Order passed by NCLT KOLKATA Dated 30-10-2025
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The NCLT Kolkata Bench has admitted a Section 7 insolvency petition filed by Fort Café Food Services Pvt. Ltd. against Radhagobind Commercial Ltd for a default of Rs. 1.02 crore (Rs. 90 lakh principal plus Rs. 12.60 lakh in interest). The debt stems from a Rs. 1.25 crore loan taken in September 2023 at 18% interest to fund a planned rights issue that never materialized. The company admitted the default in its filings, and the tribunal found the loan qualifies as a financial debt under the IBC. CIRP has been formally initiated with a moratorium under Section 14 in effect, and Mr. Najeeb T P has been appointed as the Interim Resolution Professional (IRP). The company's existing management stands suspended and will vest control in the IRP, with the next hearing scheduled for 3 December 2025.
This is a deeply negative development — insolvency proceedings have officially commenced, the existing board is suspended, and shareholders face a high risk of significant equity dilution or even liquidation if no viable resolution plan is approved within the CIRP timeframe. Expect sharp downward pressure on the stock and likely exchange scrutiny, including possible trading suspension.