TaxTMI 
TaxTMI 
2017 (8) TMI 139
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.... stated that the applicant has been allotted CIN No. U24232Ch2003PLC25785. It is further submitted by Mr. Sarin that the registered office of the 'Corporate Debtor' is situated at Chandigarh and therefore, this Bench has the territorial jurisdiction to entertain and dispose of this petition. 3. The authorised share capital of Applicant/Corporate Debtor is Rs. 5,00,00,000/- i.e, 50,00,000 equity shares of Rs. 10/- each and its paid up capital is Rs. 4,85,54,23/- i.e 4855423 equity shares of Rs. 10/- each. There are presently three Directors of the Applicant Company, viz. Mr. Sunil Guglani, Mrs. Suman Guglani and Mr. Suhail Guglani. The list of directors with their distinct DIN numbers has been filed at Page 598 of the application. There are in all 34 shareholders of the company, as per list of shareholders at Annexure VI(F) Page 512. 4. Annexure VII-A is the extract of the Board Resolution dated 30.04 2017 authorizing Mr. Sunil Guglani, Director of the Company to make an application u/s. 10 of the Code and Rules framed thereunder and to initiate corporate insolvency resolution process of the company before the Tribunal. He has also been authorized to accept notice on b....
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....: Rs. 00.11 crs Amount as per books: Rs. 00.11 crs Rs. 0.03crs Total debt raised from operational creditors Total debt (dues) raised: Rs. 12.71 crs Amount as per books: Rs. 12.71 crs Rs. 02.28 crs TOTAL DEBT RAISED (FINANCIAL AND OPERATIONAL CREDITORS TOTAL DEBT RAISED: Rs. 126.91 crs. AMOUNT AS PER BOOKS: Rs. 133.28 crs. Rs. 119.50 crs 6. Mr. G.S Sarin, the authorized representative of the "Applicant/Corporate Debtor" further represents that due to the defaults committed in payment of dues of Punjab National Bank, a notice dated 10.08.2016 was issued under Section 13(2) of Securitization and Reconstruction of Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) for an amount of Rs. 69.78 crores. Similarly, copies of notices issued by the other banks of different dates Section 13(2) of SARFAESI, 2002 have also been attached. Applicant/Corporate Debtor further represents that due to the defaults committed in payment of dues of the Canara Bank and IDBI Bank issued notice under Section 13(2) of SARFAESI Act, 2002 was issued for an amount of Rs. 39.03 crores and Rs. 08.40 crores respectively [Annexure....
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....e effect that (a) 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. 8. It is further represented that the 'Applicant/Corporate Debtor' has committed a default in repayment of its debts, which is evident from the fact that reference was earlier registered with erstwhile Board for Industrial and Financial Reconstruction (BIFR) under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 2003 vide case No. 168/2015, which stood abated in view of the enforcement of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 with effect from 01.12.2016. (Page no 593 of the paper book). It is also represented by the Applicant/Corporate Debtor that the Board o....
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.... (Haryana) Rs. 6.79 crs (as per Valuation Report dated 04.10.2014) Second pari pasu charge over the entire block of assets of M/s. Super Multicolour Printers Private Limited., Baddi, Nalagarh Highway, Kishanpura, Himachal Pradesh Residual value-nil (as per Part III, Column 2 of Form No. 6 Second pari pasu charge over the entire block of assets of M/s. York Polymers, Plot No. 656, Baddi, Kishanpura, Himachal Pradesh. Residual value-nil (as per Part III, Column 2 of Form No. 6 2. Canara Bank Charge on entire current assets of the company both present and future Rs. 38.28 (as per Balance Sheet) Collateral Security Entire land and building, plant and machinery (existing and proposed) and other fixed assets Village Kishanpura, Baddi - Nalagarh Road, Baddi (H.P) Measuring 2 Bigha Rs. 17.22 crs (as per Valuation Report dated 28.01.2015) Common Collateral Security Equitable Mortgage of house H. No. 20, Sector 16, Panchkula (Haryana) measuring 300 sq. yds. Rs. 3.11 crs (as per Valuation Report dated 31.....
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....he above, corporate guarantees and personal guarantees were also given by 3 persons details of which are tabulated hereunder: S. No. Name Nature of guarantee Relation with the Company 1. Mr. Sunil Guglani Personal guarantee Promoter Director 2. Mrs. Suman Guglani Personal guarantee Promoter Director 3. Mr. Suhail Guglani Personal guarantee Promoter Director 4. M/s York Polymers Corporate Guarantee 5. M/s Super Multicolour Printers Private Limited Corporate Guarantee 11. The corporate debtor/applicant has also attached certificate of creation/modification of charge for consortium of Banks issued by the Registrar of Companies as Annexure I(K) (colly). The Corporate-Applicant has also filed the valuation report in respect of land and building; and machinery Annexure I(L) to Annexure I(P). 12. I have heard the authorized representative of the corporate debtor/applicant and perused the record with the assistance of the Authorised Representative of the Corporate-Applicant. 13. I have perused the instant application filed in form 6 in terms of Section 10 of "the Code' by the Corporate Debtor....
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.... 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-1 of the 'Code' to mean a Corporate Person, who owes debt to any person and 'default' is defined under Section 3 (12) of Part-l of the Code to mean non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor, as the case may be." 16. As provided in Rule 7 (1) of the Rules, the Corporate Applicant has to make an application under Section 10 of the 'Code' in Form 6 accompanied with documents and records required therein and as specified in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Since I have already dealt in detail in the opening paragraphs supra of this order relating to information furnished, I am not repeating the same for sake of brevity, as the essential particulars as....
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....ancial creditors is Rs. 117.22 crores. It is represented that the total amount of operational creditors (Raw Material Suppliers) is Rs. 12.18 crores and the amount in default is Rs. 02.15 crores. The total amount of operational creditors (Government dues) is Rs. 00.17 crores and the amount in default is Rs. 00.10 crores. The total amount of operational creditors (Worker Employees) is Rs. 00.24 crores and the amount in default is nil. The total amount of operational creditors (Service providers) is Rs. 00.24 crores and the amount in default is Rs. 0.11 crores. 20. 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 to be admitted to prevent further erosion of capital and to safeguard the assets of the Applicant Company/Corporate Debtor. For the reasons aforementioned while admitti....