2021 (1) TMI 863

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....16 ("the Code") read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, for initiation of Corporate Insolvency Resolution Process. 2.  The Corporate Applicant was incorporated on 03.06.2008 having a paid up share capital of Rs. 24,18,700/- (Rupees Twenty-Four Lakh Eighteen Thousand and Seven Hundred Only) was engaged in the business of subsea diving and Grouting.  3.  Its Board of Directors of the Corporate Applicant in its meeting held on 30.04.2020 passed a resolution to file a Petition under section 10 of the Code for initiation of CIRP. Mr. Jai Kishan Thappa, Managing Director, has been authorized to sign and submit the same.  4.  The Corporate Applicant sub....

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....ubmits that its financial status is in a precarious condition. It has been unable to pay salary and wages amounting to Rs. 19,34,005/- (Rupees Nineteen Lakh Thirty-Four Thousand and Five) as on 01.07.2020, to its permanent employees for the past 6 months. The Applicant as on 01.07.2020, also owes Rs. 46,73,620/- (Rupees FortySix Lakh Seventy-Three Thousand Six Hundred and Twenty) to the Contractual workers. Due to the current pandemic and other legal predicaments, the Petitioner is unable to meet its basic liabilities. Mounting salary burden alone has made it difficult for it to revive.  7.  The Corporate Applicant submits that since the Company was engaged in subsea related activities, it had purchased a vessel. It was unable ....

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....f India towards TDS and GST dues.  11.  The Corporate Applicant has enclosed the following to the Petition.  a.  The names and addresses of the Directors and Promoters of the Company along with their respective shareholding.  b.  Copy of its Certificate of Incorporation dated 03.06.2008.  c.  Copy of the its Memorandum of Association.  d.  Copy of Board Resolution dated 30.04.2020 approving the filing of the present Application.  e.  List of Financial and Operational Creditors with Names, Address, Total Debts and amount in default.  f.  List of Security with date of its creation and estimated value along with Certif....

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....arguments of the counsel and came to a conclusion that the Corporate Applicant is unable to make payment to various creditors and thus has defaulted in making payments of its Debts. 15.  On reading the Petition and the supporting documents annexed with the Petition, it is noticed that the Petitioner Corporate Applicant has submitted all relevant particulars and information, supported by document, to meet the requirement of the I B Code. Hence the present I B Petition is found complete and its filing is found in order in all respect.  Hence the present I B petition is admitted with following direction: (a)  The moratorium is pronounced u/s 14 of the Code. (b)  That this Bench hereby prohibits the inst....