NCLT Admits Insolvency Against Radhagobind Commercial; CoC Holds 2nd Meeting
Radhagobind Commercial Limited faces insolvency proceedings after NCLT admitted a petition for Rs 1.03 crore default to Fort Cafe Food Services. The latest Committee of Creditors meeting addressed CIRP progress, registered valuers appointment, and key administrative changes including Company Secretary resignation.
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The National Company Law Tribunal (NCLT), Kolkata, has admitted an insolvency petition against Radhagobind Commercial Limited , a BSE-listed trading company, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition, filed by Fort Cafe Food Services Pvt. Ltd., involves a total default of Rs 1.03 crore.
Key Details of the Case
| Aspect: | Details |
|---|---|
| Petitioner: | Fort Cafe Food Services Pvt. Ltd. |
| Respondent: | Radhagobind Commercial Limited |
| Total Default Amount: | Rs 1,02,60,000 |
| Principal Amount: | Rs 90,00,000 |
| Interest Amount: | Rs 12,60,000 |
| Loan Terms: | 18% annual interest, disbursed in September 2023 |
| Default Period: | 213 days (as of the petition date) |
Background of the Loan
Radhagobind Commercial Limited had secured a term loan of Rs 1.25 crore from Fort Cafe Food Services in September 2023. The loan was intended to cover expenses related to a proposed rights issue to raise Rs 23.5 crore. The company made timely interest payments until March 2024 but defaulted thereafter.
NCLT Findings and Order
The tribunal's investigation revealed several concerning factors about Radhagobind Commercial's financial health, including non-performing investments, non-recoverable loan assets, and an income tax liability of Rs 3.5 crore. Based on these findings, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) and appointed Mr. Najeeb TP as the Interim Resolution Professional (IRP).
Latest CoC Meeting Developments
The 2nd meeting of the Committee of Creditors (CoC) was convened and concluded on December 26, 2025, under the chairmanship of Mr. Najeeb TP. The meeting addressed several critical matters related to the ongoing CIRP.
| Meeting Agenda: | Details |
|---|---|
| CIRP Progress: | Discussion on actions taken by IRP |
| Registered Valuers: | Appointment discussions |
| CoC Reconstitution: | Committee restructuring matters |
| Form G Issuance: | Administrative procedures |
| Income Tax Appeal: | Tax-related proceedings |
| Company Secretary: | Acceptance of Mr. Vinay Somani's resignation |
Key Decisions and Actions
The CoC approved the acceptance of Mr. Vinay Somani's resignation from the position of Company Secretary, along with settlement of his outstanding salary dues and his appointment as a Retainer. The meeting also covered the progress on CIRP, appointment of registered valuers, and reconstitution of the CoC in accordance with the Insolvency and Bankruptcy Code, 2016.
Current Status and Implications
With the CIRP now progressing through its structured phases, the company remains under moratorium with management control transferred to the IRP. The systematic approach being taken by the CoC, including the appointment of registered valuers and administrative restructuring, indicates the formal progression of the insolvency resolution process.
Creditors, shareholders, and other stakeholders of Radhagobind Commercial Limited continue to monitor the proceedings as the resolution process advances under the supervision of the appointed Interim Resolution Professional.
Historical Stock Returns for Radhagobind Commercial
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | +4.24% | -1.15% | -30.36% | -51.69% | 0.0% |
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