On Friday, the National Company Law Tribunal in Ahmedabad accepted Rasna Pvt. into insolvency proceedings, which were initiated by logistics company Bharat Road Carrier Pvt. Ravindra Kumar Goyal has been appointed as the interim resolution professional.
Back in 2019, Bharat Road Carrier filed an application to kickstart the corporate insolvency resolution process against Rasna, the manufacturer of the popular Rasna summer drink. The logistics company asserted that Rasna owed them approximately Rs 71.3 lakh for transportation services. While Rasna acknowledges using the carrier company’s services, it maintains that there are disputes regarding the quality and terms of the services.
The court said in its order, “The Application bearing CP(IB) No. 317 of 2019 filed by M/s. Bharat Road Carrier Pvt. Ltd. (the Applicant/ Operational Creditor), under section 9 of the Code read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against M/s. Rasna Pvt. Ltd. (the Corporate Debtor) is hereby admitted.”
As per the judgement, the court directs Goyal to make a public announcement of the initiation of the Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1)(b) of the IBC, CP (IB) 317/NCLT/AHM/2019.
The court order further said, “The IRP is expected to take full charge of the Corporate Debtor assets, and documents without any delay whatsoever. He is also free to take police assistance in this regard, and this Court hereby directs the Police Authorities to render all assistance as may be required by the IRP in this regard.”
