âIt is clear that all staff linked to the debtor company (Manpasand Beverages), its promoter or any other person associated with the management of the debtor company is subject to a legal obligation under article 19 of the Code to provide any assistance and cooperation with the professional interim resolution “, specified the magistracy in its decree of March 1.
The company said in its March 9 stock market announcement that according to Article 17 of the IBC, the powers of the board of directors of the debtor company are suspended and these powers will be vested in its IRP, Arpan Maheshkumar Shah .
The company’s operational creditor, Ltd., approached the court in 2019 after the local beverage company failed to reimburse its royalties for packaging material between 2016 and 2019. The operational creditor approached the court afterwards that the company has defaulted on its payment of Rs 1.31 crore.
âIt was asserted from the response submitted by the debtor company (Manpasand), that there were certain financial / legal issues with the debtor company which resulted in financial difficulties and that due to this debtor company could not make payment of the amount in question, âthe court observed in its 4-page order. âWe have reviewed the submission made by all parties as well as the documents on file. Regarding the maintainability of the application, all the provisions of IBC, 2016 are respected.
The company had reported net sales of Rs 0.04 crore in the December 2020 quarter, down 84.49% from Rs. 0.23 crore in the same quarter last year. While the company reported a quarterly net loss of Rs 26.67 crore in December 2020, down 2.42% from Rs 26.04 crore in December 2019.
The tribunal chaired by judicial member Madan Bhalachandra Gosavi and technical member Virendra Kumar Gupta prevented the promoters of the company from transferring, encumbering, disposing of or disposing of its assets.