Comp-Print Kalpana Private Limited

Per: Smt. Lakshmi Gurung, Member (JUDICIAL)

The Present Company Petition is filed under section 10 of Insolvency and Bankruptcy Code, 2016 (‘Code’) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016 by Comp-Print Kalpana Private Limited (‘Corporate Applicant’) seeking to initiate its own Corporate Insolvency Resolution Process (‘CIRP’).

The Corporate Applicant was incorporated on 20.10.1984 as a Private Limited company under the Companies Act, 1956 under jurisdiction of ROC, Pune. As per the particulars mentioned in Part I of Form 6, supported by the Company Master Data with MCA, the corporate applicant has Corporate Identity Number U22219PN1984PTC034337 having registered office at 461/ 4, Ground Floor, Sadashiv Peth, Tilak Road, Shiv Parvati, Pune – 411030 and has email id: [email protected]. The Corporate Applicant has Authorized and Paid up Share Capital of Rs. 25,00,000. Copy of Company Master Data is annexed to the Petition as Exhibit B.

It is submitted that the corporate applicant was engaged in the business of typesetters, offset letter-press, gravure and silk screen printers, processors, platemakers and makes and book binders, etc. However, due more viable.

The Corporate Applicant has availed various loan facilities and has created charge over its assets. The creditors of the Applicant Company consist of secured financial creditors, unsecured financial creditors and operational creditors aggregating to a total debt of Rs. 5,37,21,035/-. Due to hostile business environment and economic circumstances, the Corporate Applicant has made default in repayment of the outstanding amount to the Financial Creditors and Operational Creditors.

The board of directors of the corporate applicant have passed a resolution in the meeting of board held on 14.10.2023 to make an application to initiate corporate insolvency resolution process (CIRP") of the Corporate Applicant in terms of Section 10 of the Code read with Rule 7 of the of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016 subject to approval of the members at the extra ordinary general meeting of the company and authorized Mr. Anand C. Latkar, the Director of the company to take all the necessary steps, for and on behalf of the Board. The said board resolution is annexed to the petition as Exhibit A.

Thereafter the shareholders of the Corporate Applicant have passed special resolution at the Extra Ordinary General Meeting held on 21.10.2023 consenting to the initiation of corporate insolvency resolution process (CIRP") of the corporate applicant in accordance with Section 10 of the Code and applicable provisions of the Companies Act, 2013. The said shareholders’ resolution is annexed to the petition as Exhibit F.

Further, the Corporate Applicant has annexed to the petition the Audited Financial Statements for year ending at 31.03.2021, 31.03.2022 and 31.03.2023 as Exhibit H, Exhibit I and Exhibit J respectively.

This Bench, vide order dated 31.07.2024, directed the petitioner to place on record the Audited Financial Statements for the F.Y. ended 31.03.2024, details of the SARFESI proceedings and was also directed to serve notice of the Petition to all creditors and file Affidavit of Service.

The Corporate Applicant has complied with the said directions and has filed affidavit dated 14.11.2024 to place on record Audited Financial Statement for year ended 31.03.2024. The corporate debtor has also filed affidavit of service dated 16.11.2024 evidencing notices sent to the creditors. None of the Creditors have filed any objection to the present petition, except a communication from M/s Y.L. Thatte & Co. dated 08.01.2025 claiming an outstanding amount of Rs. 16,96,687 from the Corporate Applicant. The said creditor is at liberty to file its claim with the Resolution Professional.

The Corporate Applicant in Part – III of Form 6 contains the names of the Creditors. Among them Secured Financial Creditors are (i) India Bulls Commercial Credit Limited and (ii) HFFC and other unsecured creditors. The corporate debtor has annexed Sundry Creditors Group Summary for the period from 01.04.2023 to 28.11.2023 as Exhibit G.

The Corporate Applicant, vide Additional Affidavit dated 14.11.2024, brought on record notice dated 18.08.2022, 23.08.2022, 17.01.2023 and 27.04.2023 under section 13(2) of the SARFAESI Act issued by Indiabulls to the Corporate Applicant and other Borrowers calling all Borrowers to forthwith, jointly and severally pay the outstanding amount of Rs. 3,45,19,964.39 as on 17.08.2022 (Loan Account No HLLAPUN00471417); Rs.29,32,784.93 as on 22.08.2022 (Loan Account No HLLAPUN00495762); Rs. 66.42.465.36 as on 12.01.2023 (Loan Account No HLLAPUN00499689) and Rs. 1,75,84,863.42 as on 27.04.2023 (Loan Account No HLLAPUN00480098), respectively. The said notices dated 18.08.2022, 23.08.2022, 17.01.2023 and 27.04.2023 are annexed to the Additional Affidavit dated 14.11.2024 as Exhibit B, Exhibit C, Exhibit D and Exhibit E, respectively.

Further, as per Section 10(4) of the Code, the Adjudicating Authority can admit the Petition under Section 10 of the Code if the same is complete and no disciplinary proceedings are pending against the proposed Resolution Professional. Further, in the matter of M/s Unigreen Global Private Limited Vs. Punjab National Bank & 3 Ors., Company Appeal (AT) (Insolvency) No. 81 of 2017 dated 01.12.2017 Hon’ble NCLAT has observed that:

The Petition shows that the Corporate Applicant is in default of debt. As borrowings are at Rs. 4,62,41,370/-; trade payable at Rs. 82,37,436/- and other current liabilities at Rs. 3,00,000/-. Further, the Corporate Applicant has accumulated losses. It is submitted that there are no pending litigations against the Corporate Applicant, other than SARFAESI proceedings.

The Corporate Applicant has filed this petition on 16.12.2023 in Form-6 under Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016. The application and additional affidavit contain documents and records to show the corporate applicant is under debt.

During the course of hearing the Tribunal vide order dated 26.08.2025, sought the clarification regarding the compliance of Rule 7(2) of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. In compliance, the Corporate Applicant filed Affidavit dated 13.10.2025 and has placed on record the acknowledgment of submission of the Petition to the IBBI. Form 1A (IAAA) of IBBI dated 29.09.2025 is annexed to the Affidavit as Exhibit A.

The Corporate Applicant has suggested the name of Mr. Udaykumar Bhaskar Bhat (Registration Number: IBBI/IPA-001/IP-P01425/2018-2019/ 12234) having AFA valid upto 31.12.2026 for appointment as the Interim Resolution Professional. The proposed Interim Resolution Professional has submitted his written consent dated 29.03.2024 in Form 2 and stated that there are no disciplinary proceedings pending against him.

In view of the above facts and circumstances of the case, and the settled position of law and by exercising the powers conferred on this Adjudicating Authority under Section 10(4)(a) of the Code, order is passed in following terms:

a. The above Company Petition No. (IB) 501 (MB)/2024 is hereby admitted and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Comp-Print Kalpana Private Limited.

b. This Bench appoints Mr. Udaykumar Bhaskar Bhat, Registration No: IBBI/IPA-001/IP-P01425/2018-2019/ 12234 having email id: [email protected] and Contact no. 7755925928 as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016.

c. The Corporate Applicant shall deposit an amount of Rs. 3,00,000/- towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order.

d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Applicant including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover enforce any security interest created by the Corporate Applicant in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Applicant.

e. That the supply of essential goods or services to the Corporate Applicant, if continuing, shall not be terminated or suspended or interrupted during moratorium period.

f. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.

g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub- section (1) of section 31 or passes an order for liquidation of corporate applicant under section 33, as the case may be.

h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code.

j. During the CIRP period, the management of the Corporate Applicant will vest in the IRP/RP. The suspended directors and employees of the Corporate Applicant shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP.

k. The Registry is hereby directed to communicate this order immediately to:

In result C.P.(IB)-501(MB)/2024 is Admitted.