NCLT asks Ramsarup creditors to file replies

The Kolkata bench of the National Company Law Tribunal (NCLT) on Thursday asked all secured creditors of Ramsarup Industries to file their replies within 15 days. The tribunal will hear the company’s insolvency application on October 6.  The bench gave creditors 15 days to file affidavits after Vijaya Bank’s counsel Debasish Chakrabarty and SREI Equipment Finance’s counsel Swatarup Banerjee sought time citing pending cases against the company in the Calcutta High Court. Hearing the case, the division bench of the tribunal, comprising justice Vijai Pratap Singh and justice Jinan KR also directed the company to file its rejoinder within seven days of receiving replies from its creditors.

On August 21, the tribunal had asked the Centre and secured creditors of the steel maker to implead as respondents.  Ramsarup Industries had earlier filed an application for initiating corporate insolvency process under Section 10 of the Insolvency and bankruptcy code (IBC) which was opposed by ICICI Bank. The Kolkata-based steelmaker owes lenders R2,049 crore. Lenders to the company include State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB), IDBI Bank, Axis Bank, Bank of India (BoI), Vijaya Bank, Canara Bank, Allahabad Bank, United Bank of India and SREI Equipment Finance.

During the hearing on Thursday, counsels representing ICICI Bank, Vijaya Bank and SREI Equipment Finance and Asset Reconstruction Company India (Arcil) appeared before the NCLT.  In his submission, Ramsarup Industries’ counsel Sidhartha Sharma said, “We have already informed all the secured creditors, who were represented before the BIFR, and also the secretary of ministry of corporate affairs. On August 26, we also posted our application copy to all the secured creditors.”  In FY17, the steel maker 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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