TaxTMI 
TaxTMI 
2017 (4) TMI 675
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....any Secretary, Authorised Representative that the Applicant Company was incorporated on 06.03.2014 with the Registrar of Companies, Punjab and Chandigarh. The certificate of incorporation along with the Memorandum & Articles of Association of the Applicant Company is part of Annexure VI-. The Applicant Company has been allotted Corporate Identity Number (CIN- U21029CH2014PTC035005). The authorised share capital of the Company is Rs. 2,50,00,000 consisting of 25,00,000 equity shares of Rs. 10/- each. Its subscribed and paid up share capital is Rs. 2,35,00,000/- divided into 23,50,000 equity shares of the said value each. There are presently two Directors of the Applicant Company viz. Ashwani Soni and Sahil Arora, both Promotor Directors having separate DIN numbers. The above Directors are the only shareholders of the company as per the list Annexure VI-F and Sahil Arora is having 80.85% of the shareholding. 3. Annexure VII-A is the extract of Board of Directors Resolution dated 20.03.2017, authorising Ashwani Soni, Director of the company to file application under Section 10 of 'the Code' and Rules framed thereunder to initiate insolvency resolution process of the Company....
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....operational creditors Total debt (dues) raised Rs. 1.89 Crs. Amount as per books: Rs. 1.89 crs. Rs. 1.58 crs. TOTAL DEBT RAISED (FINANCIAL AND OPERATIONAL CREDITORS) TOTAL DEBT (DUES) RAISED: Rs. l8.48 crs. AMOUNT AS PER BOOKS :Rs. 19.96 crs. Rs. 18.29 crs. It is stated that the total amount of default in respect of Financial and Operational Creditors is Rs. 18.29 crores. 5. The applicant has also proposed the name of Interim Resolution Professional (IRP) as Mr, Jalesh Kumar Grover resident of House No.202, GH-4G, Sector 20, Panchkula-134113 (Haryana), Mobile No.09501081808, email:[email protected] having Registration No.lBBI/IPA-001/IP-00136/2016-17/1259. Mr, Jalesh Kumar Grover has also filed written communication in Form 2 of the Rules' to act as Insolvency Resolution Professional, if an order admitting the application, is passed. He has also declared that he is eligible to be appointed as Resolution Professional in respect of 'Corporate Debtor' in accordance with the provisions of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Mr. Ja....
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....as charge over the entire current assets of the company comprising of the raw material, stock in process, finished goods etc. and the entire fixed assets/block of assets of the company. By way of collateral security equitable charge on immoveable property comprising of residential House on Plot measuring 2 biswas situated in Sub Tehsil Zirakpur, Tehsil Derabassi, District Mohali in the ownership of Parkash Saklani S/o Lai Singh was created by deposit of safe deed dated 29.11,2004 and its estimated value is Rs. 0.66 crores as per the valuation report dated 20,10.2014 obtained by the bank. The valuation report is at Annexure I-D. 8. Equitable mortgage of property consisting of residential plot measuring 7 marla situated in Village Karora, Sub Tehsil Majri, Tehsil Kharar, D'istt. Mohali in the name of Kanchan Saklani was also created by deposit of sale deed dated 23.02.2007 and the estimated value of this asset is Rs. 0.50 crores as per the valuation report dated 20.10.2014 Annexure l-E. The estimated value of the fixed assets of the company are stated to be Rs. 11.37 crores. Copy of the sanction letter dated 03.04.2014 issued by Punjab National Bank is at Annexure l-A. 9. A....
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....e from the date of admission of the application under sub-section (4)of this section. The above provision of 'the Code' discloses that the following procedures are required to be completed by a 'Corporate Debtor' for initiating the process of insolvency: (i) Existence of a 'Corporate Debtor' (ii) Such a 'Corporate Debtor' must have committed a default. (iii) On the satisfaction of (i) and (ii) above, a "Corporate Applicant" may file an application for initiating Corporate Insolvency Resolution Process. (iv) Such an application as contemplated in (iii) above shall be filed in such forms, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (v) Along with the application as in (iv) above, information relating to books of accounts and other documents relating to such period as may be specified. (vi) The Applicant to name the Resolution Professional proposed to be appointed as Interim Resolution Professional Section 10 of 'the Code' confers a discretion on this Tribunal to either admit or reject the application and in case of rejection, to give an opportunity to the applicant b....
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....r liabilities Amount in Rs. As on 28.02.2017 122496804 As on 31.03.2016 115476888 AS on 31.03.2015 11643371 Currant Liabilities Amount in Rs. As on 28.02.2017 87631081 As on 31.03.2016 117814099 As on 31.03.2015 63408465 17. The figures extracted above indicate the losses and fall in revenue. It seems that the applicant has fallen into debt trap and is competent to set in motion the insolvency resolution process as contemplated under the Code'. On the basis of the aforesaid statements the total debt raised by the 'Corporate Applicant' with regard to the financial and operational creditors is Rs. 18.48 crores and it is further represented that the total amount of default is Rs. 18.29 crores. 18. In view of the aforesaid discussion, the instant petition deserves to be admitted, it is, however, observed that the Applicant Company save some sketchy particulars has not given any road map as to how it is going to keep itself afloat as a going concern. However, keeping in perspective the objects for which 'the Code' has been brought into force and to balance the interest of all stakeholders, we are satisfied ....