(Under Section 7 of the IBC, 2016)

In the matter of: - M/s. AKS Cold Storage Limited

Indian Bank

254-260, Avvai Shanmugam Salai, Royapettah, Chennai - 600 014

And also at: Indian Bank Stressed Assets Management Branch

First Floor, Near Carmel Garden MHS School, Puliakulam Main Road, Coimbatore 641045

Ph: 9442646501 Email:armbcoimbatore@indianbank.co.in.…Petitioner/Financial Creditor

-Vs.-

M/s. Aks Cold Storage Ltd

A public limited company, SF No. 43 1 G2, Aroor Junction, Aroor Post, Alappuzha, Kerala - 688543.… Respondent/Corporate Debtor

O R D E R

Per Coram

1. The present Petition is filed by Indian Bank (hereinafter referred to as the “Financial Creditors”) under Section 7 of the Insolvency and Bankruptcy Code, 2016, (the Code), r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating the Corporate Insolvency Resolution Process (CIRP), declaring moratorium and for appointment of Interim Resolution Professional (IRP), against M/s AKS Cold Storage Ltd (hereinafter referred to as the “Corporate Debtor”).

2. Part-I of the Form I sets out the particulars of the Financial Creditor, namely, Indian Bank, a Body Corporate incorporated on 05.03.1905, under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Corporate Office at 254-260, Avvai Shanmugam Salai, Royapettah, Chennai – 600014, and acting through its Stressed Assets Management Branch situated at First Floor, Near Carmel Garden MHS School, Puliakulam Main Road, Coimbatore – 641045.

3. Part-II of the Form I contains the particulars of the Corporate Debtor, namely, M/s. AKS Cold Storage Ltd., bearing Corporate Identification Number (CIN) U63022KL2003PLC015881, incorporated on 9th January, 2003, having its registered office at SF No. 43 1 G2, Aroor Junction, Aroor Post, Alappuzha, Kerala – 688543.

4. Part-III of Form-1 reveals that the Petitioner has proposed Mr.Mahalingam Suresh Kumar, bearing Registration No. IBBI/IPE- - 1/2022-23/50033 as the IRP in this matter. A copy of Form-2 i0s1 a4t3ta/cIhРeAd with the petition as Annexure-A3.

5. Part-IV of the Form-1 indicates that the date of default as claimed by the Financial Creditor is 31.12.2019 and the date of classification of the account of the Corporate Debtor as NPA is 31.03.2022. The amount in default as claimed in the Petition is Rs.40,48,84,204.89/-. Further, the Financial Creditor issued a Demand Notice dated 26.04.2022 to the Corporate Debtor under Section 13(2) of the SARFAESI Act, 2002.

BRIEF FACTS OF THE CASE:

6. The Corporate Debtor is a Public Limited Company engaged in the business of operating cold storage facilities in Tamil Nadu and Kerala. The Financial Creditor has stated that the lending relationship originated with various entities connected with the AKS Group, including M/s. AKS Cold Storage (Proprietorship), M/s. AKS Food Park (Proprietorship), M/s. AKS Infrastructure (Proprietorship), M/s. S.S. Cold Storage (Proprietorship) and M/s. S.H. Cold Storage Pvt. Ltd. Certain facilities of the said entities were subsequently consolidated and restructured under M/s. S.H. Cold Storage Pvt. Ltd.

7. The Financial Creditor has submitted that loan facilities were initially sanctioned in 2006 for taking over the existing liabilities of M/s. AKS Cold Storage (Proprietorship) and M/s. AKS Food Park (Proprietorship). Thereafter, M/s. S.H. Cold Storage Pvt. Ltd. availed further Term Loan, Working Capital/SOD and AMTL facilities in 2010. The lending arrangement subsequently developed into a consortium arrangement with the erstwhile Syndicate Bank. Inter-se Agreements, Working Capital Consortium Agreements and Joint Deeds of Hypothecation were executed from time to time, with the Financial Creditor acting as the Lead Bank.

8. M/s. S.H. Cold Storage Pvt. Ltd. changed its name to M/s. AKS Cold Storage Pvt. Ltd. on 01.12.2014 and was thereafter converted into a Public Limited Company under the name of the Corporate Debtor. Pursuant to the change