IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

COURT - 2

ITEM No.301

CP(IB)/242(AHM)2022

Order under Section 7 IBC

IN THE MATTER OF:

Wrinkle Marketing Pvt Ltd ........Applicant

V/s

Roselabs Bioscience Limited ........Respondent

Order delivered on: 05/06/2024

Coram:

Mrs. Chitra Hankare, Hon’ble Member(J)

Dr. Velamur G Venkata Chalapathy, Hon’ble Member(T)

ORDER

The case is fixed for pronouncement of order.

The order is pronounced in open court, vide separate sheet. SD/- SD/-

DR. V. G. VENKATA CHALAPATHY CHITRA HANKARE

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BEFORE THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD DIVISION BENCH COURT NO.2 (Under Section 7 of the Insolvency and Bankruptcy Code, 2016) read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

In the matter of:

1. Wrinkle Marketing Private Limited

18, Giri Babu Lane, 3rd Floor, Room No. 3C Kolkata-700012 ..Financial Creditor No. 1

2. Somnath Mechandise Private Limited

36, Ganesh Chandra Avenue, 4th Floor, Kolkata-700013 .. Financial Creditor No. 2 And Roselabs Bioscience Limited having its registered office At C-1206, Siddhivinayak Towers B/H Adani Cng Pumb, Off.

S.G.Highway Makarba Ahemdabad-380051 … Corporate Debtor Order pronounced on 05/06/2024 Coram:

Mrs.Chitra Hankare, Member (Judicial)

Dr.Velamur G Venkata chalapathy, Member (Technical)

Appearance:

For the Applicant : Mr. Shaan Munshaw, Adv. For the Respondent : Mr. Kunal Vaishnav, Adv.

JUDGMENT

1. This Application is filed under section 7 of the Insolvency and Bankruptcy Code, 2016 ( hereinafter referred to “as the code”) by the Financial Creditors/Petitioners for initiation of Corporate insolvency Resolution Process (hereinafter referred to as “CIRP”) against the Corporate Debtor i.e. Roselabs Bioscience Limited for total amount in default for both Applicants is Rs. 18,74,23,136.46 as on 31.07.2022. The date of default is 01.09.2013.

2. The Financial Creditors No.1 has granted financial assistance of Rs. 3,69,00,000/- from 23.07.2013 to 27.08.2013. The Total amount of debt as on 31.07.2022 is Rs. 10,59,91,015.10/- including interest @ 18% pa from 01.09.2013 till 31.03.2014 and thereafter 12% pa from

01.04.2014 till 31.07.2022.

3. The Financial Creditor No. 2 has granted financial assistance of Rs. 2,83,50,000/- on 30.08.2013. The total amount of debt as on 31.07.2022 is Rs. 8,14,32,121.36/- including interest @18% pa from 01.09.2013 till 31.03.2014 and thereafter 12%

pa from 01.04.2014 till 31.07.2022.

4. The Financial Creditors invested substantial funds in the Corporate Debtor as inter Corporate deposits with the coupon rate of 18% pa compounded annually. The said investment was confirmed by the applicant in their board meeting after the investment was completed.

5. The Corporate debtor always acknowledged the deposits and issued a letter certifying the amount as inter corporate deposits (hereinafter referred to as ICDs) and stating the Coupon rate of the deposits as 18% per annum and as a security against the ICDs had given postdated Cheque to both the Financial Creditors. The aforesaid Cheques were stated to have been deposited by the Financial Creditors, but due to insufficient fund in the bank account of the corporate debtor the said cheque dated 15th February 2014 got dishonored. The Applicant thereafter immediately filed a Money Suit before the Hon’ble High Court at Calcutta. The Financial Creditor No. 1 filed C.S No. 120 of 2014 and financial creditor No. 2 filed Money Suit having C.S No. 121 of 2014 on April 2014 to recover the said fund. The Hon’ble High Court after hearing the matter passed the order dated 7th November 2014 and 20th August 2015 respectively in favour of the financial creditor No.

1 and 2 and directed the corporate debtor to pay the amount to the financial Creditor with an interest rate of 18% pa from 01.09.2013 till 31.03.2014 and thereafter 12% pa from 01.04.2014 in case of any delay in payment by the Loan Amount to the financial Creditors till the date of