DYNA ROOF PRIVATE LTD Vs. PURSHOTTAM GAGGAR

JUDGEMENT

(1.) Heard Dr. Ashok Saraf learned senior counsel for the petitioners. Also heard Mr. K N Choudhury learned senior counsel and Mr. S Chamaria learned counsel for the respondent no. 1, who is the Resolution Professional representing the Corporate Debtor, RSH Agro Products Limited and Mr. S Dutta learned counsel for the respondent no. 2 Punjab National Bank, Mr. M Sarma learned counsel for the respondent no. 3 HDFC Bank. None appears for the respondent no. 4 IIFL Finance Limited and proforma respondent no. 5 Kamal Kumar Harlalka.

(2.) The petitioner no. 1 namely Dyna Roof Private Limited is a private limited company having its registered office at 10th Mile at Mawsmai Village in the Ribhoi district of Meghalaya and is represented by its Director Saurabh Agarwal, whereas the petitioner no. 2 Rohin Kumar Hansaria is the proprietor of a firm namely Steel Sales Corporation having its office at S J Road at Athgaon in Guwahati. Both the petitioners are unsecured financial creditors of the Corporate Debtor RSH Agro Products Limited.

(3.) At the instance of the Corporate Debtor RSH Agro Products Limited, an insolvency proceeding was initiated under Sec. 10 of the Insolvency and Bankruptcy Code, 2016 (in short IBC of 2016) before the National Company Law Tribunal (in short NCLT) at Guwahati, resulting in the registration C.P.(IB) No. 18/GB/2021, on the following grounds, as indicated in paragraph 5 of the writ petition : Non-disbursement of sanctioned limits for the refinery project. Interest Loss. Fixed expenditure in Unit-II. Large quantity of raw materials purchased in anticipation of refinery completion. Constraint on Profitability faced due to lack of adequate need based Working Capital. Continuous losses since FY 2018-19 Restrictions on import of Refined Palm Oil.