RAMSWARUP INDUSTRIES LTD Vs. ICICI BANK LTD

JUDGEMENT

(1.) This is an application filed by the corporate applicant for initiating Corporate Insolvency Resolution Process under Sec. 10 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to I 8& B Code, 2016) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Corporate applicant is Ramswarup Industries Ltd. whose identification No. is L65993WB1979PLC032113 and Shri Ashish Jhunjhunwala, Managing Director has filed this application on behalf of the corporate applicant on the basis of board resolution dated 18/5/2017 whereby Shri Ashish Jhunjhunwala, Managing Director of the company has been authorized to file necessary application under the provisions of Insolvency and Bankruptcy Code, 2016. A copy of the Board Resolution dated 18/5/2017 is annexed with the application as Annexure 5.

(2.) Corporate applicant has also proposed the name of Nilesh Sharma as Interim Resolution Professional (nilesh.sharma(;irrip.com) and also given his details at Part II page 5 of the application.

(3.) Corporate applicant has filed this application on the basis of default in payment to financial creditors and relevant details of financial creditor whereby default has occurred have been annexed in Annexure 6, page 137A to 1370 which shows the total amount of default Rs.3,379.77 crore and outstanding amount is Rs.2,047.70 crore. The chart shows that this default committed on account of loan taken by the corporate applicant from different banks. The details of corporate facilities from different financial creditors are also given from Annexure 7 to 35, pages 138 to 166 of the application. The petitioner has also annexed the document evidencing the existence of debt such as sanction/renewal letter/loan agreement which is Annexure 37 to 64 pages 248 to 393. The petitioner has also annexed a copy of notice along with the correspondence with various assets reconstruction companies, details are annexed as Annexure 37C to 40C, 42C, 43C, 49C, 50C, 52C, 53C, 54C and 66.