KOLKATA

and

CP (IB) No. 127/KB/2023

A petition under section 7 of the Insolvency and Bankruptcy Code, 2016 read

with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating

Authority) Rules, 2016.

In the matter of:

Oarsman Credit Private Limited

[CIN: U51900WB1994PTC066907]

…Financial Creditor

Versus

Ideal Real Estates Private Limited [CIN: U70101WB1988PTC045347]

…Corporate Debtor

I.A. (IB) No. 1920/KB/2023

An application under section 60(5) of the Insolvency and Bankruptcy Code,

2016 along with rule 11 of the National Company Law Tribunal Rules, 2016.

In the matter of:

Ideal Real Estates Private Limited [CIN: U70101WB1988PTC045347]

… Applicant

Versus

Oarsman Credit Private Limited

[CIN: U51900WB1994PTC066907]

… Respondent

Order pronounced on: 05.04.2024

Coram:

Shri Rohit Kapoor : Member (Judicial)

Shri Balraj Joshi : Member (Technical)

Appearances (through hybrid mode):

For the Financial Creditor : 1. Mr. Ratnanko Banerji, Senior Advocate

2. Mr. Reetibroto Mitra, Advocate

3. Ms. Urmila Chakrabortym Advocate

4. Mr. Aditya Kanodia, Advocate 5. Ms. Suparna Sardar, Advocate For the Corporate Debtor : 1. Mr. Joy Saha, Senior Advocate

2. Mr. Shaunak Mitra, Advocate

3. Mr. Dripto Majumdar, Advocate

4. Mr. Saubhik Chowdhury, Advocate

COMMON ORDER

Per Coram

1. This Court convened through hybrid mode.

2. The Company Petition and I.A are being dealt in a common order as both are interconnected.

Preamble

3. The Company Petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (“Code”) by Oarsman Credit Private Limited, represented by Mr. Kamala Shankar Singh, authorized through a Board Resolution dated 26 May 2023, Page 36 of the C.P. seeking to initiate Corporate Insolvency Resolution Process (“CIRP”)

against Ideal Real Estates Private Limited (“Corporate Debtor”).

4. I.A. (IB) No. 1920/KB/2023 has been filed by Ideal Real Estates Private Limited against Oarsman Credit Private Limited praying for the following reliefs:

a. Stay of all further proceedings in C.P. No. 127/KB/2023 b. C.P. No. 127/KB/ of 2023 being dismissed was permanently stayed.

c. Ad-interim order in terms of prayers above.

d. Such further and/or other order or orders be passed, direction or directions be given as to which the Learned tribunal may deem fit and proper.

5. The Corporate Debtor was incorporated on 07 October 1988, having CIN:

U70101WB1988PTC045347. It’s registered office is 50 J L Nehru Road, Kolkata- 700071. Therefore, this Bench has jurisdiction to deal with this petition.

C.P. (IB) No. 127/KB/2023

6. The present petition was filed on 13 June 2023 before this Adjudicating Authority on the ground that the Corporate Debtor has defaulted to make a payment of a sum of Rs.7,38,31,923.80/- (Rupees Seven Crore Thirty-Eight Lakh Thirty-One Thousand Nine Hundred Twenty-Three and Eighty Paise) as on 01 June 023. The date of default has been mentioned as 21 September

2022.

Submission of learned Senior Counsel appearing for the Financial Creditor

7. The learned Senior Counsel submitted the Financial Creditor is a NBFC and an amount of Rs.5,00,00,000/- (Rupees Five Crore only) together with interest at 17% p.a. which was revised to 18% p.a. and later to 20%, was disbursed to the Corporate Debtor from 04 May 2013 to 20 May 2013 for a period of 120 days which was extended from time to time. An amount of Rs.1,00,00,000/-

was returned to the Financial Creditor.

8. Mr. Banerji submitted that the Financial Creditor along with two other Financial Creditors viz. Socrato Capital Private Limited and Aris Capital Private Limited filed a petitioner under section 7 of the Code which was registered as C.P. (IB) No. 1621/KB/2018, the parties arrived at a settlement and in view of the settlement agreement dated 21 November 2020 and thereby filed I.A. (IB) No. 1499/KB/2020 for withdrawal of the Company Petition which was allowed on 22 January 2021.

9. The Corporate Debor failed to make payment in terms of the settlement agreement hence, the Financial Creditor along with the other two creditors filed an appl