TaxTMI 
TaxTMI 
2018 (5) TMI 2050
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....itioner). The description of the Debt in 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 ....
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....solvency Code. 4. The Learned Counsel has stated that few of the main objects of the Company Ricoh India Limited are : To 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 fa....
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..... 31 lakhs) (emails at pgs. 80-84-Tab 3) v. Siemens Industry Software (India) P t Ltd. (amount In default is Rs. 17 lakhs) emails at pgs. 85-87-Tab3) vi. Yuma Technologies 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 ....
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....ed containing relevant particulars along with the documents relating to the outstanding Debt. In the case of M/S. Unigreen Global Private Limited (Company Appeal AT Insolvency No.81 of 2017) vide Order dated 1st December 2017, the Hon'ble NCLAT has laid down certain principles to deal 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 ....
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....s. 22,42,000/- against any loss or damage. Likewise, in respect of supply of Photocopier against a Purchase Order of Director General, Coast Guard, New Delhi, the Bank of India, New Delhi undertook a performance guarantee against supply of goods. Also there was an Agreement with Centre for Railway 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 failu....
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....ng suits or proceedings against the corporate debtor including execution of any judgment, decree or order In any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of Its assets or any legal right or beneficial 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 co....