RASHID ISMAIL THARADRA Vs. RAJ OIL MILLS LTD

JUDGEMENT

(1.) This Petition is filed on 23rd June 2017 invoking the provisions of Section 10 of Insolvency and Bankruptcy Code, 2016 (hereinafter The Code) by a "Corporate Debtor". This Application is filed by the Debtor to initiate Corporate Insolvency Resolution Process against itself.

(2.) Facts:- Facts in brief are that the Debtor had availed Credit Facilities from several Financial Creditors namely Citibank, SICOM Limited, Sidbi Limited and IFCI Factors Limited. Other Financial Creditors are Shamrao Vithal Co-operative Bank, Edelweiss Asset Reconstruction Company, Citibank Equity Loan an amount deposited by the Distributors. The major Creditors and the amount of default is as under, short listed from the long list annexed:-

(3.) Heard the Learned Representative. Examined the Petition in question along with voluminous annexures. At this preliminary stage "Admission" in my humble opinion it is not obligatory to discuss exhaustively the nature of the debts, terms and conditions under which loans were granted, charge created against the immoveable properties, terms and conditions of assignment of debt etc. Under the provisions of I & BP Code it is required to examine whether prima facie such an Application deserves Admission within the parameters of Section 10 of I & BP Code.