2018 (5) TMI 2050

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....the application is as under ;- A) The details of Financial Creditors :- Name of Financial Creditor Total Debt raised Bank of India INR 4.95.06.606 11 INR 43,23.64.682 ICICI Bank Limited INR 1.65.34.194 Kotak Mahindra Bank INR 25.61.65.454 Deutsche Ban INR 136.66.71,090 Ricoh Comoany Limited INR 1308,71.06.215.54 Ricoh Asia Pacific Pte Limited INR 200.00.00.000 Connect Residuary Pvt. Ltd. INR 6.18.72.863 B) The details of Operational Creditors:- i) A long list of Local Vendors (Part-A) totalling Rs. 8,43,25,967/-; ii) A long list of Local Vendors (Part-B) totalling Rs. 9,66,43,639/-; iii) A list of Foreign Vendors (Part-C) totalling Rs. 617,8 ,57,996/- (As per the Petitioner, total of Part-A+B+C amounted to Rs. 55....

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.... carry on the business of manufacturers, distributors, importers, exporters, buyers, sellers, agents and stockists and to market, ,lease, rent out, assemble alter, service, re air, refurbish, store, put to commercial use in any manner, and otherwise deal in any manner in all types of photocopying and allied equipments including photocopiers and their systems." Learned Counsel has further stated that Ricoh India Limited is a global information and technology Company. The Company manufactures and markets office automation equipment, electronic devices and photographic instruments. Ricoh s diverse product line includes facsimiles, image scanners, printers, digital cameras and personal computers, as well as a full range of analog, digital and c....

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.... Pvt Ltd (amount in default is R 8 lakhs) (email at pgs. 88-90- Ta 3) vii. Ricoh Company Ltd. (amount in default is Rs. 1.98 crores) debit notes at pgs. 91-99-Tab3) viii. Ricoh Asia Pacific Operations Ltd. (amount In default is R 731 crores approx.) (demand letter at pgs. 100-102 - Tab 3) The total operational debt is INR 793 crores. 4. . The applicant has committed defaults, as it is unable to pay debts despite receiving de ands from financial creditors I. Connect Residuary Pvt. Ltd. (amount in default is INR 6.18 crores ) (sample invoices at pgs. 33- 3 - Tab 2) ii. Ricoh Company Ltd. Japan (amount in default is INR 1308 crores) (demand letter at pgs. 36-37- Tab 2) The Mai financial debt is INR 1732 crores. 5. In re: Fo....

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.... with the Petition filed under Section 10 of The Code. In the said cited decision, the case was restored back to the stage of NCLT due to the reason that NCLT had dismissed that Petition filed under Section 10 of The Code. It is pleaded that on the same lines, this Petition deserves Admission. 7. In this case RICOH India Limited has approached Securities & Exchange Board of India (SEBI) to look into the affairs of the Company and take legal action. SEBI has initiated investigation and thereupon took serious note of the irregularities committed by Key Managerial persons and other Directors. Vide Order dated 12.02.2018 restrained the persons involved, inclusive of KMP and Directors, restraining them from accessing the Security Marketing area....

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....ilway Information System, New Delhi for a Work Order of Rs. 10,82,000/- for which Bank of India, New Delhi stood as a Guarantor, To keep brevity in mind, the description for rest of the Bank Guarantees Issued by several Banks such as Bank of India, Corporation Bank, ICICI Bank, Kotak Mahindra, Deutsche Bank etc. are not reproduced. Likewise, there is a long list of Financial Creditors and Operational Creditors describing the nature of Debt and the failure on the part of the Corporate Debtor not reproduced to keep this Order short but with an observation that the Insolvency professional shall take cognizance of all the Debts during the process of Insolvency. 8. On going through the various evidences and documents submitted by the Petitioner....

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....ial Interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (e) That supply of essentlal goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during Moratorium period. (t) That the provisions of sub-section (1) Section 14 shall not apply to such transactions as may be notified by the Central Government in con....