KOLKATA BENCH, (Court-II)

KOLKATA C.P. (IB) No. 48/KB/2022 An application under Section 9 of the Insolvency & Bankruptcy Code, 2016.

In the matter of:

Bajrang Steel Trading Company (India) PrivateLimited [CIN U27106WB1986PTC040465], having its registered office at 23A Netaji Subhash Road, Kolkata – 700001; ….Operational Creditor -Versus-

Ramkrishna Engineering Private Limited[CIN U29253WB2013PTC196024], having its registered office at P.O. New Kolorah, NH-6, P.S. Domjur, Howrah – 711302;

…Corporate Debtor Date of hearing: 28 March, 2023 Order Pronounced on: 03 May, 2023 Coram:

Smt. Bidisha Banerjee, Member (Judicial)

Shri Balraj Joshi, Member (Technical)

Appearances (via video conferencing/physical)

For the Operational Creditor : Mr. Shaunak Mitra, Adv.

: Mr. Varun Kothari, Adv. : Mr. Nikunj Berlia, Adv.

For the Corporate Debtor : Mr. Sourojit Dasgupta, Adv.

: Mr. Victor Dutta, Adv.

Limited C.P. (IB) No. 48/KB/2022

O R D E R

Per: Bidisha Banerjee, Member (Judicial) 1. The Court convened via hybrid mode.

2. This is a Company Petition filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Mr. Shashi Churiwala, Authorised Signatory, Bajrang Steel Trading Company (India) Private Limited(‘Operational Creditor’)duly authorised vide Board Resolution dated 23 June, 2021¹ for initiation of Corporate Insolvency Resolution Process (‘CIRP’) against Ramakrishna Engineering Private Limited(‘Corporate Debtor’)

3. The present Petition was filed on 28 December, 2021 before this Adjudicating Authority. The total amount claimed in default is Rs.1,45,34,345/- (Rupees One Crore Forty-Five Lakh Thirty Four Thousand Three Hundred Forty Five only) [Principal – Rs.47,49,701/- and Interest – Rs. 97,84,644/-].First date of default is stated to be as on 16 May, 2017 and the last date of default is stated to be as on 25 June, 2019.

4. In part II of the Petition the authorized share capital of the Corporate Debtor is Rs.1,00,00,000/- (Rupees One Crore only) with subscribed share capital of Rs.28,00,000/-(RupeesTwenty Eight Lakhonly). Part – IV of the Petition deals with the particulars of the Operational Debt.

5. Submissions by the Ld. Counsel appearing on behalf of the Operational Creditor

5.1 The Corporate Debtor had approached the Operational Creditor for supply of various types of iron goods, equipments and other allied items. The Corporate Debtor used to place orders either verbally or thorough email or telephonically for supply of such goods. In terms of such orders, the Operational Creditor supplied goods to the Corporate Debtor.

Page 354 of the Petition.

Limited C.P. (IB) No. 48/KB/2022

5.2 The delivery of goods was duly accepted by the Corporate Debtor in good order and condition without any objection or demur at any material point of time and the same was appropriated and utilized by the Corporate Debtor for profit.

5.3 The aggregate claim raised by the Operational Creditor on the Corporate Debtor towards supplies was Rs.52,99,701/-(Fifty Two Lakh Ninety Nine Thousand and Seven Hundred and one only).Such invoices were to be paid by the Corporate Debtor on the terms and conditions as mentioned in the Invoices. Value Added Tax, Excise Duty and other statutory taxes and duties as applicable were charged.

5.4 The Corporate Debtor never raised any disputes in respect to the correctness and validity of the Invoices raised by the Operational Creditor. In due acknowledgement and admission of Corporate Debtor’s liability to make payment of such Invoices, the Corporate Debtors have made part payments from time to time towards part liquidation of their outstanding dues covered by such Invoices.

5.5 After part payment received from the Corporate Debtor, a sum of Rs.47,49,701.00/- (Forty Seven Lakh Forty-Nine Thousand Seven Hundred and one only) remained due owing and payable by the Corporate Debtor.

5.6 The Operational Creditor and the Corporate Debtor treat