TaxTMI 
TaxTMI 
2018 (7) TMI 1335
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....pany has its registered office at 13 B, Achrol House Civil Lines Jaipur -302001 (Rajasthan). Since the registered office of the applicant company is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of applicant corporate debtor under sub-section (1) of Section 60 of the Code. 3. The present application has been filed by one Mr. Pankaj Sharma, director and authorised representative of the applicant company for and on behalf of the applicant M/s. Seatel Electronics (India) Private Limited. In support of the authorisation a copy of Board of Director Meeting of Applicant Company held on 27.11.2017 has been placed on record. A perusal of the Board of Meeting dated 27.11.2017 of the M/s. Seatel Electronics (India) Private Limited reveals that in the aforesaid Board meeting it was considered that the applicant company has committed default in payment of its debts and accordingly, it was decided to file application under Section 10 of the Code. The Board of Director of the applicant company further resolved authorising Mr. Pankaj Sharma, dire....
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....volved in relation to the insolvent. 8. The scheme of the Act provides for triggering the Corporate Insolvency Resolution Process by three categories of persons, namely, (a) Financial creditor (b) Operational creditor, and (c) by the corporate debtor itself. 9. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the Corporate Debtor is delineated under Section 10 of the 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 required to disclose as amongst others, the details of the Corporate Debtor including the date of incorporation as well as the details of financial creditors and operational creditors to whom the Corporate Debtor owes money including their address for correspondence. It is also pertinent to note that in relation to the debts owed by it the Corporate Debtor is required to furnish the total amount of debt and the amount in default and also in particular as to when the financial or operational debt was incurred including the details of the security held, if any, by the creditors and its estimated value. ....
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....have given their consent for preferring the present application under Section 10 of the Code. 14. As regards merit of the case it is seen that the applicant company had availed loans from the following 12 Financial Creditors: (i) Bajaj Finance Limited (ii) Capital First Limited (iii) Indiabulls Housing Finance Limited (iv) MAS Financial Service Limited (v) Neogrowth Credit Private Limited (vi) Religare Finvst Limited (vii) State Bank of India (viii) Shriram City Union Finance Limited (ix) Tata Motor Finance limited (x) Rakesh Garg (xi) Pankaj Sharma (xii) Pratibha Sharma 15. Besides, list of following Operational Creditors have been furnished in the application to whom the applicant company is liable to pay debts as mentioned in the application: (i) Shah Rajesh & Company Chartered Accountants (ii) Parisha Enterprises, Sole Proprietor, Mrs. Pratibha Sharma w/o Shri Pankaj Sharma (iii) Commissioner of Income-tax (TDS) (iv) Commissioner of Central Excise & Service Tax (v) Commissioner of Commercial Taxes (vi) Employees ....
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....-2 dated 20.11.2017 from the Insolvency Professional for appointment as an IRP. In the Form-2 filed along with the application it has been affirmed by the Proposed IRP that he is a registered Insolvency Professional and qualified to practice as an Insolvency Professional. Further it has been affirmed that there is no disciplinary proceeding pending against the proposed IRP. 23. In view of the above it is clear that a default has occurred and the present application under Section 10 is complete and that the applicant is not ineligible under Section 11 of the Code. Further there is no dispute that the requirements prescribed under sub-section 3(a), 3(b) & 3(c) of Section 10 of the Code have also been complied with. 24. From the detailed examination of the Petition and the submission made by the learned Counsel, we are of the view that the petitioner has disclosed all the details required by Section 10 of the Code read with Rule 7 of Rules. The particulars of the corporate applicant and those of the financial debt have been disclosed in all material particulars. The name of the Interim Resolution Professional has also been proposed. The record of the financial debt as per the Bo....
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....hecated, to take appropriate action in accordance with law, if the directors or promoters of the applicant company have acted in an unlawful, fraudulent and wrongful manner. There are provisions in the Code sufficient to declare such transactions as tainted if IRP/RP has reached a conclusion to that effect. 28. The Insolvency and Bankruptcy Code, 2016 is a complete Code in itself. The provisions of the Code are to be mandatorily followed. Tribunal cannot exercise the power as enshrined in Article 142 of the Constitution of India. Adherence to the statutory requirements has to be in toto. Section 10(4)(a) of the Code mandates the Adjudicating Authority to admit the application if it is complete. When the language of the Code is clear and explicit the Adjudicating Authority must give effect to it, whatever may be the consequences. 29. It is pertinent to refer here the case of Leo Duct Engineers & Consultants Ltd. v. Canara Bank, in Company Appeal (AT) (Insolvency) No. 100 of 2017, wherein vide order dated 13th December, 2017 Hon'ble NCLAT has held that: "5. In the present case, it has not been pleaded that the appellant-Corporate Debtor is ineligible in terms of Sectio....
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....id discussion, we are satisfied that the present application is complete, the applicant corporate debtor has committed a default and there is no disciplinary proceeding pending against the proposed resolution professional. Therefore, as the application is complete the present application is admitted under section 10(4)(a) of the Code. 34. The Corporate Insolvency Resolution Process shall commence from the date of this order under sub-section 5 of Section 10 of the Code. 35. Sh. Brij Kishore Sharma, having registration number IBBI/IIPA-002/IP-N00036/2016/17/10075 resident of AB-162, Vivekanand Marg, Nirman Nagar, Near DCM, Ajmer Road, Jaipur - 302019 (Rajasthan), email [email protected] is appointed as an Interim Resolution Professional. 36. In pursuance of Section 13(2) of the Code we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Regulations) with regard to admission of this application under Section 10 of the Code. 37. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c)....