TaxTMI 
TaxTMI 
2017 (9) TMI 1387
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....rate Insolvency resolution process in respect of the applicant company. 2. Brief facts of the case necessary for disposal are that the Applicant Company 'Ang Industries Ltd.' is a registered company bearing CIN No. L151909LD1991PLC045084. The Applicant Company was incorporated on 24-7-1991 in the name of Ang Exports (P) Ltd. and subsequently the name of the company was changed to "Ang Auto Ltd." on 21st Feb. 2006 and finally the name of the applicant company was changed to Ang Industries Ltd. on 22nd April 2010. The registered office of the applicant company is 101-106, Sharda Chamber-IV, Plot No. 42, 3 local Shopping Complex Kalkaji, New Delhi-110019. As the registered office is located in Delhi, this Tribunal has jurisdiction o....
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....standing loans, the total accrued interest on the aforementioned borrowings as per the books of the applicant company is Rs. 2,60,87,000/-. It is submitted that since two banks, State Bank of India and Bank of Baroda have declared the account of the applicant company as a NPA, the interest of their respective loans has not been reflected in the financial statements of the applicant company. 7. It is further submitted that there are 997 operational creditors as on 31.07.2017 to whom the total current outstanding is Rs. 55,15,60,522 (Fifty Five Crores Fifteen Lacs Sixty Thousand Five hundred Twenty Two only). The list of Operational Creditors of the Corporate Applicant along with the address and the due amount payable by the applicant comp....
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....t investments 10 68.95 (c) Long-term loans and advances 11 618.69 2 Current Assets (a) Inventories 12 1481.54 (b) Trade receivables 13 1591.13 (c) Cash and Cash equivalents 14 52.88 (d) Short-term loans and advances 15 857.04 (e) Other current assets 16 212.80 Total 12,813.37 9. Learned Counsel for the Applicant stated before us that the land assets of the company have been valued at historical values. As per the Annual Report of 2016-2017 as on 31st March 2017, the total block of fixed assets comes to Rs. 10,571.77/- lacs. 10. A copy of notice dated 3-4-2017 issued b....
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....s in respect of the applicant company. 13. Additionally, by way of affidavit dated 25.08.2017, it has been submitted that there is no impediment, as per section 11 of the code, in applicant's entitlement to make application under section 10 of the Code and no CIRP has ever been initiated nor any liquidation order has been made against the applicant company. 14. It is further stated that the Board of Directors have the authority to file the instant application as the Board is empowered under section 179 of The Companies Act, 2013 read with Article 101 and 101A of the Articles of Association of the Applicant Company. A perusal of enclosed Article of Association of the applicant company reveals that under clause 15 of Article 101A, s....
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....that too in a time bound manner for the maximization of value of assets of such persons to promote entrepreneurship and balance the interest of all stake holders involved in relation to the insolvent. 17. The scheme of the Act provides for triggering the insolvency resolution process by three categories of persons, namely, (a) Financial creditor (b) Operational creditor, and (c) by the corporate debtor itself. 18. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the Corporate Debtor is delineated under Section 10 of Code, wherein the Corporate Debtor is required to furnish information in accordance with Form-6 of the Rules. Under Form-6, the Corporate Debtor is requir....
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....nd 31.03.2017 all have been placed on record. A list of assets and liabilities as on 31.07.2017 has also been disclosed. It has been submitted that the applicant company is in dire need of a resolution plan in the interest of all the stakeholders. The present application has been filed in the requisite form-6 containing the required particulars in terms of sub-section (2) of section 10 of the Code. The petitioner satisfies all the statutory requirements. Therefore, we are inclined to admit the application. 20. In view of the above, we are satisfied that the present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present application is admitted under se....