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  1. Ramsarup case: NCLT asks Centre, creditors to implead as respondents

Ramsarup case: NCLT asks Centre, creditors to implead as respondents

The Kolkata bench of the National Company Law Tribunal (NCLT) on Monday asked the Centre and other secured creditors of Ramsarup Industries to implead as respondents in the company’s insolvency application.

By: | Kolkata | Published: August 22, 2017 8:51 AM
Ramsarup case, NCLT asks Centre, creditors to implead, implead as respondents, National Company Law Tribunal The Kolkata bench of the National Company Law Tribunal (NCLT) on Monday asked the Centre and other secured creditors of Ramsarup Industries to implead as respondents in the company’s insolvency application.

The Kolkata bench of the National Company Law Tribunal (NCLT) on Monday asked the Centre and other secured creditors of Ramsarup Industries to implead as respondents in the company’s insolvency application. The tribunal will hear the case on August 31. Ramsarup Industries had earlier filed an application for initiating corporate insolvency process under Section 10 of the Insolvency and bankruptcy code (IBC) which ICICI Bank opposed. In his order on Monday, justice Vijai Pratap Singh of the Kolkata bench of the NCLT said, “I direct the corporate applicant (Ramsarup Industries) to implead central government through the secretary, ministry of corporate affairs as respondent along with all the secured creditors, who were represented in reference before BIFR.”

The Kolkata-based steelmaker owes lenders Rs 2,049 crore. “It is also pertinent to mention that in BIFR, all the banks were presented…ICICI Bank has filed an objection which has exposure to less than 1% of total outstanding amount. But principles of natural justice requires opportunity of hearing to all the creditors,” justice Singh observed.

Lenders to the company include State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB), IDBI Bank, Axis Bank, Bank of India (BoI), Canara Bank, Allahabad Bank and United Bank of India. In FY17, the company had reported a net loss of Rs 55.66 crore on the back of Rs 2.75 crore in revenues. In June, the Central Bureau of Investigation (CBI) had registered a case against the promoters and directors of Ramsarup Industries on the allegations of cheating United Bank of India of Rs 184.43 crore.

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