IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH-I

C.P (IB) No. 554/MB/2019

Under section 7 of the Insolvency & Bankruptcy Code,

2016

In the matter of,

Asset Reconstruction Company (India) Limited

(ARCIL)

[CIN: U65999MH2002PLC134884]

The Ruby, 10^th Floor, 29, Senapati Bapat Marg, Dadar

(West), Mumbai - 400028.

…Petitioner

Versus

Prabhu Hira Ice & Cold Storage Limited

[CIN: U99999MH1976PLC018852]

10/11 Mafco A.P.M. Yard, Vashi Turbhe, Opp. Sanpada

Railway Station, Navi Mumbai, Maharashtra- 400703.

… Respondent

Order Pronounced on: 30.08.2022

Coram:

Hon’ble Member (Judicial)

: Justice P. N. Deshmukh (Retd.)

Hon’ble Member (Technical)

: Mr. Shyam Babu Gautam

Appearances:

For the Applicant

:

Mr. Deep Roy, Counsel.

For the Respondent

: Mr. Janak Dwarkadas, Counsel.

IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH-I

C.P (IB) No. 554/MB/2019

Page 2 of 21

ORDER

Per: Shyam Babu Gautam, Member (Technical)

1.

The present Company Petition is filed by Asset Reconstruction

Company (India) Limited (ARCIL) (hereinafter referred to as the

“Petitioner”) under Section 7 of the Insolvency and Bankruptcy Code,

2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to

Adjudicating Authority) Rules, 2016 seeking initiation of Corporate

Insolvency Resolution Process (hereinafter referred to as “CIRP”)

against Prabhu Hira Ice & Cold Storage Ltd (hereinafter referred to as

the “Respondent”).

2.

The Respondent is a company incorporated under the Companies Act,

1956 having its registered address at 10/11 Mafco A.P.M. Yard, Vashi

Turbhe, Opp. Sanpada Railway Station, Navi Mumbai, Maharashtra-

400703.

Its

Corporate

Identification

Number

(CIN)

is

U99999MH1976PLC018852. Thus, this Tribunal has the jurisdiction to

entertain this petition.

3.

The aggregate debt amounts to Rs.56,07,02,586/- (Rupees Fifty-Six

Crore Seven Lakh Two Thousand Five Hundred and Eighty-Six Only)

as on 31.12.2018. Following is the computation of Amount in default

and the date of default:

Sr. No.

Facility

Amount in Rs. Date of Default

1.

Term Loan 1

7,69,15,094

30.09.2002

2.

Term Loan 2

32,11,68,461

30.09.2002

3.

Overdraft

12,87,02,206

31.12.2002

4.

Packing Credit Limit

1,53,95,163

31.12.2002

5.

EBD

1,85,15,981

30.06.2002

6.

Temporary OD

5,681

31.03.2003

Total

56,07,02,586

IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH-I

C.P (IB) No. 554/MB/2019

Page 3 of 21

The date of NPA is 06.03.2003.

Submissions made by the Ld. Counsel of the Petitioner by the way of

Petition:

4.

It is the case of the Petitioner that the Respondent requested the

Petitioner (original lender) to grant Term Loan and Working Capital

Limit on 19.11.1997. Accordingly, a sum of Rs.540 Lakh was sanctioned

by the Petitioner (original lender) vide its letter dated 23.12.1997. The

breakdown of sum is as follows:

Sr. No.

Facility

Amount in Rs.

1.

Term Loan 1

500 Lakh

2.

Overdraft

25 Lakh

3.

Packing Credit cum EBD

15 Lakh

Total

540 Lakh

5.

The Petitioner has annexed the details of the following properties over

which mortgage has been created in favor of the Petitioner:

Sr.

No.

Property Details

Date of creation of security

1.

Office Premises in Flat/Office No.-

89

Created initially on

01.01.1998 and subsequently

extended on 22.12.2000,

12.07.2001 and 08.10.2001.

2.

Godown Premises in Basement

No.-9, Mittal Chambers.

Created initially on

01.01.1998 and subsequently

extended on 22.12.2000,

12.07.2001 and 08.10.2001.

3.

Land and Building alongwith Plant

and Machinery at Plot No-10 & 11,

MAFCO APM Market.

Created initially on

01.01.1998 and subsequently

extended on 22.12.2000,

12.07.2001 and 08.10.2001.

4.

The whole of Current Assets of the

Respondent viz., the stocks of raw

materials, stocks in progress, semi-

finished and finished goods, stores

Created initially on

30.12.1997 and subsequently

on 23.11.2000,