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TMI Blog2017 (4) TMI 675X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Applicant Company was incorporated on 06.03.2014 with the Registrar of Companies, Punjab and Chandigarh. The certificate of incorporation along with the Memorandum & Articles of Association of the Applicant Company is part of Annexure VI-. The Applicant Company has been allotted Corporate Identity Number (CIN- U21029CH2014PTC035005). The authorised share capital of the Company is Rs. 2,50,00,000 consisting of 25,00,000 equity shares of Rs. 10/- each. Its subscribed and paid up share capital is Rs. 2,35,00,000/- divided into 23,50,000 equity shares of the said value each. There are presently two Directors of the Applicant Company viz. Ashwani Soni and Sahil Arora, both Promotor Directors having separate DIN numbers. The above Directors are the only shareholders of the company as per the list Annexure VI-F and Sahil Arora is having 80.85% of the shareholding. 3. Annexure VII-A is the extract of Board of Directors Resolution dated 20.03.2017, authorising Ashwani Soni, Director of the company to file application under Section 10 of 'the Code' and Rules framed thereunder to initiate insolvency resolution process of the Company before the Tribunal. Ashwani Soni has als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; TOTAL DEBT (DUES) RAISED: Rs. l8.48 crs. AMOUNT AS PER BOOKS :Rs. 19.96 crs. Rs. 18.29 crs. It is stated that the total amount of default in respect of Financial and Operational Creditors is Rs. 18.29 crores. 5. The applicant has also proposed the name of Interim Resolution Professional (IRP) as Mr, Jalesh Kumar Grover resident of House No.202, GH-4G, Sector 20, Panchkula-134113 (Haryana), Mobile No.09501081808, email:[email protected] having Registration No.lBBI/IPA-001/IP-00136/2016-17/1259. Mr, Jalesh Kumar Grover has also filed written communication in Form 2 of the Rules' to act as Insolvency Resolution Professional, if an order admitting the application, is passed. He has also declared that he is eligible to be appointed as Resolution Professional in respect of 'Corporate Debtor' in accordance with the provisions of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Mr. Jalesh Kumar Grover has also declared that no disciplinary proceedings are pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. It is also declared that Mr. Jalesh Kumar Gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y equitable charge on immoveable property comprising of residential House on Plot measuring 2 biswas situated in Sub Tehsil Zirakpur, Tehsil Derabassi, District Mohali in the ownership of Parkash Saklani S/o Lai Singh was created by deposit of safe deed dated 29.11,2004 and its estimated value is Rs. 0.66 crores as per the valuation report dated 20,10.2014 obtained by the bank. The valuation report is at Annexure I-D. 8. Equitable mortgage of property consisting of residential plot measuring 7 marla situated in Village Karora, Sub Tehsil Majri, Tehsil Kharar, D'istt. Mohali in the name of Kanchan Saklani was also created by deposit of sale deed dated 23.02.2007 and the estimated value of this asset is Rs. 0.50 crores as per the valuation report dated 20.10.2014 Annexure l-E. The estimated value of the fixed assets of the company are stated to be Rs. 11.37 crores. Copy of the sanction letter dated 03.04.2014 issued by Punjab National Bank is at Annexure l-A. 9. Apart from the above, personal guarantee was also furnished by Sunil Guglani in respect of Joan. The net worth of personal guarantee is Rs. 20.53 crores and immoveable property valued at Rs. 1150 crores as on 10.12.2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... insolvency: (i) Existence of a 'Corporate Debtor' (ii) Such a 'Corporate Debtor' must have committed a default. (iii) On the satisfaction of (i) and (ii) above, a "Corporate Applicant" may file an application for initiating Corporate Insolvency Resolution Process. (iv) Such an application as contemplated in (iii) above shall be filed in such forms, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (v) Along with the application as in (iv) above, information relating to books of accounts and other documents relating to such period as may be specified. (vi) The Applicant to name the Resolution Professional proposed to be appointed as Interim Resolution Professional Section 10 of 'the Code' confers a discretion on this Tribunal to either admit or reject the application and in case of rejection, to give an opportunity to the applicant before such rejection, to rectify the defects within seven days from the date of receipt of such notice from the Adjudicating Authority. The term 'Corporate Debtor' has been defined under Section 3 (8) of Part-1 of 'the Code1 to mean a Corporate Person, who owes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. It seems that the applicant has fallen into debt trap and is competent to set in motion the insolvency resolution process as contemplated under the Code'. On the basis of the aforesaid statements the total debt raised by the 'Corporate Applicant' with regard to the financial and operational creditors is Rs. 18.48 crores and it is further represented that the total amount of default is Rs. 18.29 crores. 18. In view of the aforesaid discussion, the instant petition deserves to be admitted, it is, however, observed that the Applicant Company save some sketchy particulars has not given any road map as to how it is going to keep itself afloat as a going concern. However, keeping in perspective the objects for which 'the Code' has been brought into force and to balance the interest of all stakeholders, we are satisfied that the instant application warrants to be admitted to prevent further erosion of capital and to safeguard the assets of the Applicant Company/Corporate Debtor. For the reasons aforementioned while admitting the application, we issue the following directions:- (i) Appoint Mr. Jalesh Kumar Grover resident of House No.202, GH No,40, Sector 20, Panch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Code' as under:- (a) The institution of suits or continuation of pending suits or proceedings against the 'Corporate Debtor' including execution of any judgement, 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' in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by any owner or lessor or where such property is occupied by or in the possession of the 'Corporate Debtor'. 20. The Interim Resolution Professional appointed by this Tribunal is also directed to cause a public announcement within 3 days from the date of this order as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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