DETAILED INVITATION FOR EXPRESSION OF INTEREST

(Last date for submission of EOI –19th April 2024)

For Sri Ananda Lakshmi Narasimha Industries India Private Limited
(Under Regulation 36A of Insolvency and Bankruptcy Board of India (Insolvency Process for
Corporate Persons) Regulations, 2016)
I) Basic information:

Name of the Corporate Debtor Sri Ananda Lakshmi Narasimha Industries India
Private Limited
CIN U01403AP2012PTC080898
Date of incorporation 11/05/2012
Registered & Corporate Office 930/3A, Velivennu Road Samisragudem Village,
Nidadavole Mandal, Andhra Pradesh, India,
534302
Operations The Corporate Debtor owns a rice mill at
Nidadavole, Andhra Pradesh
Jurisdiction of Registrar of Companies RoC - Vijayawada
Activity Rice Mill
Category of the Company Company limited by Shares
Sub Category of the Company Non-Government Company
Company class Private
Authorised Capital (In Rs) 120,000,000
Paid-up Capital (In Rs) 119,371,800

II) About the Company:

i) Sri Ananda Lakshmi Narasimha Industries India Private Limited with CIN No.
U01403AP2012PTC080898 was incorporated on 11th May 2012. The main business
of the company was processing of paddy and rice to various products such as boiled
rice, raw rice, rice bran, etc. The Corporate Debtor owns a rice mill based in
Nidadavole, Andhra Pradesh.

ii) The Corporate Debtor, for the purpose of operations and business, availed term loans
and credit facilities from Central Bank of India from different periods from 2013 to
2018. Due to operational issues and lack of business, the rice mill was closed in the
year 2020. The Central Bank of India then filed an application under Section 7 of the
Insolvency and Bankruptcy Code, 2016 for default of the debts, in the year 2022.

iii) The Hon’ble National Company Law Tribunal, Amaravati bench vide its order No.
CP(IB)No.82/7/2022 dated 20 March 2022 commenced the Corporate Insolvency
Resolution Process (“CIRP”) of the company / Corporate Debtor as per the provisions
of the Insolvency and Bankruptcy Code, 2016 (IBC) and Shri Raghu Babu Gunturu
has been appointed as Interim Resolution Professional (IRP).

iv) The CoC constitution was stayed by the Hon’ble NCLT by order passed on 12th April
2023 in the IA (IBC) 136 of 2023 filed by the suspended board of directors for setting
aside the ex-parte order passed for admission of the Section 7 petition. The stay on the
constitution of the CoC was lifted on 23rd February 2024 and the IRP received the
order on 27th February 2024.

v) The Committee of Creditors, in the Second CoC meeting has resolved to appoint Mr.
Mr. Govada Venkata Subbarao, with IBBI Registration No. IBBI/IPA-003/ICAI-N-
00358/2021-2022/13753. The Central Bank of India is in process of filing an
Interlocutory Application with the NCLT for replacement of the IRP.
 vi) The Rice mill was given on lease for 15 years to Akshaya Rice & Bran in November
2017 for operations and management.

III) Invitation to Expression of Interest (EoI) for submission of Resolution Plan:

Pursuant to Section 25(2)(h) of the Code, read with Regulation 36A of the Insolvency and Bankruptcy
Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the RP
hereby invites Expression of Interest (EoI) from the interested and eligible Prospective Resolution
Applicants (PRA) for the purpose of submission of Resolution Plan in respect of the Company/
Corporate Debtor, Sri Ananda Lakshmi Narasimha Industries India Private Limited
This is the detailed invitation for EoI referred in Regulation 36A (3) and (4) of the CIRP regulations.
i) Process:

The process shall be carried out in two stages, as tentatively discussed hereunder subject
to further amendments in IBC.

Stage- 1:

• Submission of EOIs by interested Prospective Resolution Applicants (PRA)

• Screening and declaration of provisional List of PRAs by the RP

• Declaration of Final List of PRAs after considering objections to the provisional list, if
any.

Stage- 2:

• RP shall intimate to the PRAs in the final list and shall forward the draft of the
Non- Disclosure Agreement to be executed.

• After execution of the Non- Disclosure Agreement, the IRP shall provide access to
Information Memorandum, Virtual Data Room (VDR) / Google Drive / Information
in Google, Evaluation Matrix (EM), Request for Resolution Plan, (RFRP) and other
due diligence material etc. to the PRAs in the final list.
• The PRAs in the final list shall submit Resolution Plan(s) prepared in compliance
with IBC along with a Bid Bond / Bank Guarantee /EMD whose value, terms, format
and other relevant details as will be provided in the RFRP.
• The Resolution Applicants (RA), who have submitted the resolution plans shall be
examined by the RP for the compliance under Section 29A, Section 30(2) and other
Regulations and provisions of the IBC and responsiveness to the conditions of RFRP.
The RP shall submit all the compliant and responsive Resolution Plans to COC for
evaluation as per the evaluation matrix.
• The COC may negotiate on the resolution plans, as per relevant guidelines,
regulations and provisions under IBC (as amended from time to time) and as per the
terms of the RFRP before they are placed by RP for voting for approval and selection
of the Successful Resolution Plan (SRA)
• Based on COC’s approval, the IRP shall submit the Resolution Plan to
Adjudicating Authority (NCLT) for their final approval.
 II) Submission of EoI:

i) EOI shall be submitted in a sealed envelope superscripted as <Expression of Interest

for Investment in SRI ANANDA LAKSHMI NARASIMHA INDUSTRIES INDIA
PRIVATE LIMITED, in the format as set out in Annexure –A hereto.
ii) Applicants shall submit the EoI together with details set out as Annexure- B along
with the supporting documents set out as Annexure – C
iii) Applicant shall submit the sealed envelope containing a complete set of the EoI in
hard copy along with the Annexures stated above, to the following address by speed
post / registered post / courier or by hand delivery to the following address.

Raghu Babu Gunturu,

Interim Resolution Professional
(Acting as the Resolution Professional u/s 17)
(Sri Ananda Lakshmi Narasimha Industries India Private Limited)
EzResolve LLP, 1st Floor, Golden Heights,
Plot No.9, Sector-III, HUDA Techno Enclave
Opp. Raheja MindSpace
Raidurg, Hyderabad – 500081
Telangana

A soft copy of EoI along with annexures stated above also required to be mailed to
srianandalakshmi@ezresolve.in

III) Last Date of Submission of EOI:

The last date for submission of EOI is 19th of April 2024 (Considering Form G issued
on 04th April 2024). In case the designated day happens to be a holiday in Hyderabad;
the next working day will be deemed as the last date for submission of EOI.
Notes:

1) This is not an offer document and is issued with no commitment. COC has the right
to cancel or modify the process without assigning any reason and without any
liability.
2) COC/ Interim Resolution Professional reserve the right to withdraw EoI and change
or vary any part thereof at any stage and also reserve the right to disqualify any
prospective applicant, if it is of the opinion that it is necessary to do so at any stage.
3) No oral conversations or agreements with Interim Resolution Professional or any
official, agent or employee of the Interim Resolution Professional or the Company
or any member of the COC shall affect or modify any terms of this EoI.
4) Neither the applicant nor any of the applicant’s representatives shall have any claim
whatsoever against the Interim Resolution Professional or any member of the COC
or any of their directors, officials, agents or employees arising out of or relating
to this EOI.
 5) By submitting a proposal, each applicant shall be deemed to acknowledge that it has
carefully read the entire EoI and has fully informed itself as to all existing conditions
and limitations.

iv) Eligibility Criteria for participation:

Category 1: Individuals / Firms / LLP / HUF / Consortium of Investors / Body Corporate:

i) Minimum Net Worth as per the audited balance sheet for the FY 2022-23 should
be at least INR 15 Crore, certified by the practicing Chartered Accountant.

ii) Minimum availability of investible surplus funds of Rs.10 Cr at the time of

submission of the application for EoI and the same should be certified by a
practicing Chartered Accountant.

Category 2: Financial Institutions / Alternate Investment Funds / Asset Reconstruction

companies / NBFCs:

i) Assets under Management (AUM) of at least INR 75 crore as per the audited
Balance Sheet for the FY 2022-23, certified by a practicing Chartered Accountant.

ii) Committed funds available for investment / deployment of at least Rs.10 Cr at the
time of submission of the application for EoI and the same should be certified by
a practicing Chartered Accountant.
Notes:
• Investible surplus means Bank balances, un-encumbered fixed deposits, unutilized facilities
available for disbursement from any Scheduled Commercial or Private Sector Bank or Financial
Institution at the time of submission of the application for EoI.
• The Prospective Resolution Applicant shall submit a refundable deposit of Rs. 10 Lakhs along
with the Expression of Interest. The refundable deposit shall be submitted by Demand
Draft/Bankers Cheque to the IRP/RP or NEFT/RTGS to the following bank account:
Current Account No.: 3243285012
Bank and Branch Name: Central Bank of India, Benz Circle, Vijayawada Branch
IFSC Code: CBIN0281567
• For Consortium of investors, the members of the consortium shall not exceed 4 (four) members.
• Net Worth of the Body Corporates will be the total of Equity Share Capital and Reserves &
Surplus / Other Equity excluding any revaluation reserve as at FY 2022-23.

Any PRA who shall be found disqualified as per Section 29A of the IBC shall not be considered
to be included in the provisional or final list of the PRAs, as the case may be. In case the IRP/RP
finds that the PRA is ineligible under Section 29A after the final list of PRAs is prepared, they
shall not be eligible to submit a Resolution Plan.
Section 29A of the Insolvency and Bankruptcy Code is as follows:
29A. Person not eligible to be resolution applicant. --A person shall not be eligible to submit a
resolution plan, if such person, or any other person acting jointly or in concert with such person--
(a) is an undischarged insolvent;
(b) is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under
the Banking Regulation Act, 1949;
(c) 2[at the time of submission of the resolution plan has an account,] or an account of a corporate
debtor under the management or control of such person or of whom such person is a promoter,
classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India
issued under the Banking Regulation Act, 1949 (10 1949) 3[or the guidelines of a financial sector
regulator issued under any other law for the time being in force,] and at least a period of one year has
lapsed from the date of such classification till the date of commencement of the corporate insolvency
resolution process of the corporate debtor:
Provided that the person shall be eligible to submit a resolution plan if such person makes payment
of all overdue amounts with interest thereon and charges relating to non-performing asset accounts
before submission of resolution plan;
4[Provided further that nothing in this clause shall apply to a resolution applicant where such
applicant is a financial entity and is not a related party to the corporate debtor.
Explanation. I.--For the purposes of this proviso, the expression "related party" shall not include a
financial entity, regulated by a financial sector regulator, if it is a financial creditor of the corporate
debtor and is a related party of the corporate debtor solely on account of conversion or substitution
of debt into equity shares or instruments convertible into equity shares 12[or completion of such
transactions as may be prescribed,] prior to the insolvency commencement date.
Explanation. II.--For the purposes of this clause, where a resolution applicant has an account, or an
account of a corporate debtor under the management or control of such person or of whom such
person is a promoter, classified as non-performing asset and such account was acquired pursuant to
a prior resolution plan approved under this Code, then, the provisions of this clause shall not apply
to such resolution applicant for a period of three years from the date of approval of such resolution
plan by the Adjudicating Authority under this Code;]
5[(d) has been convicted for any offence punishable with imprisonment--
(i) for two years or more under any Act specified under the Twelfth Schedule; or
(ii) for seven years or more under any other law for the time being in force:
Provided that this clause shall not apply to a person after the expiry of a period of two years from the
date of his release from imprisonment:
Provided further that this clause shall not apply in relation to a connected person referred to in clause
(iii) of Explanation I;]
(e) is disqualified to act as a director under the Companies Act, 2013;
6[Provided that this clause shall not apply in relation to a connected person referred to in clause (iii)
of Explanation I;]
(f) is prohibited by the Securities and Exchange Board of India from trading in securities or accessing
the securities markets;
(g) has been a promoter or in the management or control of a corporate debtor in which a preferential
transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has
taken place and in respect of which an order has been made by the Adjudicating Authority under this
Code;
7[Provided that this clause shall not apply if a preferential transaction, undervalued transaction,
extortionate credit transaction or fraudulent transaction has taken place prior to the acquisition of the
corporate debtor by the resolution applicant pursuant to a resolution plan approved under this Code
or pursuant to a scheme or plan approved by a financial sector regulator or a court, and such resolution
applicant has not otherwise contributed to the preferential transaction, undervalued transaction,
extortionate credit transaction or fraudulent transaction;]
(h) has executed 8[a guarantee] in favour of a creditor in respect of a corporate debtor against which
an application for insolvency resolution made by such creditor has been admitted under this Code
3[and such guarantee has been invoked by the creditor and remains unpaid in full or part];
(i) 9[is] subject to any disability, corresponding to clauses (a) to (h), under any law in a jurisdiction
outside India; or
(j) has a connected person not eligible under clauses (a) to (i)
10[Explanation. I] -- For the purposes of this clause, the expression connected person means--
(i) any person who is the promoter or in the management or control of the resolution applicant; or
(ii) any person who shall be the promoter or in management or control of the business of the corporate
debtor during the implementation of the resolution plan; or
(iii) the holding company, subsidiary company, associate company or related party of a person
referred to in clauses (i) and (ii):
11[Provided that nothing in clause (iii) of Explanation I shall apply to a resolution applicant where
such applicant is a financial entity and is not a related party of the corporate debtor:
Provided further that the expression related party shall not include a financial entity, regulated by a
financial sector regulator, if it is a financial creditor of the corporate debtor and is a related party of
the corporate debtor solely on account of conversion or substitution of debt into equity shares or
instruments convertible into equity shares 12[or completion of such transactions as may be
prescribed,] prior to the insolvency commencement date;]
13[Explanation. II.--For the purposes of this section, "financial entity" shall mean the following
entities which meet such criteria or conditions as the Central Government may, in consultation with
the financial sector regulator, notify in this behalf, namely:--
(a) a scheduled bank;
(b) any entity regulated by a foreign central bank or a securities market regulator or other financial
sector regulator of a jurisdiction outside India which jurisdiction is compliant with the Financial
Action Task Force Standards and is a signatory to the International Organisation of Securities
Commissions Multilateral Memorandum of Understanding;
(c) any investment vehicle, registered foreign institutional investor, registered foreign portfolio
investor or a foreign venture capital investor, where the terms shall have the meaning assigned to
them in regulation 2 of the Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident Outside India) Regulations, 2017 made under the Foreign Exchange Management Act, 1999
(42 of 1999);
(d) an asset reconstruction company registered with the Reserve Bank of India under section 3 of the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
(54 of 2002);
(e) an Alternate Investment Fund registered with the Securities and Exchange Board of India;
(f) such categories of persons as may be notified by the Central Government.]
 ANNEXURE – A

FORMAT FOR EXPRESSION OF INTEREST FOR SUBMISSION OF RESOLUTION

PLAN IN

SRI ANANDA LAKSHMI NARASIMHA INDUSTRIES INDIA PRIVATE LIMITED

(UNDER CIRP)

Date:

To

Raghu Babu Gunturu

Interim Resolution Professional,
SRI ANANDA LAKSHMI NARASIMHA INDUSTRIES INDIA PRIVATE LIMITED

Subject: Expression of Interest (EoI) for submission of Resolution Plan for Sri Ananda
Lakshmi Narasimha Industries India Private Limited under Corporate Insolvency
Resolution Process (CIRP)

Dear Sir,

In response to your public advertisement in Business Standard/Eenadu on 4th April 2024 inviting
EoI for submission of Resolution Plan in Sri Ananda Lakshmi Narasimha Industries India Private
Limited, we hereby submit our EOI.

The information furnished by us in this EOI is true, correct and accurate to the best of our
knowledge. Based on this information we understand you would be able to evaluate our
preliminary proposal in order to shortlist for the above-mentioned proposal.

Further, we agree and acknowledge that the:

A. EoI will be evaluated by the Interim Resolution Professional (IRP) of Corporate Debtor
based on the information provided in the Annexures and attached documents to determine
whether we qualify to submit the resolution plan pursuant to EoI;
 B. IRP/ the Committee of Creditors (CoC) reserve the right to determine at their sole
discretion, whether or not we qualify for the submission of the resolution plan and
may reject the EoI submitted by us without assigning any reason/ without any
liability whatsoever;

C. IRP/ COC reserve the right to request for additional information or clarification from
us for the purpose of the EoI and /or for any compliance under IBC and we shall
comply with the same immediately without any delay. Failure to satisfy the queries
of IRP/ COC may lead to rejection of our submission pursuant to EoI;

D. Meeting the qualification criteria as set out in EoI alone does not automatically
entitle us to participate in the next stage of the bid process;

E. We are not an ineligible person in terms of provisions of Section 29A of the IBC,
2016 read with its amendment as on the date of signing of this EOI. We are a “fit
and proper‟ person and not under any legal disability to be a promoter entity of the
Corporate Debtorunder the applicable laws.
We however, understand that the Interim Resolution Professional and the CoC reserve the
right to decide whether or not to pre-qualify our proposal without disclosing any reason
whatsoever and that resolution plan submitted for SRI ANANDA LAKSHMI NARASIMHA
INDUSTRIES INDIA PRIVATE LIMITED shall be subject to approval of the final resolution
plan by the CoC and the Hon’ble NCLT, in terms of the provisions of the Insolvency and
Bankruptcy Code, 2016.

Yours Sincerely,

On behalf of (Insert name of the entity submitting the EoI)

Signature:
Name of signatory:
Designation:
Company Seal/Stamp

Notes: The person signing the EOI and other supporting documents should be an authorized
signatory supported by necessary board resolutions (for corporate entities) / authorization
letter (for LLPs).
 ANNEXURE B

DETAILS OF THE PROSPECTIVE RESOLUTION APPLICANT

1. Name and address

Name of the Applicant:

Address:
Telephone No:
Fax:
Email:
PAN / CIN / LLPN / OTHERS:

2. Date of establishment of Applicant:

3. Core area of expertise of the Applicant:

4. Contact Person:
Name:

Designation:

Telephone No:

Email:
 ANNEXURE – C

SUPPORTING DOCUMENTS TO BE ATTACHED WITH EOI

1) Profile of the prospective Resolution Applicant including subsidiary (wholly owned

subsidiary and partly owned subsidiary, if any), promoter and promoters group,
Key Managerial Personnel and Rationale for bidding for the Corporate Debtor.

2) Legal Documents: Copies of Certificate of Incorporation / Registration and

Constitutional Documents (MOA, AOA). Copy of PAN card or equivalent
documents and the KYC documents of the Promoters of the Prospective RA.

3) Immediately preceding 3 (three) years audited Annual Reports of the Prospective

Resolution Applicant, its promoter/promoter group and any other group company.

4) For demonstration of funds availability and credit rating, statement of funds

availability of the prospective Resolution Applicant, promoter/promoter group and
any other group company.

5) For Category 1 RA:

i) The applicant must submit documents indicating its effective net worth as on
31st March, 2023 based on audited financial statements of the RA, certified
by Chartered Accountant.

ii) Chartered Accountant’s certificate for availability of investible Surplus funds

with the prospective RA at the time of submission of the application for EOI
need to be submitted.

6) For Category 2 RA:

i) A chartered accountant’s certificate for the Assets under Management

(AUM) based as on 31st March 2023 Audited Financials for FY 2022-23

ii) A chartered accountant’s certificate for amount of committed funds available

for investment / deployment as on the date of submission of the application
for EOI.

7) A notarized declaration from the applicant in order to demonstrate that the

promoter/promoter group or any other group company are part of the same group, in
case the applicant is using such entities for submitting EOI. Please note that the
applicant must be ‘fit and proper’ person not under any legal disability to be promoter
under the applicable laws and shall provide all relevant documents for its
promoter/promoter group or any other group company.
8) RAs Profile:

i) RAs Financial Profile for the past three years (consolidated/standalone as

applicable)
ii) All the available Credit Rating Letters as on March 31, 2023 provided by the
analytical companies.
iii) Experience of the RAs in the relevant sector.
iv) History if any, of the RAs or affiliates of the RAs being declared a “wilful
defaulter’, “non-cooperative borrower”, “non-impaired asset” or “non- performing
asset” (Self Declaration)
 ANNEXURE - D

(To be submitted with Rs.100 stamped and need to be Notarized and signed by the
Resolution Applicant)

To
Raghu Babu Gunturu
Interim Resolution Professional,
Sri Ananda Lakshmi Narasimha Industries India Private Limited (Under CIRP)

Dear Sir,

This is in reference to our Expression of Interest, wherein you have informed us to provide
necessary information in accordance with section 29A(a) to (j) of IBC 2016, under an affidavit.
The necessary affidavits containing the requisite information w.r.t. the Resolution
Applicant/Joint Applicant, and the Promoters, persons in management or control of the
Applicant, are as follows: -

I. Details of Resolution Applicant are herein below:

S. No. Particulars Status

1) Name
2) Address
3) Relationship
4) Identity
5) Whether resolution applicant is a financial entity
6) Whether resolution applicant is a Micro, Small &
Medium enterprise
7 a) Is an undischarged insolvent
b) Is a wilful defaulter in accordance with the guidelines
of the Reserve Bank of India issued under the Banking
Regulation Act, 1949 (10 of 1949)
c) Has an account of a corporate debtor under the
management or control of such person or ofwhom
such person is a promoter, classified as non-
performing asset in accordance with the guidelines of
the Reserve Bank of India issuedunder the Banking
Regulation Act, 1949 (10 o f 1 9 4 9 ) or the
guidelines of a financial sector regulator issued under
any other law for the time being in force, and at least
a period of one year has lapsed from the date of such
classification till the date of commencement of the
corporateinsolvency resolution process of the corporate
debtor and who has failed to make the payment of all
overdue amounts with interest thereon and charges
relating to non-performing asset before submission of
resolution plan

d) Has been convicted for any offence punishable

with imprisonment –
(i) for two years or more under any Act
specified under the Twelfth Schedule; or
(ii) for seven years or more under any law for
the time being in force
e) Has been disqualified to act as a director under the
Companies Act, 2013 (18 of 2013)
f) Has been prohibited by the Securities and
Exchange Board of India from trading in
securities or accessing the securities markets;
g) Has been a promoter or in the management or control of
a corporate debtor in which a preferential transaction,
undervalued transaction,extortionate credit transaction
or fraudulent transaction has taken place and in respect
of which an order has been made by the Adjudicating
Authority under this Code

h) Has executed a Guarantee in favor of a creditor, in

respect of a corporate debtor against which an
application for insolvency resolution has been
admitted under this Code and such guarantee has
been invoked by the creditor and remains unpaid in full
or part;
i) Is subject to any disability, corresponding to
clauses (a) to (h), under any law in a Jurisdiction
outside India
 j) Where any connected person in respect of such person
meets any of the criteria specified in clauses (a) to (i)
Explanation- For the purposes of this clause, the
expression “connected person” means-
(i) any person who is promoter or in the management
or control of the resolutionapplicant; or
(ii) any person who shall be the promoter or in
management or control of the business of the
corporate debtor during the implementation ofthe
resolution plan; or
(iii) the holding company, subsidiary company,
associate company or related party of a person
referred to in clauses (i) and (ii)

II. Details of the connected persons

(a) Persons who are promoters or in the management or control of the Resolution
Applicant;

Promoter(s) of the Resolution Applicant -

Detailed profile(s) submitted.
Persons in control of management – (details submitted).

(b) Persons who will be promoters or in management or control of the business

the corporate debtor during the implementation of the resolution plan;
Promoter – (details of promoters during implementation)

Persons in Management Control of the Corporate Debtor during implementation of

Resolution Plan – (details attached)

Detailed profile(s) submitted.

(c) Holding company, subsidiary company, associate company and related party
of the persons referred to in items (a) and (b).

Holding Company –
Subsidiary Company -
Associate Company –
I, , the below named deponent do hereby declare and verify that the
contents of the above affidavit are true to my knowledge, information and belief.

Verified at Hyderabad on this day of 2024.

DEPONENT
Date:
Place: