TaxTMI 
TaxTMI 
2020 (9) TMI 398
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....to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s.Blue Whale Machinery Technologies Pvt. Ltd., on the ground that it has committed default for a total amount of Rs. 18,01,59,144/- (Rupees Eighteen Crore One Lakh Fifty Nine Thousand One Hundred and Forty Four Only) which includes Financial Creditors (Rs. 11,23,40,812/-) and Operational Creditors (Rs. 6,78,18,332/-). 2. Brief facts of the case, as mentioned in the Company Petition, are as follows: (1) M/s. Blue Whale Machinery Technologies Pvt. Ltd. (herein after referred to as 'Company') was incorporated on 19.11.2007 as a Private Company Limited by shares with the ROC, Karnataka vide CIN: U29128KA2007PTC044409. Its Authorised Share Capital is Rs. 1,50,0....
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....any owes money, the details of the Creditors and the amount sanctioned as well as the amount in default are as follows: SI. No. Name, Address of Creditors Date of Occurrence of debt Amount of Debt or Service Provided Amount in Default Security against loan Financial Creditors 1. Karur Vysya Bank Ltd.(Cash Credit) 230/2, 15th Cross, Sampige Road, Malleshwaram, Bangalore- 560003 12/10/2018 on 12/10/2018 cash credits limits were enhanced 50,000,000 65,801,708 Refer Statement of affairs 2. UCO Bank Corporate Home Loan (Villa No. 13) 47, West Park Road, 15th Cross, Malleshwaram- 56003 18.10.2016 10,700,000 8,902,4....
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.... 7. Short Terms Loans and Advances 81,103,471 Total Assets 21,28,25,081 List of Liabilities as on 10th February 2020 1. Share Capital 15,000,000 2. Reserves & Surplus 16,467,134 3. Long Term Borrowings 5,31,83,595 4. Other Current Liabilities 12,81,74,350 Total Liabilities 21,28,25,081 (5) The case of M/s.Unigreen Global Private Limited Vs. Punjab National Bank and Ors., Comp. App. (AT) (Insolvency) No. 81/2017 decided by the Hon'ble NCLAT in its order dated 01.12.2017 has been cited in support of its Petition. 3. Heard Mr. Venkatesh K....
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....tioner to initiate CIRP. The instant Company Petition is filed in accordance with law. 6. In M/s. Unigreen Global Private Limited \/s. Punjab National Bank and Ors., Comp. App. (AT) (Insolvency) No. 81/2017 decided by the Hon'ble NCLAT in its order dated 01.12.2017, it was held that the law laid down in Innoventive Industries Ltd. equally applicable to Section 10 of the Code as it was to section 7, and the Petition should be admitted once the Adjudicating Authority is satisfied that a debt and default have occurred. 7. The instant Petition was filed by the Shareholders of the Petitioner Company, as per the Resolution passed at the EGM held on 18th January 2020, where it was: "Resolved that approval of the members be and is hereby gr....
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....3,595.58/- and Rs. 12,81,74,350.64/- respectively, and the Profit & Loss A/c for this period shows a loss of Rs. 1,31,73,013.16/-. As per the Statement of Affairs as on 10.02.2020 filed by the Petitioner shows that while its Total Liabilities were Rs. 14,44,21,277/-, the Estimated Realisable value of its Assets came to only Rs. 6,40,13,721/. Thus its liabilities far exceed its Assets. It appears therefore that the Company has clearly lost its substratum and its ability to repay its debts or run its business. 9. The Applicant has suggested a qualified Resolution Professional namely Mr. Srinivas Thatikonda, with Registration No. IBBI/IPA-002/IP-N00631/2018- 19/11886, who has also filed his written Consent in Form-2 dated 17.02.2020, by inter....
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....ng, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor; e) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period; f) The provisions of sub-section (1) shall....