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LAWTRIEUNAL
AHMEDABAD
EENCH
AHMEDABAD
cp No. 4lZ 4(21/ NCLT/ AHM/ zO16
Coram:
MEMBER
JUDICIAL
ATTENDANCE.CUM-ORDER
SHEETOF THE HEARINGOF AHMEDABAD
-E,:cq cF THE:u-aTICgl! 4oripar:y !1,,r,,Tp.1;3!)r,,+
cN 2.1.2017
Nameof the Companla
sectionof the CompaniesAct
P<*t l-tc,ntt
c.s
rJ.\Ldt!'^-r l
ORDER
Ms BarkhaDeshmukljpresent
on behalfof Leamed
u----;;
/t
larxxr nel'nnlon i nlnut"
Daledthis lhe 2"dday ofJanuary,
2017.
Mf,MBERJUDICIAI,
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companyis facingdifficultyin
4. As perthe avementsin thepetition,Petitioner
repa)qnentof deposits received and pa,Tnent of intosts theron due to
temporaryliquidity crisis attributablelo the lollowing rasons:i. Department
of IncomeTax hasfreezedCompany'saccouffu/s 226(3)of
.
In.oneTa\ Acl-1961
The Compa.n)suppliesi6 products!o FrenchWest Africa, CIS courtries,
in various
SouthEastAsia,GCCCourtriesetc.Duetothlecentfluctualions
cunencies
across
theglobevis-e-visUS dollaN,thelocalcurenciesofthese
morcihan30%
in somelases
substantially,
counlries
havedepreciated
havinglargeexportbase(approx.70%ofthe totaltumover),
tn. TheCompany
foreign exchangefluctuationand deprcciationof cu.rencies
\.rnprecedenled
the liquidiryfor the
US dolla$ hai aggravated
acrossthe globevis-ar-vis
peiiod,andalsoeffecledby
Companyby way ofincreasein debtrealisation
thereof.
distnbutonandcollection
\.a} ofreduclionofprofitsofrespective
fiom department
of incometax,freczingofaccountandincrease
Recoveries
in Cebtors'realisationperiod has substantiallyaffEctedcash flow of the
Company,andcrcatedierrlporaryliquidiii cruncir.
The Companyhastakendueaclionsfor possiblerecoveriesandstrearnlineof
the sales.However,the sameshalltakesometime to streamlinecashflow of
theCompany.
ihe Banke$to revse the
The Companyhadlrom time to time approached
its incieasingooentionalrequircments'
wo*itrg capitallimits for addressing
the Lead
however,the Bank's rsponsewasnot encouaging.Subs'equently,
Banker of the Companyrelened the Companyfor implementationof the
proposing
to infuseadditional
scheme
underCDRmechanism,
resiructudng
otherbanlsdid notsupportthesame.
workingcapitalhowever,
The Companyis unableto raisefreshfundsfor repaymentofFixd Deposits
dueto the factthatFCB bondholde$hadfiled windingup petitionagainsl
the Companybeforethe Hon'ble IndoreHigir Court.In the said\'r'indingup
Petition,the Hon'ble IndoreHigh Cout hasappointedLiquidatoradmitting
by
thewindingup petition.Thesaidwindingup petitionis bingcontested
the Company-
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a r#E&rating
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/ > A)----
c.i'.No.414(2tNcLT/N$t'2o16
MEMBER (JUDICIAL)
Datedthisthe2"ddayofJanuary,2017.