TaxTMI 
TaxTMI 
2019 (1) TMI 522
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.... section 10 of Insolvency & Bankruptcy Code 2016 (for short to be referred hereinafter as the 'Code'). The Corporate Debtor falls within the definition of the term 'Corporate Applicant' as defined in sub-section (5) of Section 5 of the Code. 2. The Corporate Debtor was incorporated on 10.06.2011 having been allotted CIN U50100HP2011PTC031682 and its registered office is at Una, in the State of Himachal Pradesh and therefore, the mater falls within the territorial jurisdiction of this Tribunal. The Memorandum and Articles of Association are at Annexure VII and copy of master data is at page 171 of the petition. 3. The authorised share capital of the Corporate Debtor is Rs.3,00,00,000 (Rupees Three Crore only) and issued subscribed and paidup capital is also Rs.3,00,00,000 (Rupees Three Crore only). 4. The Petition has been filed by the corporate debtor through Mr. Tushar Sharma, its Director who has been authorised to file a petition under the Code vide board resolution dated 14.04.2018 as at page No.173 of the paper book. The contents of the application are supported by the affidavit of Mr. Tushar Sharma which is Annexure VIII (page No.159A-169) of the paper book and at pa....
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....ding as on 31.03.2018 1 Term Loan 7,40,000 8,03,450 HDB Financial Services Sr. No. Nature and Description of Credit Facility Sanctioned Amount Outstanding as on 31.03.2018 1 T erm Loan (Vehicle) 30,11,993 13,46,404 Kangra Central Cooperative Bank Ltd, Una Sr. No. Nature and Description of Credit Facility Sanctioned Amount Outstanding as on 31.03.2018 1 Term Loan 1600000 425972 Kangra Central Cooperative Bank Ltd Govt College, Una Sr. No. Nature and Description of Credit Facility Sanctioned Amount Outstanding as on 31.03.2018 1 Term Loan (Vehicle) 600000 367144 Vinayak Construction Co. Sr. No. Nature and Description of Credit Facility Sanctioned Amount Outstanding as on 31.03.2018 1 Term Loan 1,52,00,000 1,52,00,000 8. When the matter was listed on 23.05.2018, it was contended on behalf of the petitioner-corporate debtor that as per the statement of affairs of the Company till 10.05.2018 Annexure VI-A, the total of equity and liabilities was tallying with the total of the assets. The petitioner was directed to furnish the total thereof within a week. The petitio....
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....hority by an order - "(a) admit the application if it is complete (and no disciplinary proceeding is pending against the proposed resolution professional); or (b) reject the application, if it is incomplete (or any disciplinary proceeding is pending against the proposed resolution professional). Provided that Adjudicating Authority shall, before rejecting an application, give a notice to the applicant to rectify the defects in his application within seven days from the date of receipt of such notice from the Adjudicating Authority." 14. The defects in applications as pointed out on various dates stand removed as already discussed. So we hold the application to be complete in all respects. 15. Sub-Section (3) of Section 10 of the Code reads as under:- "The corporate applicant shall, along with the application furnish - (a) the information relating to its books of account and such other documents for such period as may be specified; (b) the information relating to the resolution professional proposed to be appointed as an interim resolution professional; and (c) the special resolution passed by shareholders of the c....
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....7.2018 by relying upon "Gaja Trustee Company Pvt. Ltd. & Ors. Vs. Haldia Coke and Chemicals Pvt. Ltd. & ors. - Company Appeal (AT) (Insolvency) No.137 of 2017" that the Board of Directors is required to place the matter before the shareholders and creditors and to take its approval for filing application under Section 10 of the I&B Code, 2016. 19. When the matter was listed on 29.08.2018 the following order was passed:- "Having heard the learned counsel for the petitioner, we find that the petitioner has not attached copy of the resolution of Extraordinary General Meeting (EOGM) deciding to initiate the proceedings under Section 10 of the Insolvency and Bankruptcy Code, 2016. The learned counsel submits that the resolution was passed in April, 2018 but the same was not made part of the record, though the notice of the EOGM along with the requisite documents were placed on record. List the matter on 13.09.2018. The resolution of the EOGM along with supporting affidavit be filed at least seven days before the date fixed with copy advance to the counsel opposite...." 20. The petitioner has filed copy of the special resolution dated 07.04.2018 passed in the Extr....
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....represented by the learned counsel for the corporate debtor that as per the financial statements filed on record, following is the status of the corporate debtor under different heads:- I. Revenue from Operations: Period Revenue from Operations 10.05.2018 876,919 31.03.2018 41,808,722 31.03.2017 280,449,858 31.03.2016 250,006,606 II. Accumulated Profit/Loss of the Corporate Debtor: Period Accumulated Profit/(loss) of the Corporate Debtor 10.05.2018 -66,422,240 31.03.2018 -65,600,563 31.03.2017 20,729,712 31.03.2016 18,073,257 III. Long Term borrowing & other Liabilities: Period Long Term borrowing & other liabilities 10.05.2018 18,522,770 31.03.2018 18,522,770 31.03.2017 31,502,577 31.03.2016 30,533,286 IV. Current Liabilities: Period Current Liabilities 10.05.2018 89,245,535 31.03.2018 89,441,068 31.03.2017 81,954,585 31.03.2016 93,481,654 25. The figures extracted above indicate complete loss of net worth of the corporate debtor. It is clear from the above that the corporate debtor has failed to pay its debt and has thus co....
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....0178/2017/10357 and email address is [email protected], as an Interim Resolution Profession with the following directions: (i) The term of appointment of Mr. Arvind Kumar, shall be in accordance with the provisions of Section 16(5) of the Code. (ii) In terms of Section 17 of 'the Code', from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the 'Corporate Debtor' shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the 'Code', including taking control and custody of the assets over which the 'Corporate Debtor' has ownership rights recorded in the balance sheet of the 'Corporate Debtor' etc. as provided in Section 18 (1) (f) of the 'Code'. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the 'Corporate Debtor'; ....