NCLT Admits Rasna To Insolvency On A Rs 71 Lakh Claim By Logistics Firm
The logistics services provider has claimed that the beverage company owed about Rs 71.3 lakh as transportation charges.
The National Company Law Tribunal of Ahmedabad on Friday admitted Rasna Pvt. to insolvency in the proceedings initiated by logistics company Bharat Road Carrier Pvt.
The tribunal also appointed Ravindra Kumar Goyal as the interim resolution professional.
Bharat Road Carrier filed the application in 2019 seeking to initiate the corporate insolvency resolution process against the maker of Rasna summer drink. The logistics firm claimed that the beverage company owed about Rs 71.3 lakh for transportation services.
Even though Rasna has admitted to availing itself of the services of the carrier company, it claims that there are disputes about the quality of the services and the amount owed.
The tribunal also declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code for Rasna. That means that no new suits or proceedings can be filed against it, and it cannot transfer, encumber, alienate, or dispose of any of its assets.
The supply of essential goods and services to Rasna must also not be terminated, suspended, or interrupted during the moratorium period.
The insolvency proceedings will now be initiated, and an interim resolution professional will be responsible for taking all necessary steps to resolve the insolvency of the company. The process must be completed within 180 days. If it's not resolved during that period, the NCLT can order the liquidation of the corporate debtor, in this case, Rasna.
