2019 (1) TMI 629

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....is at Faridabad, in the State of Haryana and therefore, the mater falls within the territorial jurisdiction of this Tribunal. The Memorandum and Articles of Association are at Annexure A- 6 (page 22-60) and the master data is at page 20 of the paper book 3. The authorised share capital of the Corporate Applicant is Rs.1,00,00,000/- and issued, subscribed and paid-up capital of Rs.65,00,000/- comprising of 650000 equity shares. 4. The petition has been filed by the corporate applicant through Mr. R Ragunath, Director who has been authorized to file this petition under Section 10 of the 'Code', vide resolution of the Board of Directors dated 11.06.2018 annexed as Annexure A-5 at page 21 of the paper book. The contents of the application are supported by the affidavit of Mr. R Ragunath which is from pages 14 to 16 of the paper book. 5. As per Memorandum of Association of the corporate applicant (Annexure A6) the main objects of the corporate applicant are to carry on the business of, or dealer in or as stockists, importers, exporters and printers of all type of packaging articles such as Cartons, containers, cases, Cans, bags, Boxes, tubes, sneeze tubes, drums, Rolls, Sheets,....

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....08.2018, certain defects were noticed and the following order was passed:- "Having heard the learned counsel for the petitioner, we find that the statement of affairs filed by the petitioner is beyond the period of 14 days before the filing of the petition and copies of the invoices of the operational creditors have not been filed. These are the requirements of certain annexures given in the Instructions of Form 6 prescribed under Rule 7 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016. Notice of this defect to the petitioner and learned counsel for the petitioner accepts the notice. Let the defects be removed within 7 days. List the matter on 11.09.2018 for preliminary hearing and compliance be made within time with the supporting affidavit" 11. In compliance with the above order, the petitioner filed affidavit vide Diary No.3323 on 05.09.2018 of Mr. R. Ragunath, Director, attaching therewith the provisional financial statements along with the invoices of the operational creditors as Annexure A1(page Nos.4 to 11) and Annexure A2 (page Nos.12 to 42) respectively. The instant petition was filed on 19.07....

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.... No.3323 on 05.09.2018. 17. Under Clause (b) of Section 10(3) the corporate applicant is bound to propose the name of Registered Resolution Professional to be appointed as Interim Resolution Professional. We have perused the written communication in Form No.2 Annexure-A8 (page Nos.63 to 67) furnished by Mr. Arun Chadha a registered Insolvency Professional with IBBI. This Form contains all the particulars provided in the Form. He has furnished his written consent and stated that presently he is serving as Interim Resolution Professional/Resolution Professional/Liquidator in two proceedings under the Code so far. He has also certified that no disciplinary proceedings are pending against him with the IBBI or the Indian Institute of Insolvency Professionals of ICAI of which he is a member. His Registration number is IBBI/IPA-001/IPP00165/ 2017-18/10334. We find that written consent furnished by the proposed Interim Resolution Professional is in order. 18. It is now to be seen whether the petitioner has also complied with Section 10(3)(c) of the Code. It was also held by Hon'ble National Company Law Appellate Tribunal, New Delhi in Horseshoe Entertainment & Hospitality Private Lim....

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....e Applicant which are as follows:- (i) Karnataka Bank Limited filed an O.A No.84/2007 before the Debt Recovery Tribunal-II, New Delhi against the Corporate Applicant, pursuant to which a consent decree was passed and the Corporate Applicant was directed to pay a sum of Rs.1,00,00,000/- (Rupees One Crore) as full and final settlement and a Recovery Certificate in this regard was issued by Debt Recovery Tribunal-II, New Delhi which is at Annexure A-18. Thereafter, the Corporate Applicant failed to adhere to the terms of the decree and such settlement amount was not paid by the Corporate Applicant. It is further submitted by the authorized representative for the Corporate Applicant that the company also failed to pay Rs.1,44,83,789/- (Rupees One Crore Forty Four Lacs Eighty Three Thousand Seven Hundred and Eighty Nine only) with interest to Phoenix ARC Private Limited (assignee of the financial debt from Karnataka Bank Ltd.) as specified in Recovery Certificate No. 10/2015 drawn by Hon'ble Presiding Officer, DRT-II, Delhi in OA No.84/2007.In view of the same, the Debt Recovery Tribunal-II issued show cause notice to the Corporate Applicant. Presently, the said proceedings are....