TaxTMI 
TaxTMI 
2017 (7) TMI 970
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....#39; was incorporated on 18.01.2007 with the Registrar of Companies, National Capital Region of New Delhi This is part of Annexure VII containing the Memorandum & Articles of Association of the 'Corporate Debtor'. Learned counsel further represents that as per the document forming part of Annexure VII at Page 991 of Paper Book, the 'Corporate Debtor' altered the Memorandum of Association with respect to the place of registered office by changing it from State of Delhi to Haryana i.e. in district Faridabad. The 'Applicant Company' has been allotted CIN No. U51109HR2007PLC040823. 3. The authorised share capital of the 'Applicant Company' is Rs. 2 crores and its paid up capital is Rs. 1,69,45,240/-. There are presently four Directors of the 'Applicant Company' with distinct DIN numbers and eight shareholders as per list Annexure 'VI (F)' with major shareholding belonging to :- (i) SRS Finance Limited 19.20% (ii) Latest LT. Solutions Ltd. 19.00% (iii) SRS Knowledge & Technologies Pvt. Ltd. 18.99% It is also represented that the 'Applicant Company' passed resolution dated 18.02.2017 authorising Mr. ....
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....bsp; TOTAL DEBT (FINANCIAL CREDITORS-SECURED) Rs. 75,00,00,000/- Amount as per books(Financial Creditors) Rs. 79,32,48,652.04 Amount as per notice under Section 13(2) of SARFAESI Act, 2002 Rs. 81,14,58,469.04 OPERATIONAL CREDITORS 1. Babita jain B-151, Gujrawalan Town. Part-1, Delhi- 110009 Total debt (dues) raised: Rs. 60,000/- Amount as per books : Rs. 5,000/- Rs. 5,000/- 2. Anurag Gupta L-13/3, DLF Phase- II, Gurgaon. Haryana Total debt (dues) raised: Rs. 1,20,000/- Amount as per books : Rs. 10,000/- Rs. 10,000/- 3. Shree Ashtvinayak Gems & Stones Private Limited 1157/1139, 2nd Floor, Balaji Plaza, Kucha Mahajani, Chandni Chowk, Delhi Total debt (dues) raised: Rs. 4,19,34,186/- Amount as per books: Rs. 4,18,46,700/- Rs. 4,18,46,700/- 4. Akriti Global Traders Limited Shop No.B0592. Nehru Ground. NIT. Faridabad, Haryana Total debt (dues) raised: Rs. 21,20,51,637/- Amount as per books Rs. 20,54,62.427/- Rs. 20,54,82.427/- 5. Divakar Sales ....
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....54/- Rs. 2,11,46,360.54/- 16 New Vee Meters BFH 56. Shalimar Bagh,Delhi-110088 Amount as. per books: Rs. 10,00,000/- Rs. 10,00,000/- 17 SRS Real Infrastructure Limited SRS Tower. 3rd Floor, Near Metro Station, Mewla Maharajpur, G.T. Road Faridabad, Haryana-121003 Amount as per books: Rs. 21,700/- Rs. 21,700/- 18 Praveen Tayal TDS on Salary Amount as per books: Rs. 27,000/- Rs.27,000/- 19 Mohit PF Contribution Amount as per books: Rs. 905/- Rs. 905/- 20 Praveen Tayal PF Contribution Amount as per books: Rs. 6,720/- Rs. 6,720/- 21 Mohit & Praveen Tayal Employer Contribution to PF Amount as per books: Rs. 5,078/- Rs. 5,078/- 22 Mr. Mohit SRS Tower, 3rd° Floor, Near Metro Station. Mewla Maharajpur. G.T. Road Faridabad, Haryana-121003 Amount as per books: Rs. 7,556/- Rs. 7,556/-/- 23 Mr. Praveen Tayal House no 202, Sector-9, Faridabad, Harvana-121006 Amount as per books: Rs. 72,964/- Rs. 72,964/- 24 State Government Value Added Tax Rs. 29,15,216.82/- ....
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....r. Rastogi in his declaration has furnished the complete information with regard to to the paragraph (vi) of Form 2 to the effect that (3) he is eligible to be appointed as an Insolvency Resolution Professional of the applicant in terms of Regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations 2016; (b) he is not a related party of the Applicant Company; and {c) he is not an employee or promotor or a partner etc. of the Applicant Company. He further undertakes to abide by the Code of Conduct set out by Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations 2016. The office has also verified the Registration number of Insolvency Professional from the website of Insolvency and Bankruptcy Board of India. 7. The learned counsel further represents that due to default in making payments of dues of financial institutions, the banks have issued notices under Section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002). Punjab National Bank has issued such notice dated 29.12.2016 which i....
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.... of Related party or not. 1. Dr. Anil Jindal son of Sh. G.S. Jindal H. No.538, Sector 14, Faridabad. As Promoter Related party 2. Dr. Sunil Jindal son of Sh. G.S. Jindal H. Np.538. Sector 14. Faridabad. As Promoter Related party 3. Sh.Praveen Tayal son of Sh. Nanak Chand Tayal H. No. 202. Sector 09, Faridabad. As Director Related patty 4. Sh.Bhagwan Dass Gupta son of Sh. Khushal Chand. H. No. 2109. Sector 09. Faridabad. As Director Related party 5. Sh Sushil Singla son of Sh. Trilok Chand Singla H.No. D-477. Near Kaluti Mandir. 30 Ft. Road, Tuhiram Colony, PalwaL As Director Related party 6. SRS Retreat Services Lid. 3rd Floor, SRS Tower, Near Metro Station. Mewla Maharajpur. G.T. Road. Faridabad. Group Company- Corporate Guarantee. 7. Akriti Global Traders Ltd. Akriti Global Traders Ltd- Corporate Guarantee. 9. It is represented that the estimated market value of the property i.e. commercial land situated in Village Prithla measuring 22 kanais 5 Marlas is over Rs. 42 crores; that of the land measuring 28 kanals 8 marlas and balance area of 8kanal 18 martasowned by ....
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.... 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 account 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 before such rejection, to rectify the defects within seven days from the date of receipt of such notice from the Adjudicating Authority. The term "Corporate Debtor' has been defined under Section 3(8) of Part-I of the Code' to mean a Corporate Person who owes a debt to any person and 'default' is defined under Section 3(12) of Part-I of the Code' to mean "non-payment of debt when whole or any part or instalment of the amount of debt has become payable and is not repaid by the debtor or the 'Corporate Debtor', as the case may be". 11. As provided in Rule 7 (1) of the Rules, th....
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....As on 31.03.2016 - 5,46,67,68,466.63/- As on 31.03.2015 - 5,24,31,42,063.06/- 14. The figures extracted above would indicate the losses and fall in revenue considerably. The 'Applicant Company' is facing the notice under SARFAESI Act, 2002, apart from huge amount of default committed in respect of operational creditors. 15. 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, I am satisfied that the instant application warrants lo be admitted to prevent further erosion of capital and to safeguard the assets of the Applicant Company/Corporate Debtor. For the reasons aforementioned while admitting the application, the following directions are issued: - (i) Appoint Mr. Sameer Rastogi, F-116, Lajpat Nagar-1, Lajpat Nagar, Delhi-110024 Mobile No. 9818685399, email: [email protected] Re....