TaxTMI 
TaxTMI 
2021 (12) TMI 343
X X X X Extracts X X X X
X X X X Extracts X X X X
....y and Bankruptcy (Application to Adjudicating Authority), Rules, 2016 to initiate a Corporate Insolvency Resolution Process in respect of the Corporate Applicant". 2. Brief Facts of the Application filed by Corporate Applicant in short are as follows: i. Corporate Debtor/Corporate Applicant is a Company Registered and incorporated on 08.12.2015 under the Companies Act, 2013. CIN No. is U74999DL2015PTC288231. The authorized share capital of the Corporate Applicant is Rs. 10,00,000/- (1,00,000 Equity shares of Rs. 10/- each). Issued Share capital is Rs. 1,00,000/- (10,000 Equity shares of Rs. 10/- each). ii. Corporate Applicant in its application submits that, it has no Financial Creditors, therefore, no financial debt is....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rporate Applicant owes much more than what he has shown in his financials. v. These employees have contended that Corporate Applicant has blatantly suppressed the true quantum of operational debt due and payable to the employees. Thus, Corporate Applicant has violated- the provisions of Section 77 of the IBC, 2016 "Punishment for providing false information in Application made by Corporate Debtor". It is further submitted by them that one of the Employee named Nikita Sabherwal has sent a Demand Notice dated 29.07.2019 under Section 8 of IBC, 2016, for which Corporate Applicant did not reply. vi. It is further contended that he is in financial difficulty and decided to engage professionals to initiate petition under Section....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cial resolution passed by shareholders of the Corporate Applicant, approving the filing of Application If an application is complete in accordance to the above mentioned elements and no disciplinary proceedings are pending against the proposed' resolution professional, the Adjudicating' Authority shall- admit the Application. 5. Special Resolution passed in extra ordinary general meeting of he board of directors- dated 20.07.2019 has- been placed on record. (Annexure CA-5). 6. Consent form received from the proposed interim resolution professional is annexed as Annexure CA-14. 7. However, this bench via order dated 1.10.2021, directed the Corporate applicant to file their Financial as on 31.03.2021 within 2 weeks from th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....al 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. (ii) 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. (iii) The provisions of (1)(a), (b), (c), (d) shall not apply to: i. such transactions as may be notified by the Centra....