IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

DIVISION BENCH

COURT - I

ITEM No.301

C.P.(IB)/41(AHM)2023

Order under Section 7 IBC

IN THE MATTER OF:

Raj Radhe Finance Ltd ........Applicant

V/s

SPGV Petrochem (India) Pvt Ltd ........Respondent

Order delivered on 16/04/2024

Coram:

Mr. Shammi Khan, Hon’ble Member(J) Mr. Sameer Kakar, Hon’ble Member(T)

PRESENT:

For the Applicant : For the Respondent :

ORDER

The case is fixed for pronouncement of the order. The order is pronounced in the

open court, vide separate sheet.

-Sd- -Sd-

SAMEER KAKAR SHAMMI KHAN

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BEFORE THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCH COURT-I CP (IB) No.41/AHM/2023 (An application 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: M/s. SPGV Petrochem (India) Pvt. Ltd.

M/s. Raj Radhe Finance Ltd.

(CIN: U67120GJ1985PLC007576)

Registered office at:

47, Shyamal Row House 3/B, Nr. Shyamal Cross Roads, Satellite, Ahmedabad, Gujarat-380015.

…Applicant / Financial Creditor VERSUS M/s. SPGV Petrochem (India) Private Limited, (CIN: U24100GJ2012PTC070496)

Having its registered office at:

201, Ushadeep Complex, Opp. Reliance Super, Nr. Navrangpura Railway Crossing, Navrangpura, Ahmedabad – 380009.

…Respondent/ Corporate Debtor Order Pronounced On: 16.04.2024 CORAM:

SH. SHAMMI KHAN, MEMBER (JUDICIAL)

SH. SAMEER KAKAR, MEMBER (TECHNICAL)

APPEARANCE:

For the Applicant/FC : Mr. Monal Davawala, Ld. Advocate For the Respondent/CD : Mr. Yuvraj Thakore, Ld. Advocate

O R D E R

1. The Present Application was filed on 09.02.2023 by M/s.

Raj Radhe Finance Limited (hereinafter referred to as “the Applicant/Financial Creditor”) against the Respondent , M/s. SPGV Petrochem (India) Private Limited (hereinafter referred to as “the Respondent/Corporate Debtor”) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, to appoint Interim Resolution Professional (hereinafter referred to as “IRP” and declare the moratorium for having defaulted payment of its outstanding dues Rs.25,09,03,489.29ps. including interest. The first date of default has been stated as 27.02.2017 and second date of default has been stated as

27.05.2017 being Date of NPA

2. Perusal of Part-I of the Form-1 reveals that the Applicant is a company incorporated under the provisions of the Companies Act, 1956 with CIN No. U67120GJ1985PLC007576. The registered office of the Applicant is situated at 47, Shyamal Row House 3/B, Nr. Shyamal Cross Roads, Satellite, Ahmedabad, Gujarat-

380015.

3. Perusal of Part-II of the Form-1 reveals that the Respondent/Corporate Debtor is one M/s. SPGV Petrochem (India) Private Limited having CIN No. U24100GJ2012PTC070496. The Respondent/Corporate Debtor was incorporated on 28.05.2012. As submitted, the authorised share capital of the Corporate Debtor is 7,75,00,000/- and the paid up share capital is Rs.7,25,00,000/-. The registered office of the Respondent/ Corporate Debtor is situated at: 201, Ushadeep Complex, Opp. Reliance Super, Near Navrangpura Railway Crossing, Navrangpura, Ahmedabad, Gujarat-380009.

4. The perusal of the Part-III of the petition shows that the Applicant/ Financial Creditor has also suggested the name of the proposed Interim Resolution Professional, Mr. Vinod Tarachand Agrawal, Address: 204, Wall Street - 1, Opp. Orient Club, Near Gujarat College, Ellisbridge, Ahmedabad - 380006 Email: ca.vinod@gmail.com Registration No: IBBIIPA-001 /lPP00641/2017-18/11090. He has filed his written communication annexed with the Application as Annexure-K as per the requirement of Rule 9(l) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

5. Part-IV of th