2020 (6) TMI 228

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....meaning of section 2(20) of the Companies Act, 2013 and represented by its Authorised Signatory, Hirendra Kranti, on the basis of a Board Resolution dated 5-4-2018 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Syglak Laboratories Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a Private company limited by shares and incorporated on 03-12-2004 under the Companies Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Its CIN is U24230MH2004PTC149815. Its registered office is at F-14, MIDC Kulgaon, Badlapur East, Thane, Maharashtra 421503. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 27-5-2019 before this Adjudicating A....

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....te No. 41 dated 1-9-1977 (para 1 of Part V at page 8 of the Petition); (e) The Financial Creditor received the Security Deposit of Rs. 86.00 lakh on 7-2-2018 (para 2 of Part V at page 9 of the Petition); (f) Mr Gaurav Vadhera, Director of the Corporate Debtor, and Mrs Rita Lav Kumar Vadhera, also executed personal guarantees, and also handed over post-dated cheques on behalf of the Corporate Debtor and on their own behalf (para 3 to 6 of Part V at page 9 of the Petition); (g) The cheques issued by the Corporate Debtor have bounced on 01-11-2018 (for a sum of Rs. 18,94,948/-), 7-3-2019 (for a sum of Rs. 18,77,945/-) and 7-3-2019(for a sum of Rs. 2,45,725/-). (para 8 at page 11 and 12 of the Petition). 5. Copy of....

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....acturing unit registered under the Micro, Small & Medium Enterprises (MSME) Act, 2006. It is a company manufacturing speciality chemicals having high value-addition, mainly for export. It has 14 employees (para 1 at page 1 of the Reply); (b) Due to demonetisation, GST, economic slow-down etc. the Corporate Debtor's turnover fell from Rs. 2.50 crore to Rs. 50 lakh. In spite of using up the fixed deposit of its shareholders, the Corporate Debtor was in dire need of urgent infusion of funds in order to survive and revive (para 2 at page 2 of the Reply); (c) The Corporate Debtor may be allowed to avail the benefit of the special provisions of section 240A(1) of the IBC read with rule 11 of the NCLT Rules, 2016, and allow M....

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....ction 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 13. The Financial Creditor has proposed the name of Mr. Ashish Avinash Saoji, Registration No. IBBI/IPA-001/IP-P01268/2018-19/12510, as the Interim Resolution Professional of the Corporate Debtor. 14. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP(IB)2098/MB/C-IV/2019 filed by One Capitall Limited [CIN:U67120MH2008PLC181072], the Financial Creditor, under section 7 of the IBC read with rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudi....

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....notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr Ashish Avinash Saoji, Registration No. IBBI/IPA-001/IP-P01268/2018-19/12510, ....