TaxTMI 
TaxTMI 
2019 (4) TMI 735
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....his petition before NCLT for initiating Corporate Insolvency Resolution Process under Section 10 of the IB Code in Form-6. 3. Pursuant to the said Resolution, A.P.I. Industries Private Limited through its Authorized Representative filed this petition before this Tribunal. 4. M/s. A.P.I. Industries Private Limited is a company registered under the Companies Act having its Registered Office at A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar 364 002 (Gujarat) with a Paid Up Share Capital of Rs. 350.00 lacs. The list along with latest address of the Directors of the corporate applicant is placed at page No. 7 to the application marked Annexure 1. 5. It is further represented by the corporate debtor that the applicant company has the following Financial Creditors; Name of the bank Branch/address Total Debt Rs. State Bank of India Sir PM Road Branch, Gresham House, Fort, Mumbai 400 001 34,05,84,774/- 6. It is further submitted that the following are the operational creditors; Name Address Total Debt Rs. AL Hawai Co LLC Murshid Bazar, 1,28,81,868/- Near Mashreq Bank, Deira, Dubai ....
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....ng the liabilities; (f) particulars of security held, date of its creation, its estimated value as per the creditor; (g) copy of ROC record confirming the charges of financial creditors; (h) details of statutory liabilities; (i) copy of notice u/s 13(2) & 13(4) of SARFAESI Act, 2002 and possession notices issued by the financial creditors; (j) details of debts with associate parties; (k) details of contingent liabilities; (l) proof of serving of application to secured creditors/respondents; (m) audited balance sheet for the financial year 2015-16 & 2016-17; (n) provisional financial statements for the current financial year made up to date not earlier than fourteen days from the date of application. 9. The petitioner company has filed ledger account of the financial creditors at page No. 60A-60B marked Annexure -9 and ledger account of the operational creditors at page No. 61-124 marked Annexure - 9A evidencing the default to the financial creditor as well as operational creditors. 10. To prove that default is in existence as on the date of filing the application, the applicant has placed copy of....
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....t No. 1. It is further submitted that in order to frustrate lawful action pursued by respondent No. 1 for recovery of huge amounts defaulted since long time by inter-connected and inter related group of debtors. That, Corporate applicant has filed this application collectively and has initiated simultaneous proceedings before this Adjudicating Authority: - (i) [Company Petition (IB) No. 75/2018, dated 19-2-2019] filed by UIC Corporation (P.) Ltd. v. State Bank of India. (ii) Company Petition (IB) No. 76/2018 filed by M/s. VHCL Industries Limited (iii) Company Petition (IB) No. 78/2018 filed by M/s. Hardik Industrial Corporation Private Limited 15. Heard both the sides at length. Also perused the documents filed by the Corporate Debtor/applicant. On perusal of the petition goes to show that it is complete in all respect. Further, admittedly, M/s. A.P.I. Industries Private Limited is liable to pay financial debt to its financial creditors including State Bank of India. No other objection has been raised by the financial creditor(s). The material on record clearly establish the financial debt is due from the corporate debtor to financial creditor and occu....
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....rds as prescribed under section 10 and the information as required to be submitted in Form 6 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 subject to ineligibility prescribed under Section 11. If all information are provided by an applicant as required under Section 10 and Form 6 and if the corporate applicant is otherwise not ineligible under Section 11, the adjudicating authority is bound to admit the application and cannot reject the application on any other ground. 23. Any fact unrelated or beyond the requirement under I &B Code or Forms prescribed under Adjudicating Authority Rules (Form 6 in the present case) are not required to be stated or pleaded. Non-disclosure of any fact, unrelated to Section 10 and form 6 cannot be termed to be suppression of facts or to hold that the corporate applicant has not come with clean hand except the application where the corporate applicant has not disclosed disqualification, if any, under Section 11. Non-disclosure of facts, such as that the corporate debtor is undergoing a corporate insolvency resolution process; or that the corporate debtor has completed corporate insolvency resolution p....
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.... initiate the Corporate Insolvency Resolution Process under Section 7 of the Code nor it can be a ground to reject the Resolution Petition. 19. That the petitioner/corporate debtor in compliance to order of this Tribunal dated 22.06.2018, filed reply dated 23.08.2018 inter alia clarifying that in the instant petition the corporate debtor is not required to file the special resolution of its shareholders in view of the fact that the application under Section 10 of the Code was filed much before the above Ordinance i.e. on 02.02.2018 and at that time the said ordinance was not in force and it has come into force only on 06.06.2018. 20. A perusal of the petition goes to show that it is complete in all respects. Further, admittedly, M/s. A.P.I. Industries Private Limited is liable to pay financial debts to its Financial Creditors. No other objection has been raised by the Financial Creditors or by any other person. The materials on record clearly establish that financial debt is due from the Corporate Debtor to the Financial Creditors and there is occurrence of debt by the Corporate Debtor in repayment of financial debt. 21. In view of the above discussion, this Adjudicating A....