In the matter of SPD COLD STORAGE LLP

CORRIGENDUM 1. This Tribunal under Rule 154 of the National Company Law Tribunal Rules, 2016 takes suo moto cognizance to rectiSz the error in the Final Order dated 09.O9.2025 passed under Section 7 of the Insolvency ancl Bankruptcy Code, 2016 in the above-captioned Petition wherein we observed that: Name of the IRP was mistakenly entered as Mr. prakash Jain instead of Mr. Prashant Jain. 11. Name of the Counsel for Financial Creditor was mistakenly enterecl as Adv. Mr. Subir Kumar, Adv. Ms. Vaishnavi pawar, Adv. Mr. Darshil Desai i/b sDS Advocates instead of Adv. Tanmay sangani a/w Adv. Mr. Abhijit Ranjan ilb Kay Legal & Associates LLp. tice that the aforesaid errors are clerical in nature and the same rum ed as under: es \sfffrp

IN THE NATIONAL COMPANY LAW TR,BUNAL, MUMBAI BENCH-VI In the Analysis and Findings at para 4.r3 at page no. 11 and in the operative part of clause "y" atpage no. 14, the name of the IRp be read as Mr. prashant Jain. The other details of the IRp Mr. Prashant Jain such as his registration no. and email id remain the sarne in the Final Order dated Og.Og.2A2S. ii. The name of the counsel to be read as Adv. Tanmay Sangani a/w Adv. Mr. Abhuit Ranjan i/b Kay Legal & Associates LLp instead of Adv. Mr. Subir Kumar, Adv. Ms. vaishnavi pawar, Adv. Mr. Darshil Desai i/b SDS Advocates. 3. Accordingly, the Final order dated og.ag.2025 in the above-captione<l Petition stand rectified on the above terms. This Corrigendum daterl 14.09.2025 forms part and parcel of Final order dated og.og.2o2s.

sd/-sd/- SAMEER I(AKAR NILESH SHARIVIA MEMBER (TECHNTCALI MEMBER (JUDICIAL} llvMl I Certified True Copy Copy lssued "free ofcost" ffisllll,75 on I2l O( I eaz HW: National Company Law Tribunal Mumbai Bench si#&

2lt',1;1 I CP(lB) No. 371{MBl 12025 Bank of Maharashtra Vs. M/s. SPD Cold Storage LLp

VI Item No. P-1. c.P. (rBl/371(MBl202s CORAM SHRI SAMEER I{AI(AR SHRI NILESH SHARMA HON'BLE MEMBER (TECHNICAtI HON'BLE MEMBER (JUDICIAL} ORDER SHEET OF HEARING DATED 0/9.0,9.20/25 NAME oF THE PARTIES : The Bank of Maharashtra Limited Vs M/s. SpD Cold Storage LLp Under Section 7 of the IBC, 2016. ORDER The case is fixed for pronouncement of the order. The order is pronounced in the open court, vide separate order. Detailed order is being uploaded on the NCLT portal today.

sd/-sd/- SAMEER I{AKAR NILESH SIIARMA MEMBER (TECHNTCALI MEMBER (JUDrCrArl llsKsll Certified True CoPY Copy lsstred "tiee of cost" on l4d=d,2025 - National Company Law'l'ribunat, (qg1bq1.QelS'ft

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH.VI CP (lB) No.371/MB.t2025 [Under Secllon 7 of the lnsolvency and Bankruptcy Code, 2016 read with Rule 4 of the lnsolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 20161 IN THE MATTER OF: BANK OF MAHARASHTRA [ClN: U99999MH 1 935PTC002399] Head office: "Lokmangal", 1501 Shivajinagar Pune-41 005, Maharashtra. 1 Branch office: Stressed Assets Management Branch Agarkar High School Building 2nd Floor, Somwar Peth Pune - 411011, Maharashtra. ... Financial Creditor/Applicant V/s M/s. SPD COLD STORAGE LLP [LLPIN: AAM-4179] New Plot No. 305, Gate No. 2 W Ward, Gadi Adda, Shahu Market Yard Kolhapur- 41 6005, Maharashtra. Corporate Debtor Pronounced : 09.09 .2025 CORAM: HON',BLE SHR| NTLESH SHARMA, MEMBER (JUDICIAL) HON'BLE SHRI SAMEER KAKAR, MEMBER (TECHNICAL) Aopearances: Hvbrid Financial Creditor: Adv. Mr. Subir Kumar, Adv. Ms. Vaishnavi Pawar, Adv. Mr. Darshil Desai i/b SDS Advocates 6* f.IK Y;;. * e'^*

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI

ORDER [PER: BENCH] 1. BACKGROUND

1.1 This is an Application bearing C.P. (lB) No.371lMBl2025 filed on 04.03.2025 by Bank of Maharashtra, the Applicant (Financial Creditor) under Section 7 of the lnsolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 4 of the lnsolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "[[s A;AA Rules") through Mr. Jagannath Prasad Pattanaik, Chief Manager and Branch Manager of the Applicant vide Board Resolution dated 22.03.2022 for initiating Corporate lnsolvency Resolution Process (hereinafter referred to as "ClRP") in respect of Mls. SPD Cold Storage LLP, the Corporate Debtor (CD). 1.2 The Applicant is a body corporate constituted under The Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. The CD is a Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008. The CD is engaged in the business of cold storage facilities and related activities. 1.3 TheApplicant has relied on the following documents: i. Copy of the Letter of Authority of the Authorised Signatory of the Financial Creditor. ii. Master Data of the CD iii. Copies of the Sanction Letter dated 31.12.2019 and amended Sanction Letter dated 07.02.2020 Copies of the Sanction Letters dated 18.A6.2020 and A7.12.2421. n"-:#'# iW* Statement of Accounts of the Original Application No. 165 of 2A24 filed on 30.12.2023. \dIJffi9 2l Page No.371/M8/2025 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI vii. Copy of the Certificate under Section 2A of the Banker's Book Evidence Act viii. Copy of Deed of Simple Mortgage dated 09.01 .2420. ix. Copies of the Application/Request Letter for making Credit Facility Available dated 10.02.202A,02.07.2020 and 27 12.2021. x. Copies of the Demand Promissory Notes dated 10.02.2020, 02.07.2020 and j22021 27 .12.2021, 02.07 .2020 and 27. xi. Copy of the Mortgagor's Declaration for Proposed Equitable Mortgage dated 12.02.2420. xii. Copies of the Memorandum of Record of Deposit of Title Deeds by the Partners a nd G uara ntors dated 1 3 .02.2020, 02.07 .2020 a nd 25.03.2022. xiii. Copy of the Mortgagors Letter of Confirmation of Equitable Mortgage dated 13.02.2020, 02.07 .2020 and 29.03.2022 xiv. Copies of the Deed of Hypothecation for all Facilities dated 14.02.2020, 02.07 .2020 and 27 .12.2021 xv. Copies of the Guarantee for all Facilities except Agricultural Facilities dated 13.02.2020, 02.07 .2020 and 27 .12.2021. xvi. Copy of the Resolution dated 15.06.2020. xvii. Copies of the Agreements of Term Loan dated 02.07.2020 and 27.12.2021. xviii. Copies of Undertakings dated 02.07.2020 and 27.12.2421. xix. Copy of the Concurrence Letter for making Credit Facility available dated 27.12.2021 xx. Copy of Receipt of amount dated 29.12-2021. xxi. Copy of NeSL Form D Record of Default.

$FTE:#,?-"? &ffie 3l Page No.371/MB/2025 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI

2. AVERMENTS OF THE APPLIGANT 2.1 As per Part-lV of the Application the total amount claimed to be in default by the Applicant is Rs.37,63,63,399.321- (Thirty-Seven Crore Sixty-Three Lakh Sixty-Three Thousand Three Hundred and Ninety-Nine Rupees and Thirty-Two Paisa) inclusive of interest as on 28.01.2025. 2.2 The date of default mentioned in Part-lV is 28.09.2023 i.e. date of NPA. 2.3 The CD was granted various facilities vrde Sanction Letter No. ZLCC-ZMICPC- 104t2019-20 dated 31.12.2019 and Amendment in Sanction letter dated 31.12.2019 yrde letter No. No Ax6/CPc/Sanction/Bhavani Peth/SPD 12019-2CI dated 07.02.2020, is for following limits: i. Cash Credit Facility for an amount of Rs. 25,00,00,000/- (Twenty-Five Crore Rupees). Copies of the Sanction Letter dated 31.12.2019 and the modification to the terms yrde amended Sanction Letter dated 07.02.2020 are annexed as Exhibit Cl and C2 of the Application. ii. The date of disbursement of this facility was on 15.A2.202O 2.4 Sanction Letter No. ARI/GECL/SPDCOLD STROAGRE 12020-21/7 dated 18.06.2020 is for following limits: - i. Working Capital Term Loan Under Emergency Credit Line Guarantee Scheme (ECLGS) for an amount of Rs. 3,12,00,000/- (Three Crore Twelve Lakh Rupees). Copy of the Sanction Letter dated 18.06.2020 is annexed as Exhibit D of the Application. ii. The date of disbursement of this facility was on 04.07.2020 2.5 Sanction Letter dated 07.122021 is for following limits: - i. Working Capital Term Loan Under Emergency Credit Line Guarantee Scheme L"'t ri'Dt ft[i*,o HB: CLGS 1.0 extension) for an amount of Rs. 4,36,00,000i- (Four Crore Thirty-Six 4l Page Bl2O2s of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI

Lakh Rupees). Copy of the Sanction Letter dated 07.12.2021 is annexed as Exhibit E of the Application. ii. The date of disbursement of ihis facility was on 29.12.2021 2.6 The Applicant submitted that CD executed various security/loan documents in favour of the Applicant for the facilities availed by the CD. 2.7 ltis submitted that the CD defaulted in payment of loan and the account was classified as Non-Performing Asset (NPA) on 28.09.2023. 2.8 The Applicant initiated action under the SARFAESI AcL,2002 and also filed an Original Application No. 165 of 2A24 before the Hon'ble DRT, Pune which is pending adjudication. 2.9 This Tribunal vrde lnterim Order dated 09.07.2A25 directed the Applicant to rectify the defects and amend Form 1. The order records as follows: u3. We have brielty heord the Ld. Counsel for the Applicant. Ld' Counsel for the Applicont states that he wonts to place on record notice under Section 1j(2) of SARFESAI Act, vide which the facitities were recalled ond he also wishes to omend the Form-7 with regard ta the date of default as the date of defoult mentioned in NeSL Form-D is j0,06.2023, whereas in the Application the date of default is mentioned as 28.09.2023, whictt is the date of NPA, 2.10 The Applicant complied with the above order and filed an Additional Affidavit dated 0g.07.2025 removing the defect, amending the date of default in Form 1 and placed on record notice under Section 13(2) of SARFAESI Act. 2.11 The amended Form 1 records the date of default, in Part-lV of the Application as 30.06.2023. icant was directed to issue notice to the CD vide interim order dated ffi- t3i:ii t ,r'fi,I$ i.$'e' 4.64 5. The Applicant attempted to serve on the CD on 15.05.2025 which was '5/Y- t{}r ffiyl* delivered on 17.05.2025- The Applicant again serviced the notice on EJtr,iY 5l Page CP (lB) No.371/M8/2025 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI

23.05.2A25 to the CD but no tracking report was attached to the Affidavit of Service dated 26.05.2025. lt also stated that an email was sent to the CD on 23.05.2025 but not MCA record was attached to verify the email of the CD. The Dasti mode of service was also attempted by the Applicant on 23.05.2025. The Applicant was directed to file a better Affidavit of Service along with proof of service vide order dated 26.05.2A25. 2.13 The Applicant filed another Affidavit of Service dated 09.06.2025. The interim order dated 11.06.2025 records the service upon the CD to be completed, as follows: "1. Ld. Counsel for the Applicant has filed offidavit of service, which is dated 09.06.2025. lt is stated that the Respondent could not served through speed post and the item was returned back to the Applicant on A5.a6.2025. 2. Applicant has further stated that through Dosti mode, the Respondent was served on 23.05.2025 ond the relevont proof of the same hos been appended at page 4 of the offidavit of service. 3. As such, we record thot the Respondent is duly served with the copy of the Application os well os the court notice." 2.14 fhe Applicant submits that in terms of order dated 11.06.2025, they have served the copy of the order dated 11.06.2025 through speed post to the CD on 19.06. 2025 and filed Affidavit of Service dated 19.06.2025. The same is recorded in the interim order dated 20.06.2025.

3. CONTENTIONS OF CORPORATE DEBTOR 3.1 The Tribunal's interim order dated 20.06.2025 records as below, "4. Despite repeated cqlls none ctppears on behalf of the Oorpot'ole Dehtor. As the C'D has to oppear in different hearing includittg todcr.,* irt spite "failed of sen,ice of nolice, the Corporate Debtor i,s herehyset ex-parte."

was listed on 1 1 .06.2025,2A.06.2025,09.07 .2025 and 25.07 .2025. lt was 2 ';s '" ..1n* Wteo I one appeared on behalf of the CD on these dates and no Vakalatnama e'*\ effi& 6l Page 377/MS/2025 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI and Reply was filed on DMS. This Tribunal vide order dated 11.A6.2025 closed the right to reply of the CD due to continuous absence and subsequently vide order dated 20.06.2025, set the CD ex-parte. No lA was filed on DMS seeking recall of the order dated 20.06.2025.

4. ANALYSIS AND FINDINGS 4.1 We have heard the Counsel for the Applicant and have perused the records as placed before us. Our findings in the matter are as under: - 4.2 The Applicant has placed on record Sanction Letters dated 31.12.2019,07.A2.2020 (amended Sanction Letter), 18.06.2020 and A7 i2.2021. From perusal of these letters it is seen that the Applicant had sanctioned the Cash Credit Facility of Rs. 25 Crores. Subsequently, an amendment to the terms of the original sanction was effected vide communication dated 07.02.2020. Working Capital Term Loan (ECLGS)for an amount of Rs. 3.12 Crores and Working Capital Term Loan (ECLGS) for Rs. 4.36 Crores were sanctioned as requested by the CD. The above facilities have been acknowledged by the CD through "Application/Lefter of making credit facitity available" dated 10.02.2A20,02.07 .2020 and 27.12.2021 issued by the CD to the Applicant. 4.3 On perusal of the Statement of Accounts placed on record it is observed that the Applicant has maintained the accounts of the CD for WCTL GECL bearing AJc No' 60358138638, for WCTL ll GECL bearing A/c No. 60403539196 and for Cash Credit Facility bearing A/c No. 60352465152. The amount of Rs. 25 Crore (Cash Credit) was disbursed on 15.A2.2O20, Rs. 3.12 Crores was disbursed on 04.A7.2020 and .36 Crores on 29.12.2021, which can be seen from Pg. Nos' 31, 37 and 41 of ;l,'"'tf ffiotllr'sti i+; gf,ffie//flp ion. The Certificate under Section 2Aof the Banker's Book of Evidence .;_- \tf, ffAct, confirms the above accounts are maintained by the Appticant' From \sf#"& 7l Page No.37UM8/2025 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI perusal of these documents, we are of the view that there arose a financial relation between the parties and there were disbursals made by the Applicant to the CD. 4.4 ASimple Mortgage Deed dated 09.01 .2020 was executed between the Applicant and the CD. This deed was in line with the cash credit facility borrowed by the CD. The Repayment of this credit facility as per First Schedule of the Mortgage Deed dated 09.01 .2020 was "On Demand" by the Applicant. ln case of Working Capital Term Loan (ECLGS) for an amount of Rs. 332 Crores, a Term Loan Agreement dated 02.07.2020, a Deed of Hypothecation dated A2.07.2020 and a Deed of Guarantee providing a personal guarantee in respect of all credit facilities except agriculture lending in favour of the Applicant dated A2.07.2020 were executed in favour of the Applicant. ForWorking Capital Term Loan (ECLGS) of Rs. 4.36 Crores a Term Loan Agreement dated 27.12.2021, Deed of Hypothecation dated 27.12.2021 and Deed of Guarantee dated 27.12.2021 were executed in favour of the Applicant. 4.5 On perusal of the Simple Mortgage Deed dated 09.01 .2020, it is seen that Clause 1 provides for repayment of the cash credit facility borrowed by the CD. The Clause 1 along with the interest Clause 2 are as below: "7. Considerotion Repoyment: !n considerotion of the sum of Rs.25,00,A0,000/- (Rupees Twenty-Five Crore only) agreed to be lent and odvanced by the Mortgogee Bank to the Borrower Portnership Firm in one or more instollments occording to the needs of the Borrower and as the Mortgogee Bank deems fit. The Borrower do hereby covenonts with the Mortgogee thatthe Borrower shall repav the said Cosh Credit Limit to the Mortaooee Bonk at Bhavoni Peth. Pune Branch or wherever demonded in the monner detailed in the First Schedule hereunder written or such Repavment Proaromme as mav be mutuollv qareed between the Borrower ond the Mortqqqee Bjgnk. ond olso all costs, charges and expenses incurred or to be incurred by the Mortgogee Bank till the dote of {-":U"q 'nt or realizotion of the entire bolance, for the preservation, protection, 5WF and perfection of the security hereby creoted or for attempted or realisotion ar enforcement of the mortgoge. srffiD 8l Page o.371.lM8l2AZ5 Bank of Maharashtra v M/s. SPD Cold Storage LLP

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2. lnterest: The Borrower further covenants with the Mortgogee Bank to poy interest on the said sum of Rs.25,00,00,000/- (Rupees Twenty Five Crore only) or such sum os moy be due by the Borrower to the Bank from time to time at the rate of One Yeor MCLR + BSS + 2.75%, presently ot the rote of 8.40% + 0.50% + 2.75 = L7.65% per onnum with monthly rest to token on and such interest to be paid on everv month till the entire credit limit and interest thereon is repoid bv the Borrower."

4.6 lt is also to be noted that the Term Loan Agreement dated 02.07.2020 and 27122021 are having the repayment terms as per the Schedule in the Agreement. Therefore, it is clear from the above clauses that the CD had to pay interest every month till the entire credit limit and interest is repaid by the CD. lt is seen from the Statement of Accounts bearing A/c No. 60352465152, that the last payment made by the CD was of Rs. 75,OOOI-on 04.1 1.2023, in A/c No. 60358138638 was of Rs.3 Lakh on 14.09.2023 and in A/c No.60403539196 was for Rs.1 Lakh (approx) on 14.09.2023, though the accounts were irregular and in default w.e.f. 30.06.2023. Thereafter, no payment was made by the CD. 4.7 Further, to determine the default committed by the CD we refer to the terms of event of default as per the Simple Mortgage Deed and Term Loan Agreements, which are as under: (i). clause 10 of the simple Mortgage Deed dated 09.01 .2020: "70. Default of Poyment: tn the event of - (i)defautt in payment of ony installment of principal amount on its due date, or (ii) in default in payment of interest as ond when it me due, or (iii) breach being committed ony of the covenants herein /,ff.."15\ ined ond to be observed ond performed by the Borrower, the Mortgagee t.ir; ."1$ l) ..S"(\-)* ^"-k. ' tt,l " a q ve the option to dement of the entire omount of said credit limit then *q,ffi' '/' E* ie\ 2 g as if the due dates hod elaPsed. E.- *rr.d. c,& \sf^i#E 9l Page CP (lB) No.371lMB/2a25 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH.VI (ii). Clauses 1 & 2 of the Term Loan Agreements dated 02.A7.2020 and 27.12.2021: "7.......... ln the event of foilure of the Borrower/s to pay dny one instollment on its due dote the entire omount then outstanding sholl at the option of the Bank become due and payable immediately. 2. The Borrower/s ogrees with the Bonk thot, so long os the said Facilities or any portion thereof will remain outstonding or unpaid, the Borrower/s will poy to the Bank interest on the outstanding from time to time ond commission, costs, chorges, expenses, penol interest etc. at such rate ond rests ond periodicity as mentioned in the in the Bonk's sanction letter ......." 4.8 ln terms of the above said agreements the CD had to make payment of the principal amount and interest amount as and when it becomes due. The CD has made last payment on 04.1 1.2023 under Cash Credit Facility but has not made regular payments as per the agreed terms from the month of June to September. Pursuant thereto, the Applicant classified CD's account as NPA on28.09.2023. Thereafter, the Applicant issued a notice under Section 13(2) of the SARFAESI Act, 2002 dated CI4i1.2123 calling upon the CD to repay in full the amount of Rs. 31,65,67,4U.7A1-including interest at the rate of 10.85 o/o p.a. and 9.25o/o p.a. as unapplied interest and 2o/o p.a. as penal interest. 4.9 On perusal of the RBI guidelines for declaring an account as NPA, we rely on the following clauses: ,2.7.2 With o view to moving towords internationol best practices ond to ensure greater transparency, '90 doys'overdue norms for identification of NPAs hove been mode applicable from the year ended Morch 3L, 20A4. As such, with effect from March 3L,2004, o non-performing asset shallbe o loan or an advance where: lnterest and/or installment of principalremoin overdue for a period of more thon 90 days in respect of a Term Loan' (<]"--^.*^'t;fi The account remains'out of order'for o period of more than 90 E days, in respect of on Overdroft / Cash Credit (OD/CC)' \ft{It ,''$*\ li."-'.' t:l'6 '4) \EJ#IP 101 Page cPllB) No.37L/MBI2O25 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH'VI (ii i) The bill remains overdue for a period of more than 90 days in the case of bills purchosed ond discounted. (iv) (v) Any omount to be received remains overdue for o period of more tttan 90 days in respect of other accounts' 2.2.2 Treotment of NPAs - Borrower-wise and not Facility-wise (i) tn r bank, all the focilities oronted bv the bonk will have to be treoted os NPA and not the porticular focility or part thereof which has become irregulor." 4.10 Therefore, placing reliance on the above clauses we are of the view that the CD was defaulting in regular payments in cash credit facility and therefore, in consideration of the above Clause in 2.2.2 (i), all the facilities granted by the Applicant will have to be treated as NPA. 4.11 The date of default was amended by the Applicant in Form 1 as 30'06 '2023 which is the date from which the CD started incurring default in payment of instalments andior in interest. Even the outstanding in the CC account exceeded the sanctioned limits with effect from 30.06.2023 onwards. Subsequently, vide Notice u/s 13(2) of SARFAESI Act, 2002, dated a4.10.2023 allthe facilities were recalled and as a result the entire facilities became due for payment. The date of default was amended in Form 1 videAdditional Affidavit dated 0g.07.2025. The NeSL record also states the date of default as 30.06.2023' 4.12 The NesL records of default under Form D record the Status of Authentication of default as'Authenticated' and the total outstanding amount as Rs'29, 1 6,44,384'50/-and Rs, 4,g5,00,070.76t-with respect to different facilities', , Rs.1 ,20,14,772.451 4.13 The Applicant has proposed the name of Mr. Prakash Jain to act as the lnterim ution Professional (lRP) and has given his declaration in Form 2' inter alia' nodisciplinaryproceedingispendingagainsthim.onperusalofthelBBl i.f .r,llhi T z' E B,:; seen that the Applicant has AFA which is valid till 31 .12'2025' 111 Page WSflSdra ,ly'lnazs eam;t tulanarashtra v Mls. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI

4'14 Thus, it is clear from perusal of the record that an amount of more than the threshold limit of Rs'1 Crore under Section 4 of the Code is due and payable by the CD to the Applicant. Hence, we find that the Applicant has been able to substantiate the existence of a financial debt due and payable by the CD which remained unpaid. The debt so owed by the CD to the Applicant falls within the definition of "financial debt" under Section 5(8) of the Code. 4.15 lt is also seen that the Application filed by the Applicant on 04.03.2025, is under limitation which is within the period of three years from the date of default. 4'16 Furthsr. we rely upon the Hon'ble Supreme Court's judgment in M/s. lnnoventive lndustries Ltd. v. l0l9t Bank & Anr. (Judgment dated August 31,2Ai7 in Civil Appeal Nos. 8337-8338 of 2017) wherein it has been held as follows:

"26. when it comes to a financiat creditor tiggeing the process, section 7 relevant. becomes .....1f is at the sfage of secfibn 7(s), where the adiudicating autttoity ls to De saflsfr'ed that a defautt has occurred, that the corporate debtor ts entitled to point out that a default has not occuned in fhe sense that the "debt", which may also inctude a disputed claim, is not due. A debt may not be due if lf rs nof payable in law or in fact. The moment the adiudicatina authoritu is satisfied that a default has occurred, the aoplication must be admitted unless it is incomolete, in which case ff may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7). the adjudicating authoity shattthen communicate the arder passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be. 30. on the other hand, as we have s;een, in ffie case of a corporate debtor wt'to commits a default of a financial debt, the adjudicating atthority has merely fo see the records of the information utility or other evidence praduced by the financial creditar fo sattsfy itself that a default has occuned /t is of no matter that the debt rs drsputedso long as the debt is "due" i.e. payable unless interdicted by some law or has not yet become due in ffie sense that it is payable at some future date. lt is f-figSr'"-rAif:rf/iq le> ;u\ ''" and not otherwise." (Emphasis Y;'. er#"/9-b 121 Page 77/MB/2A2s Bank of Maharashtra v Mls. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI

4'17 Considering the above judgment, facts and findings, we are of the considered view that the Applicant has placed on record necessary evidences and materials to demonstrate the existence of the financial debt and therefore, the Application/petition filed is complete. 4.18 ln view of the above, we find that requisite conditions necessary to trigger ClRp in respect of the CD are fulfilled and the matter deserves to be admitted under Section 7 of the Code. 4.19 We make it clear that at this stage we have not crystalized the amount as claimed in this Application, and the same is left to be collated by the lRp. ORDER ln view of the aforesaid findings, Application bearing C.P.(lB) No.371lMB:}O2S filed under Section 7 of the Code by Bank of Maharashtra, the Applicant, for initiating CIRP in respect of M/s. SPD Gold Storage LLP, the Corporate Debtor is hereby admitted.

We further declare moratorium under Section 14 of the Code with consequential directions as mentioned below: - I. We prohibit- 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 Debtor of its assets or any legal right or beneficial interest therein; $"H,i"'h action to foreclose, recover or enforce any security interest created by &? th9 te Debtor in respect of its property including any action under the sjw 131 Page No.371,lMB/2025 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-VI

Securitisation and Reconstruction of Financial Assets and Enforcement of Security lnterest Act, 2OO2; d) the recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. il. That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. ilr. That the order of moratorium shall have effect from the date of this order till the completion of the CIRP or until this Tribunal approves the resolution plan under Section 31(1) of the Code or passes an order for the liquidation of the Corporate Debtor under Section 33 thereof, as the case may be. tv. That the public announcement of the CIRP shall be made in immediately as specified under Section 13 of the Code read with Regulation 6 of the lBBl (lnsolvency Resolution Process for Corporate Persons) Regulations, 2016 and other Rules and Regulations made thereunder. V. That this Bench hereby appoints Mr. Prakash Jain, a registered lnsolvency Professional having Registration Number IBBUIPA-OO1/tP-PO1368/2018- 2019112131 and e-mail address ipprashantjain@gmail.com having valid Authorisation for Assignment up to 31 .12202s as the lRp to carry out the functions under the Code. vt. That the fee payable to IRP/RP shall be in accordance with such RegulationslCirculars/ Directions as may be issued by the lBBl. That during the CIRP Period, the management of the Corporate Debtor shall vest ffi,I:*.th IRP or, as the case may be, the RP in terms of Section 1l or section 2s, 'r ,i/i o - & \ 1 i i, f :, i ri U l?i &!\ as case may be, of the Code. The officers and managers of the Corporate sfsg 141 Page cP (lB)No.371/M8/2025 Bank of Maharashtra v M/s. SPD Cold Storage LLP

IN THE NATIONAL COMPANY LAW TR'BUNAL MUMBAI BENCH-VI Debtor the corporate Debtor is directed to provide effective assistance to the tRp as and when he takes charge of the assets and management of the corporate Debtor. Coercive steps will follow against them under the provisions of the Code read with Rule 11 of the NCLT Rules for any violation of law. Vlll' That the IRP/IP shall submit to this Tribunal periodical reports with regard to the progress of the clRp in respect of the corporate Debtor. lX' ln exercise of the powers under Rule 11 of the NCLT Rules, Z}16,the Applicant is directed to deposit a sum of Rs.3,00,000/- (Rupees Three Lakh) with the lRp to meet the initial CIRP cost arising out of issuing public notice and inviting claims, etc' The amount so deposited shall be interim finance and paid back to the Applicant on priority upon the funds available with IRP/RP from the committee of Creditors (CoC). The expenses incurred by IRP out of this fund are subject to approval by the CoC. X' A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai for updating the Master Data of the corporate Debtor. Xl' A copy of the Order shall also be forwarded to the lBBl for record and dissemination on their website. Xll' The Registry is directed to immediately communicate this Order to the Applicant, the Corporate Debtor and the IRP by way of Speed Post, e-mail and WhatsApp. Xlll. Compliance report of the order by Designated Registrar is to be submitted today.

sd/- sd/- SAMEER KAKAR NILESH SHARMA MEMBER (TECHNTCAL) MEMBER (JUDtctAL) Certified True Copy Copy lssued "free ofcost" On l2lDq lq$>S {L-Y+y> \ Aqiisfnt Registrar 151 Page 1./MB/2A2s NationalCor iany Law Tribunal Mumbai Bench alraraal.rtra ., I\,1 /^ cDn rr^l-I o+^-^^^ r r n