# In the matter of Rotomac Global Pvt. Ltd. CP (IB) No. 70,71-ALD-2017

> NCLT judgment dated 2017-09-20. Citation: TCN-2017-NCLT-00388. The case involves two insolvency applications, CP No.(IB)70/ALD/2017 and CP No.(IB)71/ALD/2017,…

- **Court:** NCLT
- **Order date:** 20 Sept 2017
- **Citation:** TCN-2017-NCLT-00388
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rotomac-global-pvt-ltd-cp-ib-no-7071-ald-2017-5d44eb62

## Summary

### Background

The case involves two insolvency applications, CP No.(IB)70/ALD/2017 and CP No.(IB)71/ALD/2017, filed by Bank of Baroda against Rotomac Global Private Limited and Rotomac Exports Private Limited, respectively. These applications were filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). Rotomac Global Private Limited is the principal borrower, and Rotomac Exports Private Limited is the guarantor.

## Facts

Bank of Baroda filed insolvency applications against Rotomac Global Pvt. Ltd. and Rotomac Exports Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. Rotomac Global Pvt. Ltd. is the principal borrower, and Rotomac Exports Pvt. Ltd. is the guarantor. The Corporate Debtor Company defaulted in making payment of its debts for an outstanding amount of Rs.553,78,21,954.66/-. The admitted outstanding debts due by the Corporate Debtors in respect of other secured creditors also come around to Rs.4,420/- Crores. The Applicant Bank produced documents including statements of accounts, CIBIL reports, and reports of the Independent Auditor. The Corporate Debtor Companies raised objections, stating that the Applicant-Bank was granting loan facilities from 2009

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## Issues and analysis

### Issue 1: Whether the present applications to trigger the CIRP against the Corporate Debtor Companies are …

**Ratio:** The statutory provision of Section 7 of the Code states that the pendency of a dispute is

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**Reasoning:** The Hon'ble Supreme Court in its recent judgment in Innoventive Industries v/s ICICI Bank

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**Interpretation:** The Insolvency & Bankruptcy Code, 2016 has been passed after great

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**Application:** The NCLT found that the present applications/petitions are complete for

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## Parties

- **Judges:** SH. HARIHAR…
- **Appellants:** Bank of B…
- **Respondents:** ROTOMAC GLOBAL…

## Timeline

- **2017-09-20 — Judgment/Order…**: Judgment/Order delivered on…
- **2015-04-06 — Joint Lender's Forum…**: A Joint Lender's Forum was constituted with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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