Sachdeva and Sons Rice Mills Limited

‘Sachdeva and Sons Rice Mills Limited (herein after referred as Corporate Debtor) was placed into Insolvency Resolution Process (CIRP) by Hon’ble National Company Law Tribunal Chandigarh Bench, Chandigarh (NCLT) Vide order No. CP (IB) No. 341/Chd/Pb/2018 dated 29.07.2019. Mr. Hemanshu Jetley, an Insolvency Professional having Registration Number IBBI/IPA-001/IP-P00219/2017-2018/10457 has been appointed as Interim Resolution Professional (IRP) by the National Company Law Tribunal, Chandigarh Vide order No. CP (IB) No. 341/Chd/Pb/2018 dated 29.07.2019 in connection with the Corporate Insolvency Process of ‘‘Sachdeva and Sons Rice Mills Limited’.

Sachdeva and Sons Rice Mills Ltd was incorporated on 30 March 1981. It is unlisted public company registered with the Registrar of Companies, Chandigarh under the Companies Act, 1956. Its authorized share capital is Rs. 150,000,000 and its paid up capital is Rs. 55,622,000. The main operations of Sachdeva and Sons Rice Mills Ltd involved manufacture of grain mill products (Food stuffs), starches and starch products and preparation of animal feeds. The company has been out of operations since 2007 due to losses incurred by the CD through various Government policies that inhibited efficient operation through their effects on choice of technology, on competition and on capacity utilisation. Government policies have encouraged expansion of antiquated hullers and discouraged modernisation, thus raising milling costs and affecting outturn and losses through the bulk purchase of the products.