renewed from time to time vide Sanction Letter dated 24.02.20 14, 24.06.20 15, 08. I 0.20 5, 29.O4.2O 16 for 1 which again various loar-r/security documents were executed and signed by the Corporate Debtor in favour of State Barrk of India.

15. However, after availing the aforesaid Loan/Credit Facilities, the Corporate Debtor failed to maintain linalcial discipline as per terms ald conditions of the loan agreement and committed default on 31.05.2016 in loan accounts. Consequently, the said account of the Corporate Debtor was classified as NPA on 28.08.2016 Thereafter, State Bank of India served Demand Notice dated 2\.O4.2O17 U/s 13(2) of the S.A.R.F.A.tr.S.I. Act, 2OO2 to the Corporate Debtor and others to repay the outstalding dues but the Corporate Debtor failed to make the payment of outstanding dues. Lt_--'' cP(rB) 245(AHM)2024 Raj Radhe Finance Limited V/ s ShAam Ginning And Pressitls Put. Ltd

16. Thereafter, Corporate Debtor has also issued on 15.04.20i9 and 23.72.2021 two letters to State Bank of India acknowledging the debt liability in favour of State Bank of India with respect limitation U/s 18 of the Limitation Act, 1963. The present applicdtion is utell within the period of limitation.

17. The loarr account of the Corporate Debtor was assigned to the Applicant/Financial Creditor by the State Balk of India through an Assignment Agreement dated 28.02.2023 which was registered on 06.03.2023.

18. The Financial Creditor has also created its charge on the Corporate Debtor by way of filing Form No.CHG- 1 for Modification of Charge before the Registrar of Compalies. The said charge is already reflected in the Master Data of the Corporate Debtor.

19. The total arnount due of finalciai debt against the is Corporate Debtor Rs.98,91,00,295.13ps. consisting of Rs.50,75,O2,O08/ - being principle and amount of cP(rB) 2Os(AHM)2024 Raj Radhe Fi/ance Limited V/s Shgam Ginning And Prcssing Put. Ltd

Rs.53,61,82,236.82ps. as interest ald Rs.9,94,4O,960.31ps. as penal interest up-to 29.02.2024. The amount has remained payable to the Financial Creditor. This amount exceeds the threshold o;f Rs. 7.OO Crore specified under Section 7 of the IBC Jor the adrnission of the application.

20. Regarding the issue of default, it is ar undisputed fact, based on the aforementioned submissions, that a default has occurred. as evidenced in Record of Default in Form D of the Information Utilitv. The date of default, as recorded in Form-D, is 31.05.2016 with status "Deemed to be Authenticated". Hence, the Jact that a default has o c c'ur r e d is e stab li she d.

21. Section 7 ofthe Code states that:- Initiation of corpordtc insoluencg resolution process bg Jinancial creditor. t1 A financial ueditor either bg itself or jointlg tuith [other financial creditors, or anA other person on behalf of the financial creditor, as mag be notified bg the Central Gouernmentl mag file an Raj Radhe Finance Limited V/s ShAam Ginning And PrcssitLg Put- Ltd application for initiating corporate insoluencg resolution process against a corporate debtor before the Adjudicating Authoitg uhen a default has occurred. 2) The financial creditor shall make an application under sub-section (1) in such form and manner and accompanied utith such fee as mag be prescibed. s) The financial creditor shall, along uith the application fumish - (a) record of the default recorded uith the information utilitg or such other record or euidence of default as mag be specifi.ed; (b) the name of the resolution professional proposed to act as an inteim resolution professional; and (c) anA other infotmation as maA be specified bg the Board.

,t1 The Adjudicating Authoity shall, utithin fourteen days of the receipt of the apptication under sub-section (2), ascertain the eistence of a default from the records of an information utilitg or on the basis of other euidence fumished bg the financial creditor under sub-section (3). v-" .4 cP(rB) 205(AHM)2021 RaJ Radhe Finance Limited V/ s Shyam Ginning And Pressing Put. Ltd

5) Where the Adjudicating Authoritg is satisfied -that (a) a default has occured and the application under sub-section (2) is complete, and there is no disciplinary pror:eedings pending against the it proposed resolution professional, mag, by order, admit such application; or (b) default has not orcurred or the application under sub-section (2) is incomplete or anA disciplinary proceeding is pending against the proposed resolution professional, it mag, bg order, r ej ect such ap plication :

Prouided that the Adjudicating Authoitg shall, before rejecting the application under clause (b) of sub-section (5), giue a notice to the applicant to rectifg the defect in his application within seuen dags of receipt of such notice from the Adludicating AuthoritA. "

22. It can be seen from the judgment of the Hon'ble Supreme court in the matter of lrf. Suresh Kumar Reddg ys Canara Bank & Ors. (Citil Appeal No. 7727 OF 2022) stating that in the matter of Section 7, the only thing which !^ ---' \-,' cP(rB) 2As6HM)2424 Raj Radhe Finance Linited v/ s Shyam Ginning And Pressing Put- Ltd PaEe L7 ot 25 is to be seen while ordering in Section 7 matters is whether there is debt and default.

23. The present application is complete in terms of Section 7(5) of the Code. The Applicant/Financial Creditor is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt. The outstalding financial debt is of more thal Rupees One Crore which meets the threshold limit as per section 4 of the Code ald is well within the limitation for filing the present application. Moreover, the said default is not covered under the period exempted under Section 10A of IBC, 2016.

24. Further, the Hon'ble Supreme Court in the case of Innouentiae Industries Linited a. ICICI Bank Limited, where it has discussed extensively the scope of the Adjudicating authority under section 7 of the IBC is limited to assessing the records provided by the finarcial creditor to satisfy itself that the default has occurred. 28. When it comes to a financial creditor tiggering the process, Section 7 becomes releuant. Under the explanation to SectiorL 7(1), a default is in respect of a wl' cP(rB) 2As(AHM)2024 Raj Radhe Finance Limited v/ s Shlam Giniing And Pressing Prt- Ltd financial debt outed to ang financial creditor of the corporate debtor - it need not be a debt oued to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescibed, u-thich takes us to the Insoluencg and Bankruptcg (Application to Adjudicating Authoitfl Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied bg documents and records required therein. Form 1 is a detailed form in 5 pafts, uhich requires particulars of the applicant in Part I, pctrtiatlars of the corporate debtor in Port II, particulars of the proposed inteim resolution professional in part III, partianlars of the financial debt in part IV and doanments, records and euidence of default in part V. Under Rule 4(3), the applicant is to dispatch a copA of the application filed uith the adjudicating authoitg bg registered post or speed post to the registered office of the corporate debtor.

The speed, utithin uthich the adjudicating authoitg is to ascertain the existence of a default from the records of the information utilitg or on the basis of euidence furnished by the finoncial creditor, is important. This it must do tuithin 14 dags of the receipt of the application. It is at the stage of Section 7(5), uhere the adjudicating authoitg is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt", tuhich mag also include a disputed claim, is not due. A debt maa not be due if it is not pagable in tauL or in fact. The moment the adjudicating author[tA is satisfied that a default has occttrred, the appliccttion must be admitted unless it is incomplete, in tuhich case it maA giue notice to the applicant to rectifg the defect uithin 7 dags of receipt of a notice from the odjudicating authoity. Under sub-section (7), the adjudicating authoitg shall then communicate the order passed to the Jinancial creditor and corporate debtor tuithin 7 dags of admission or rejection of such application, as /'Z-'/ \,-" cP(rB) 2As6HM)2424 Raj Radhe Finance Lunited v/ s SIryam Gitning And Pressing Put.

Ltd the case maA be. 30. On the other hand, as ue haue seen, in the case of a cotporate debtor tuho commits a default of a fnancial debt, the adjudicating authoity has merelg to see the records of the information utilitg or other euidence produced bg the Jinancial creditor to satisfA itself that a default has ocatrred. It is of no matter that the debt is disputed so long as the debt is "due" i.e. pagable unless interdicted bg some latu or has not Aet become due in the sense thclt it is pctgable at some future date. It is onlg uthen this is proued to the satisfaction of the adjudicating authoitg that the adjudicating authoitg maA reject an cLppliccLtion and not othenttise. 25. Hence, the Application filed under section 7(2) of the Insolvency and Balkruptcy Code for initiation of corporate insolvency resolution process against the Respondent/ Corporate Debtor deserves to be admitted.

26. Accordingly, in light ofthe above facts and circumstances, it is, hereby ordered as under:- (i) The Respondent/ Corporate Debtor Shyam Ginning and Pressing Private Limited is admitted in Corporate Insolvency Resolution Process (CIRP) under section 7 of the IBC, 2016. v cP(rB) 2Os(AHM)2424 Raj Radhe Finance Limited V/ s ShAam Ginning And Pressi.ts Put- Ltd (ii) As a consequence thereof, moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is declared for prohibiting all of the following in terms of Section 14(1) of the IBC,2016.

a. The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including exea)tion of ang judgment, decree or order in anA court of lcttu, tibunal, arbitration panel or other authoitu; b. Transkrring, encumbering, alienating or disposing of bg the Corporate Debtor ang of its assets or ang legal ight or benefi.cial interest therein; c. AnA action to foreclose, recouer or enforce ang secltitA interest created bg the Corporate Debtor in respect of its propertA including anA action under the Secuitisation and Reconstruction of Financial Assets and Enforcement of SeanitlJ Interest Act, cnc). d. The recouery of anll propertA bg an outner or lessor tuhere such propertA is occupied bg or iru the possesslon of the Corporate Debtor. e. The prouisions of sub-Section (1) shall hou-teuer, not applg to such transactions, agreements as maA be notif.ed bg the Central Gouemment in vL,-t' cP(rB) 2Os(AHM)2024 Raj Radhe Finance Limited v/s Shaam Ginning Ancl Pressi g Prt. Ltd PaEe 21 af 25 uith consultation anA Jinanciat sector regulator and to a surety in a contract of guarantee to a Corporate Debtor.

(iii) The order of moratorium under section 14 of the Code shall come to effect from the date of this order ti11 the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plal under sub section (1) of section 31 or passes arl order for liquidation of the corporate debtor under Section 33 of the IBC 2016. as the case may be.

(i") However, in terms of Section Vl2l to 7ap) of the Code, the supply of essentia-l goods or services to the corporate debtor as may be specihed, if continuing, shall not be terminated or suspended, or interrupted during the moratorium period. The corporate debtor to provide effective assistance to the IRP as ald when he takes charge of the assets and management of the corporate debtor.

(v) As proposed by the Financial Creditor, we appoint Mr. Bhupendra Singh Narayan Singh Rajput having Registration No. IBBI/IPA-001/|P-POO397/2017- 18/ 10715 under section 13 (1)(c) of the Code to act as +,-' cP(lB) 2Os(AHM2A24 Raj Radhe Finance Limited V/s Shvam Ginning And Pressing Put. Ltd PaEe 22 of 25

Interim Resolution Professional (IRP). He shall conduct the Corporate Insolvency Process as per the Insolvency and Balkruptcy Code, 2016 r.w. Regulations made thereunder.

(vi) The IRP so appointed sha.l1 make a public announcement of the initiation of Corporate Insolvency Resolution Process and call for submissions of claims under section 15, as required by Section 13(1)(b) ofthe Code.

(vii) The IRP shall perform all his functions as contemplated, inter-alia, by sections 17, 18,20 and 27 of the Code. It is further made clear that a1l personnel connected with the corporate debtor, its promoters, or any other person associated with the management of the coryrorate debtor are under 1ega1 obligation as per section 19 of the Code to extend every assistarce and cooperation to the IRP. Where any personnel of the corporate debtor, its promoters, or any other person required to assist or co operate with IRP, do not assist or cooperate, the IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order.

,-(- cP(rB) 2Os(AHM)2024 Raj Radhe Finance kmited V/ s Shlam Ginning And P/essing Put. Ltd (viii) The IRP is expected to take fu11 charge of the corporate debtor's assets, and documents without any delay whatsoever. He is also free to take police assistalce in this regard, and this Court hereby directs the Police Authodties to render all assistalce as may be required by the IRP in this regard.

(ir) The IRP shal1 be under a duty to protect arrd preserve the va.lue of the property of the 'corporate debtor compaly' and manage the operations of the corporate debtor company as a going concern as a part of obligation imposed by section 20 of the Code.

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

(xi) We direct the frnancial creditor to pay IRP a sum of Rs.2,OO,OOO/- (Rupees TV.ro Lakh Only) in advance within a period of 7 days from the date of this order to meet the cost of CIRP arising out of issuing public notice and inviting claims etc. till the CoC decides about his fees/expenses.

.-4 .P(IB) 205(AHM)2024 Raj Radhe Firance Limited V/ s ShAam Ginning And Pressing Put. Ltd (xii) The Registry is directed to communicate this order to the financial creditor, corporate debtor, and to the Interim Resolution Professional, the concerned Registrar of Companies and the Insolvency and Bankruptcy Board of India after completion of necessa-rJr formalities, within seven working days and upload the sarne on the website immediately after pronouncement of the order. The Registrar of Companies sha1l update its website by updating the Master Data of the Corporate Debtor in MCA portal specific mention regarding admission of this Application and shall forward the compliarce report to the Registrar, NCLT. (xiii) The commencement of the Corporate Insolvency Resolution Process sha.ll be effective from the date of this order. 27. Accordingly, this Application CP(IB)/2o5IAHM|2O24 is hereby admitted. A certified copy of this order may be issued, if applied for, upon compliance with all requisite forma-llties. .c)\- -sA\.-c'- i SAMEER KAKAR SHAMMI KHAN MEMBER (TDCHNTCALI MEMBER (JUDICIALI S/ SP/ Sreno cP(rB) 2O5(AHM)2021 Raj Radhe Finance Limited V/ s Shlam Golning And Pressing Put- Ltd