Vasthi Trading Pvt Ltd Vs Farmax India Ltd (NCLT Hyderabad)
1. The instant Application bearing IA No. 515/2023 is filed by the Resolution Professional of M/s. Farmax India Limited under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, r/w regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by Mr. Reddy Srinivasa Reddy (“RSR/ ‘Resolution Applicant’) as duly approved by the Committee of Creditors with 100% voting share.
2. To put precisely, this Tribunal vide order dated 01.07.2022 admitted the petition filed under Section 9 of IBC, 2016 by M/s Vasthi Trading Private Limited and ordered Corporate Insolvency Resolution Process against Corporate Debtor/M/s Farmax India Limited by appointing the Applicant herein as Interim Resolution Professional who was subsequently confirmed as Resolution Professional.
3. Upon his taking over charge as IRP, the Applicant herein made public announcement in Form-A inviting claims from the creditors of the Corporate Debtor. Upon receipt of the claims, the Resolution Professional collated and verified the same and constituted the Committee of Creditors which consists of the following creditors.
|
S. No.C |
Name of the editor | Amount of Claim submitted Rs. | Final Claim admitted Rs. | % of Voting Rights |
|---|---|---|---|---|
| A: | Financial Creditors: Non-related | |||
| 1 | Reliance Asset Reconstruction Company Limited | 1,82,53,249 | 1,82,53,249 | 100.00% |
| TOTAL | 1,82,53,249 | 1,82,53,249 | 100.00% | |
4. It is further submitted that the Resolution Professional has appointed 2 IBBI Regd Valuers each or valuation of Buildings and Securities or Financial Assets on 14-09-2022. Details of fair value and liquidation value of the Corporate Debtor is given below:
