2019 (11) TMI 1729

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....R Per Shri M.B. Gosavi, Member (J): 1. This application under Section 10 of Insolvency and Bankruptcy Code, 2016 is filed by M/S. Sri Aranath Logistics Ltd. - the corporate person to start its Corporate Insolvency Resolution Process (in short "CIRP") on the ground that the corporate person defaulted in paying the debt of two financial creditors, total amount of Rs. 111,99,32,000/- (Rupees One Hundred Eleven Crore Ninty Nine Lakh Thirty-Two Thousand Only). 2. We peruse the record. We heard Ld. Senior Counsel for the corporate person. Ld. Counsel appearing for one of the Financial Creditors i.e. Centrum Financial Services Limited. Ld. Counsel appearing for some of the shareholders of the corporate person. 3. To start self-proclamation ins....

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.... record that the corporate person herein complied all provisions led down in Section 10 of I & B Code, 2016 to admit it in CIRP. The prayer of admission of corporate person in CIRP is objected by one of the Financial Creditors namely, Centrum Financial Services Limited. It raised objection that special resolution of shareholders of the corporate person relied on is not genuine. Its second objection is that it is secured creditor of the corporate person and unless it is declared to be secured creditor, this application may not be considered. 7. Two shareholders of the corporate person by name Mr. Suresh Kumar Jain and Smt. Sunita Jain also objected this application. They gave history of the company/property hold by Jain family and further c....

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....et, 2nd Floor, Kolkata 700069. In the special resolution of the corporate person's, the registered office is mentioned as 15B Hemanta Basu Sarani Kolkata-700001. According to Ld. Counsel, it creates doubt whether the shareholders of the corporate person have passed any such special resolution dated 24.01.2018. 10. We considered his above objections. It is true that registered address of the corporate person in this application form-I is 16 British India Street, 2nd Floor, Kolkata 700069 and its registered address mentioned in special resolution dated 24.01.2018 is 15B Hemanta Basu Sarani Kolkata-700001. However, only for this reason, it is difficult for us to raise a doubt about special resolution dated 21.04.2018. The objector themsel....

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....eholders who were objecting this application submitted that the registered office as shown as registered office of the corporate person is not assets of the corporate person. At this stage, we are also not entering into that controversy. What are the assets of the Corporate Debtor shall be considered by the RP during CIRP and the objector have liberty to raise this issue before 12. According to objectors, they have 25% shareholdings in company. They have not taken into confidence while passing special resolution to start CIRP. We peruse minutes of extraordinary general meeting dated 21.04.2018. We find that almost all directors and almost all shareholders attended the said meeting and they have passed special resolution. Section 103(1)(A) ....

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....under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, 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....