2021 (3) TMI 98

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....solvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules') by M/s Alchemist Asset Reconstruction Company Limited (for brevity 'Financial Creditor') through its Authorized Representative Mr. Navneet Kumar, who is duly authorized vide Board Resolution dated 28-6-2019, with a prayer to initiate the Corporate Insolvency process against M/s Associated Lighting Systems Private Limited (for brevity 'Corporate Debtor'). 2. The Corporate Debtor namely, M/s Associated Lighting Systems Private Limited is a Company incorporated vide CIN No. U40300DL2008PTC177839 on 8-5-2008 under the provisions of Companies Act. 1956, having its registered office at 17 Community Centre, New Friends Colony....

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....ial Creditor that in year 2016 also, total Credit Facilities of Rs. 610.03 Lakhs were granted to the Corporate Debtor, details of which are reproduced below : Nature of Facility Limits (Rs in Lakhs) Overdraft 500 BG 110.03 Total 610.03 9. As regards the amount involved in the Default and the Date of default, it is mentioned by the Financial Creditor in the Part IV of their Petition that the total claim amount is Rs. 7,77,60,913 only. It is further added by the Financial Creditor that the account of the Corporate Debtor was classified as NPA on 28-9-2016. 10. That the Financial Creditor has annexed various documents viz., Copy of the Hypothecation Agreement of all plant and machinery dated 24-2-2016, Copy of the....

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....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 Securitization 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." 14. As proposed by the Financial Creditor, this Bench appoints Mr. Devendra Singh as an IRP having Registration No. IBBI/IPA-002/IP-N00001/2016-17/10001 (Email: [email protected]), Mobile number-9810339416, subject to the condition that no disciplinary proceedings are pending against ....