TaxTMI 
TaxTMI 
2017 (11) TMI 231
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....nd Articles of Association has been attached. The registered office of the company is located at Bathinda and therefore, the matter falls within the territorial jurisdiction of this Tribunal. The CIN allotted to this company by the Registrar of Companies is U15490PB2010PLC034368. 3. The authorised share capital of the company is Rs. 5 crores comprising of 50 lac equity shares of Rs. 10/- each and issued subscribed and paid up share capital is Rs. 4,79,90,250/- comprising of 47,99,025 equity shares of Rs. 10/- each. The petition has been filed through Mr. Keshav Kumar Bansal, Director of the company in whose favour the company has passed resolution (Annexure VII-A) for initiating the corporate insolvency process under the Code. There are three Directors of the company namely, Raj Kumar, Keshav Kumar Bansal and Mandeep Singla. There are 17 shareholders of the company, the details of which are given at Sr. No. 3 of Part-I of the application form. There is affidavit of Mr. Keshav Kumar Bansal in support of the contents of the application. He is the person authorised to accept service of the notice on behalf of the company as per the Board of Directors resolution. Learned counsel for....
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....to the operational debt in respect of government dues or the dues of the workers/employees. The petitioner-Corporate Debtor has filed necessary information by way of affidavit of Authorised Representative on this aspect vide order dated 08.09.2017. Affidavit of Mr. Keshav Kumar Bansal, Director, authorised representative of the company has been filed to the effect that Corporate Debtor does not have any dues towards the government or the workers. This affidavit be taken on record. 7. It is also represented that the corporate Debtor has provided following securities to the Financial Creditor ( Punjab National Bank): S. No. Name of Bank Nature of Charge Detail of Assets/securities Date of creation Estimated Value 1. PUNJAB NATIONAL BANK Hypothecation of all type of standing crops & popular plants hypothecation of other fixed assets of the company viz. cars, tractors & other machineries charge on all block and current assets of the company 27-1-2011 NOT AVAILABLE 2. Plot measuring 569 sq yards new Dr. Mela Ram hospital, New Shakti Nagar, 60' wide Road, Bathinda, Punjab in name of Sh. Ram Krishan Maheshwari s/o Sh.....
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....ioner has also proposed the name of Interim Resolution Professional Mr. Vikram Bajaj [Annexure III (A) ] who has furnished written communication dated 06.05.2017 whose registration number issued by the IBBI is IBBI/IPA-002/IP-N00003/2016-2017/10003 and the certificate issued by the IBBI in his favour is at Annexure-III (c). The Interim Resolution Professional has furnished all the necessary details and the form is found to be in order. 9. The petitioner has created securities in favour of the Financial Creditors i.e. banks, the details of which have been given in the petition (Annexure X). Apart from these securities, the personal guarantees have also been furnished by the Directors and other persons for which the bank has already filed the application before the Debt Recovery Tribunal. The Corporate Debtor has also attached certificate of creation of charge with the Registrar of Companies Annexure IA (7). 10. I have heard the learned counsel for the petitioner and Financial Creditor-Bank and perused the record. The application filed in terms of Section 10 of the Code is found to be complete in all respects. 11. The instant application has been filed in Form 6 in terms of ....
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....ction 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". 14. 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, it is not being repeated for sake of brevity, as the essential particulars as....