M/s. ROOFCO Trading Company Private Limited

^1. This petition ^has been filed under ^Section IO ^{of the} Insolvency & Bankruptcy Code, 2016 read with Rule ⁷ of the Insolvency and Bankruptcy (Application ^to Adjudicating Authority) Rules, 2016 ^{for initiation} of Corporate Insolvency Process ⁱⁿ respect of the Corporate Applicant, ROOFCO TRADING COMPANY PRIVATE LIMITED. The prayer made ^{is to} admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Applicant, declare moratorium and to appoint an Interim Resolution Professional (IRP).

^2. Part ^I of the application sets out the ^details of the Corporate Debtor ^{is a} Private Limited Company with Corporate Identification Number: U51432KL2004PTC017322 and having its registered office ^at Building No. 3464, Ward No. 37, NH Road, Palarivattom Post, Ernakulam, Kerala 682025. Corporate Debtor has two directors and ^a paid-up share capital of Rs.

^3. As per Part II of the application, the Corporate Applicant has proposed the name of one Mr. Dileep ^K.P., IBBI Registration Number: IBBI/IPA-001 [IP-POI 310/2018-19/12220, ^as the Interim Resolution Professional.

^4. Part ^III of the application signifies the ^total amount ⁱⁿ default towards the Financial Creditors of ^Rs. 23,36,51,745/- and the total amount ⁱⁿ default towards the Operational Creditors of ^Rs. 5,55,33,865/-. The particulars of financial/ operational Debt; documents, records, and evidence of default ^as described below:

^1. A list of charges created over the assets of the Corporate Applicant registered with the Registrar of Companies and available on the website ^{of the} 'Ministry ^of Corporate Affairs'.

^2. Report of the Record of Default obtained from the NeSL dated 25.06.2024.

^3. Copy of the relevant books of accounts of the corporate debtor, evidencing the default ^to creditors

^4. Copy of Audited Financial Statement of the ROOFCO Trading Company Private Limited for the financial years 2022-2023, 2023-2024, and 2024-2025.

Statement of Affairs of the Company as on 20.09.2025.

^6. Copy of Letter of Arrangement dated 24.11.2021

^7. Copy of ⁱⁿ O.A. filed by State Bank of India before the summons Debt Recovery Tribunal

^8. Copy of Notice issued by State Bank of India dated 13.11.2024 under Section ¹³ (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest ^Act, 2002.

^9. Copy of Notice issued by YES Bank dated 16.08.2023 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest ^Act, 2002.

^5. The Petitioner/Corporate Applicant stated that the State Bank of ^{India, a} financial ^creditor, issued ^a notice under Section 13(2) of the SARFAESI Act on 13.11.2021 and has filed OA No. 277 of 2024 before the DRT on 10.05.2024. Another financial ^creditor, Yes Bank, issued ^a demand notice under Section 13(2) of the SARFAESI Act on 16.08.2023. As the Corporate Applicant ^is unable ^to pay ^its debts ^{due to} grave financial ^{distress, the} is Section 10 of the and _»resent ^{application filed under} Insolvency LAW

Bankruptcy Code, 2016, with bona ^fide intent ^to seek ^a mechanism ^for voluntary resolution of its debt.

^{6. It is stated that the} Corporate Applicant ^{is registered} with ^{the ROC Cochin, is} falling within ^the jurisdiction ^{of this Tribunal, and the} default amount of ^Rs. 23,36,57,741/- exceeds the minimum threshold of ^{Rs. 1} crore prescribed for initiating the corporate insolvency resolution process.

^7. The Corporate Applicant stated that ^it had earlier filed an application under Section ¹⁰ of the Insolvency and Bankruptcy Code, 2016 before this Tribunal ⁱⁿ CP(IBC)/11/KOB/2025, which was dismissed ^as withdrawn vide order dated 06.08.2025 due ^to incomplete annexures, with ^liberty granted ^to file ^a fresh application along with the missing audited financial statements ^for 2023-24 and 2024-25 and the provisional financial statements for the current year. Accordingly, the Corporate Debtor now submits the present application with ^a complete set of required annexures.

^{8. It is} further stated that the Board of Directors, ⁱⁿ its meeting held on 19.09.2025, and shareholders ⁱⁿ the Extraordinary General Meeting of the Corporate Debtor held on 20.09.2025, passed the resolution ^{for initiation} of the Corporate Insolvency Resolution Process.

^9. One of the Financial Creditor, the State Bank of ^India, filed its reply on ^{11.11.2025 and stated that they have no objection to} admitting this Application, subject ^to the condition that the Corporate Applicant shall bear the CIRP Cost and the Respondent shall have the liberty to file the claim ^as on the insolvency commencement date.

I-L During the course of the hearing, another Financial Creditor, the LAC11éIgmandalam^{IFC Limited, also submitted their no objection to the}

admission of ^this Application, subject ^to the condition that the Corporate Applicant shall bear ^the entire ^{CIRP Cost.}

^11. Despite ^notice, one of the Financial Creditor, YES Bank, has not put ⁱⁿ its appearance, and it appears ^{to this} Tribunalthat YES Bank ^is not interested in pursuing this matter.

^12. This Adjudicating Authority have heard the submissions made by Learned Counsel ^for the Corporate Applicant, Learned Counsel Mr. Vinod ^P.V., representing the financial creditor State Bank of ^India, and Learned Counsel Mr. Sankar. P. Panicker, representing the financial creditor Cholamandalam IFC Limited, and ^this Adjudicating Authority have also perused the documents placed on record.

^13. Since the Corporate Debtor itself comes before ^this Adjudicating Authority with ^the prayer ^to admit it ⁱⁿ Corporate Insolvency Resolution Process holding ^that it ^{is Insolvent} Company, ^this Adjudicating Authority ^have only ^{to see} whether ^the Applicant ^has submitted along with ^the application (i) the information relating ^to the books of accounts and such other documents, (ii) information relating to Resolution Professional to be appointed and (iii) special resolution passed by the shareholders ^of the Corporate Debtor ^at least by three fourth of the ^total numbers.

^14. Such ^a Petition can be rejected only on the ground that the application ^is incomplete or any disciplinary proceeding is pending against the proposed Interim Resolution Professional. ^In this ^{case, no} disciplinary proceeding is pending against the proposed Interim Resolution Professional.

^{15. In this case,} the Corporate Applicant has enclosed ^a copy of the Special passed by the shareholders of the ⁱⁿ their Extra-Bésolution ^company

Ordinary General Meeting held ^on 20.09.2025 ^for initiating ^the Corporate Insolvency Resolution Process under Section ¹⁰ of the Insolvency and Bankruptcy Code,2016. The Board of Directors of the Corporate Applicant, ⁱⁿ their meeting held on 19.09.2025, authorised Mr Ajith Bhaskaran, Director of the Company, ^to file the necessary application under the Code.

^16. The Corporate Applicant has also enclosed the audited financial statements for the financial year 2022-2023, 2023-2024, and 2024-2025, the list of financial creditors and Operational Creditors, the list of properties given ^as security ^for the loans availed and the extract of charges registered with the Registrar of Companies taken from the MCA ^portal. The Corporate Applicant disclosed the names and addresses of the members of the Company with details of their shareholding, details of debt owed by or ^to the Corporate Applicant ^to or by persons connected with ^it and details of personal guarantors of the Corporate Applicant.

^17. The Corporate Applicant has served ^a copy of this application ^to the Insolvency and Bankruptcy Board of India ⁱⁿ Form IA on 15.11.2024. The name of the Interim Resolution Professional has been proposed ^as per Section IO(3)(b) of the Code.

^18. During the course of hearing Learned Counsel ^for the Petitioner submitted that Corporate Applicant has already paid dues of creditor Cholamandalam ^IFC, whereas Learned Counsel ^for the said creditor had denied such statement, having considered rival submissions, ^this Adjudicating Authority is of the opinion that pendency or payment of such dues of Cholamndalam would not have any bearings on the merits ^of

this Application as said amount is just Rs.1,09,336 against quantum of dues of other creditors amounting to Rs23,35,42,409.

^{19. Further, the} withdrawal ^{of the} earlier Petition ^on technical grounds would not be ^a hurdle to entertain this instant Petition, as there exists liberty ^to file ^{a fresh} Petition ^{on the same} cause ^{of action.}

The Applicant would be liable ^to bear the cost of the entire insolvency actual process ^ie. fees ^as per rules and permissible expenses.

After hearing the submissions and upon perusing the supporting documents annexed ^{to the Petition, this} Adjudicating Authority observes that ^a debt ^exists and that the Corporate Applicant has committed default ⁱⁿ respect thereof. Further, it ^is noted that the Corporate Applicant has ^{failed to} repay ^{its debts. Therefore, this} Adjudicating Authority is ^{of the} view that the Petition contains the particulars required under Section ¹⁰ of the Insolvency and Bankruptcy Code, 2016. The amount of default also meets the threshold prescribed under Section 4 of the Code. Thus, the present Company Petition satisfies all the necessary legal requirements for admission.

^In view of the aforesaid observations, ^this Adjudicating Authority hereby admit the petition and passes the following Orders.

^A. The petition bearing ^CP (IBC)/55/KOB/2024, by ROOFCO Trading Company Private Limited, (CIN: U51432KL2004PTC017322), the Corporate Debtor under Section ¹⁰ of Code read with Rule ⁷ of the Insolvency ^and Bankruptcy ^{(Application to} Adjudicating Authority) Rules, 2016 ^{for initiation} of Corporate Insolvency Process ⁱⁿ respect of the Corporate Debtor ^is ADMITTED.

^B. There ^will be ^a moratorium under section 14 of the Code.

^C. The moratorium shall have ^effect from the date of ^this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the resolution plan under sub-section ⁽¹⁾ of section 31 of Code or passes an order for liquidation of the Corporate Debtor under Section 33 of the Code, ^as the case may be.

^D. Public announcement of the Corporate Insolvency Resolution Process shall be made immediately ^as specified under section ¹³ of the Code, read with Regulation ⁶ of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process ^for Corporate Person) Regulations 2016.

^E. The Corporate Applicant ^has proposed ^{the name of one} Mr. DILEEP. K.P, IBBI Registration Number: IBBI/IPA-OOI/IP-POI 310/2018-19/12220 email: as Interim Resolution Professional (IRP) and ^a written communication in the format prescribed under Form ² of the Insolvency and Bankruptcy Board ^of India ^{(Application to} Adjudicating Authority) Rules, 2016 has been filed by the proposed IRP who ^is appointed ^as the IRP ^to take forward the process of Corporate Insolvency Resolution of the Corporate Debtor. The designated IRP must take any additional actions ^{in this} regard that are mandated by the law, more specifically Sections ^{15, 17,} and ¹⁸ of the Code. The powers of the Board of Directors of the Corporate Debtor ^shall stand superseded ^{as a} consequence ^{of the initiation of the} Corporate Insolvency Resolution Process ⁱⁿ relation ^to the Corporate Debtor ⁱⁿ terms of

the provisions of the Code. The ^{fee is} payable ^to IRP or ^as the case shall may be the Resolution Professional comply with such Regulations, ^Circulars, and Directions ^as may be issued by the Insolvency and Bankruptcy Board of India ^(IBBI). The IRP ^shall carry out his functions as contemplated by Sections 15 to 21 of the Code.

F. During the Corporate Insolvency Resolution Process period ^the management of the Corporate Debtor shall vest with the IRP or, ^as the case may ^be, the Resolution Professional ⁱⁿ terms of section ¹⁷ of the Code. The ^officers and managers of the Corporate Debtor shall provide all documents ⁱⁿ their possession and furnish every information in their knowledge to the IRP within one week from the date of receipt of this order, ⁱⁿ default of which coercive steps will follow.

G. The IRP/Resolution Professional shall submit ^{to this} Adjudicating Authority periodical reports concerning the progress of the Corporate Insolvency Resolution Process ⁱⁿ respect of the Corporate Debtor.

^H. The Corporate Debtor ^shall deposit ^a sum of Rs. 2,00,000/- (Two Lakhs Only) with the IRP to meet the expenses arising out of issuing publication and inviting claims. These expenses are subject ^to approval by the Committee of Creditors (COC).

immediately, ^{and in any case,} not later than two working ^days from the date of this order.

J. Additionally, ^the Corporate Applicant shall ^{serve a} copy ^{of this} Order on the IRP and the Registrar of Companies, Kerala, by all available means for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send ^a compliance report ^{in this} regard ^{to the} Registry of ^this Tribunal within seven days from the date of receipt of a copy of this order.

The Registry ^is directed ^to send e-mail copies of the order forthwith ^to all the parties and their Ld. Counsel ^for information and ^for taking necessary steps.

Certified Copy ^of this order may ^{be issued,} if applied ^for, upon compliance with all requisite formalities