O R D E R

Per Coram

1. This petition has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the ‘Code’ or ‘IBC’) by M/s. Morgan Securities & Credits Private Limited (hereinafter referred to as the ‘Financial Creditor’ or ‘MSCPL’) on 16.03.2026 through its authorised representative, Mr. Sriniwas Chandan, who has been duly authorised vide Board Resolution dated 10.12.2025, against BPL Limited (hereinafter referred to as the ‘Corporate Debtor’) seeking initiation of the Corporate Insolvency Resolution Process (hereinafter referred to as the ‘CIRP’), appointment of an Interim Resolution Professional (hereinafter referred to as the ‘IRP’), and declaration of moratorium on account of default in repayment of a financial debt amounting to Rs. 13,23,70,00,924/- (Rupees Thirteen Hundred Twenty-Three Crores Seventy Lakhs Nine Hundred Twenty-Four Only).

2. Part I of the petition sets out the particulars of the Financial Creditor. It is stated that the Financial Creditor is a company incorporated under the provisions of the Companies Act, 1956, bearing Corporate Identification Number U46909DL1996PTC077623. The Financial Creditor was recognised as a Non- Banking Financial Company by the Department of Non-Banking Supervision, Reserve Bank of India, New Delhi, vide Certificate No. B14.02441 dated 23.08.2001, authorising it to carry on the business of a non-banking financial institution without accepting public deposits. Subsequently, vide order dated 02.11.2018, the Reserve Bank of India cancelled the said Certificate of Registration.

3. As per Part II of the petition, the Respondent/Corporate Debtor is a Public Limited Company with Corporate Identification Number: L28997KL1963PLC002015. The date of incorporation is 16.04.1963. The registered office of the Respondent/Corporate Debtor is situated at BPL Works Palakkad, Palakkad, Kerala, India, 678 007. Therefore, this Bench has jurisdiction to deal with this petition.

4. Perusal of Part III of the Petition reveals that the Petitioner/Financial Creditor has proposed AAA Insolvency Professionals LLP, having its office at First Floor, 64, Okhla Estate, Phase-III, New Delhi – 110020, bearing Registration No. IBBI/IPE/002/IPA-1/200-23/50001, to act as the Interim Resolution Professional (IRP). The proposed IRP has filed its written communication in Form-2, annexed to the Petition, in compliance with Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

5. Part IV of the petition signifies the amount of debt to the tune of Rs. 13,23,70,00,924/- (Rupees Thirteen Hundred Twenty-Three Crores Seventy Lakhs Nine Hundred Twenty-Four Only). The date of default is 14.06.2007.

6. Part V of the petition describes the particulars of Financial Debt; documents, records and evidence of default as described below:

1) Bill Discounting Facility Agreement dated 27.12.2002 and 11.06.2003 for Rs 6 Crores and 6.5 Crores.

2) Tabulation of all bills of exchange issued pursuant to the bill discounting dated 27.12.2002 & 11.06.2003 as on 10.08.2007 for Rs27,89,34,259/-

3) Acknowledgement letter dated 02.02.20227 sent and signed by the Corporate Debtor to the Financial Creditor.

4) Demand Notice dated 06.06.2007 for Rs.25,79,91 ,096/-

5) Copy of Notice by MSCPL to BPL dated 28.06.2007 for invocation of Arbitration proceedings for Rs.25,79, 91,096/-

6) Copy of the statutory Winding-Up Notice dated 07.06.2007 and the order passed in the winding-up proceedings.

7) A copy of the Order passed by the Hon’ble High Court of Delhi dated04.12.2012.

8) Copy of the Orders dated 08.02.2013, 12.09.2025 and 04.12.2025 passed by the Hon’ble Supreme Court.

9) Copy of the Arbitral Award dated 14.12.2016.

10) Copies of the SEBI disclosures dated 24.12.2024 and 05.12.2025.

11) The detailed computation of the default amount, reflecting the award sums and interest accrued and the bank statement of the Financial Creditor for the period 06.07.2002 to 13.01