Insolvency proceedings against Seya Industries withdrawn after settlement with lenders
The corporate insolvency resolution process against Seya Industries has been suspended after the insolvency petition against the company has been withdrawn under Section 12A of the IBC, 2016.
The Mumbai bench of the NCLT, hearing a plea by interim resolution professional of Seya Industries – Anuj Bajpai – noted that the Committee of Creditors of the corporate debtor and the suspended director of Seya Industries have s have arrived at a settlement, and that the Financial Creditors have submitted Form FA before the IRP giving consent to file the present application for withdrawal of the CIRP against the corporate debtor.
The interim resolution professional has claimed Rs. 7.93 lakh as CIRP cost out of which Rs 7.08 lakh has been paid, while the balance Rs 85,250 would be paid by the financial creditor before any order for withdrawal is being passed by this tribunal.
The insolvency application against Seya Industries was filed in August 2021 by Beacon Trusteeship, S C Manager Private Limited and SC Credit Fund for defaulting on a payment of Rs 78 crore.
After the NCLT admitted the insolvency petition against Seya Industries, the suspended director of the Corporate Debtor moved NCLAT. Subsequently, the NCLAT in an order dated 10 August 2021 directed to hold back the publication of notice till the next date. Further, the NCLAT through its orders dated 19 October 2022 and 05 January 2023 directed that the Committee of Creditors may not be constituted till the application under Section 12A is finally decided by Adjudicating Authority.
Seya Industries Ltd is engaged in manufacturing and export of pigment, pharmaceuticals, agrochemicals and rubber chemicals intermediates. Seya’s manufacturing facilities are located in MIDC Tarapur, Maharashtra, India near all – weather International ports viz., JNPT, Dahej, Kandla and Mundra ensuring continuous availability of vital raw materials at lowest cost with easy access and proximity to end-user ensuring prompt and efficient service.
The company has an annual turnover of around Rs 75 crore, and a loss of Rs 7 crore. In the December 2022 quarter, the company posted losses of Rs 10.5 crore on a revenue of Rs 9 crore. The NSE-listed company is 64.5% by Ashok Rajani, Shalini Rajani and a clutch of family trusts.
The company has around 130 permanent employees.
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