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    Published On : Sat, Jun 10th, 2017

    Now Insolvency proceedings initiated against Bhatia Coal Group

    Nagpur: Seems their is no end to defaulters in Nagpur, one after another many companies in and around Nagpur are getting into trouble with their respective bankers initiating insolvency proceedings against them. Now its turn of Bhatia Global Trading Limited, which has landed in trouble after IDBI Bank initiated insolvency proceedings against it for recovery of Rs 82,04,12,819.41 as principal borrower and Rs 38,31,06,744.44 as corporate guarantor to Asian Natural Resources (India) Limited. The National Company Law Tribunal (NCLT), Ahmadabad bench while allowing the insolvency petition has appointed Nitin  Parikh, Interim Resolution Professional.

    Bhatia Group deals mainly in import of coal, coal washeries, coal transportation, coal shipping, etc and its main promoters are G S Bhatia, Satyendra Singh Bhatia and Manjit Singh Bhatia. Bhatia Global Trading Limited, a Bhatia Coal Group Company, was incorporated on August 28, 1991 and had it has is registered office at Indore and has office at Nagpur, Chandrapur and deals with state rim power companies like MahaGenco.

    The Group Company has borrowed more than Rs 4,000 crore loan from Banks led by IDBI Bank Ltd. The bank accounts of Bhatia Group have turned into bad two years back and the bankers are finding it difficult to recover theirs loans. Despite repeated reminders, the group failed to repay Rs 68,90,36,417 and interest and liquidated damages, expenses to the tune of Rs 13,13,76,401.

    IDBI Bank had issued demand notice dated February 17, 2017 calling upon the company to pay the amount within 15 days. When notice failed to yield result, IDBI moved the NCLT before the Adjudicating Authority of NCLT pointing out repeated default under regulations 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016.

    The NCLT in its order dated May 23, admitted the petition under section 7(5) of the Code and appointed company secretary Nitin H Parikh. According to legal experts, the interim resolution pro-essional has responsibility to prepare rescue plan and resurrect the beleaguered company, try to recover and attempt for resolution or if all efforts fail, then go for liquidation.

    After admission of the application, the adjudicating authority Bilcki Raveendra Babu has also passed an order declaring a moratorium under section 13(1)(a) prohibiting the institution of suits or continuation of pending suits or proceedings against the cor-porate debtor including execution of any judgement, decree.

    Further there will be stay on transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein.

    – RAJEEV RANJAN KUSHWAHA

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