2022 (7) TMI 1034

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....ntions as put-forth by the Corporate Applicant are: 2.1. It is submitted that the Corporate Applicant is a Private Limited Company incorporated under the Companies Act, 1956 having CIN No. U27109TG1985PTC029524. The Corporate Applicant further submitted that it is engaged in the business of establishment and manufacturing, processing melting, developing, designing, improving and import and export of forgings etc. Its authorised share capital and paid up capital is Rs. 50,00,000/- and Rs. 38,10,500/- respectively. 2.2. It is submitted that pursuant to Section 10(3)(a) of the IBC, 2016 the Corporate Applicant has filed Financial Statements for preceding 2 years (2019-2020) and (2020-2021) and also Provisional Balance sheet for the current year. The same is enclosed with the petition. 2.3. It is submitted that pursuant to Section 10(3)(b) of the IBC, 2016 the Corporate Applicant has proposed the name of Mr. Pavan Kankani as Interim Resolution Professional having Registration No. IBBI/IPA-002/IP-N00368/2017-2018/11062. The IRP has submitted his written consent in Form-2 and the same is enclosed with the petition. 2.4. It is submitted that pursuant to Section 10(3)(c) of the....

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....oltage level under Cat-I (Industrial category) located at Survey No. 92, 97 & 98, Jahangirpir Dargah Road, Kothur village, Mandal Kothur, Rangareddy District. 3.3. It is submitted that subsequently load was enhanced up to 3300KVA and thereafter in the month of October, 2013 Corporate Applicant requested for load deration from 3300KVA to 70KVA and accorded the approval from corporate office of Respondent, at that time of load deration the service was under disconnection due to non-payment of dues. 3.4. It is submitted that the service was transferred to Rajendra Nagar Circle during Circle Bifurcation in the month of April, 2017 and service connection No. modified to RNJ1894 from MBN372 since then the service existing in Rajendra Nagar Circle. 3.5. It is further submitted that the Service was disconnected on 30.11.2013 due to non-payment of CC dues up to October, 2013 of Rs. 2,10,89,392/- as per Section 56 of Electricity Act, 2003. Further one month notice issued to the Corporate Applicant as per Clause 5.9.4.3 of General Terms and Conditions of supply and same was communicated vide Lr. No. SE/OP/MBRN/SAO/HT/D.No. 198/14 Dated 24.03.2014 for Rs. 3,10,78,516/-, but Corporate ....

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....mitted that on 04.03.2021, the Corporate Applicant had approached corporate office of Respondent and requested for restoration of power supply under sick unit revival scheme and the same was approved by the corporate office of Respondent vide Memo No. CGM (Comml)/SE(C)/DE(C)/ADE-III/D. No. 828/2021-22 Dated 25.05.2021. Accordingly, Corporate Applicant had to pay the amount of Rs. 3,17,73,967/- along with four monthly minimum charges and fresh deposit and development charges for derated load 70KVA, the same was communicated to Corporate Applicant to pay the amount for restoration of supply under sick unit revival scheme vide LR No. SE/OP/RJNR/SAO/JAO(HT) D. No. 95/2021 Dated 23.06.2021, but Petitioner did not pay the dues, as such the supply was not restored. 3.10. It is submitted that due to default in payment of Current consumption charges the supply was disconnected in the month of November, 2013 as per the Section 56 of Electricity Act. 2003. Subsequently, the Agreement was terminated in the month of March, 2014 as per the GTCS clause 5.9.4.3 with terminated dues of Rs. 2,84,14,974 after adjustment of existed Security Deposit as on date of termination Rs. 1,30,08,396.00. Furt....

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.... Corporate Applicant is not in the position to meet its obligations and has further committed default in meeting its obligations. 6.2. The Corporate Applicant has filed along with its application its financial statements for the year ending on 31st March, 2020 which is showing loss, and has long term borrowings to the tune of Rs. 1,05,61,504 and other liabilities including short term provisions to the tune of Rs. 2,04,82,836. The Financial Statements further reflects that the asset base of the Corporate Applicant is so low as on 31.03.2020. The current assets show only Rs. 30,508.85 and non-current assets show Rs. 6,31,597. The Corporate Applicant has also enclosed along with its application the notice of Extra Ordinary General Meeting of the Company dated 10.10.2021 for approval of filing application under Section 10 of the IBC, 2016 which was held on 01.11.2021 and 05.11.2021, wherein the resolution was approved in the Extra Ordinary General Meeting authorising Mr. Devesh Kumar Agarwal/Mr. Jitesh Kumar Agarwal, Directors of the Company, to make, file an application before Adjudicating Authority for initiation of Corporate Insolvency Resolution Process and further proposed to a....