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TMI Blog2017 (7) TMI 970X X X X Extracts X X X X X X X X Extracts X X X X ..... he Registrar of Companies, National Capital Region of New Delhi This is part of Annexure VII containing the Memorandum & Articles of Association of the 'Corporate Debtor'. Learned counsel further represents that as per the document forming part of Annexure VII at Page 991 of Paper Book, the 'Corporate Debtor' altered the Memorandum of Association with respect to the place of registered office by changing it from State of Delhi to Haryana i.e. in district Faridabad. The 'Applicant Company' has been allotted CIN No. U51109HR2007PLC040823. 3. The authorised share capital of the 'Applicant Company' is Rs. 2 crores and its paid up capital is Rs. 1,69,45,240/-. There are presently four Directors of the 'Applicant Company' with distinct DIN numbers and eight shareholders as per list Annexure 'VI (F)' with major shareholding belonging to :- (i) SRS Finance Limited 19.20% (ii) Latest LT. Solutions Ltd. 19.00% (iii) SRS Knowledge & Technologies Pvt. Ltd. 18.99% It is also represented that the 'Applicant Company' passed resolution dated 18.02.2017 authorising Mr. Naresh Kumar Goyal, Whole Time Director and Mr. Sushil Kumar, Di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as per books(Financial Creditors) Rs. 79,32,48,652.04 Amount as per notice under Section 13(2) of SARFAESI Act, 2002 Rs. 81,14,58,469.04 OPERATIONAL CREDITORS 1. Babita jain B-151, Gujrawalan Town. Part-1, Delhi- 110009 Total debt (dues) raised: Rs. 60,000/- Amount as per books : Rs. 5,000/- Rs. 5,000/- 2. Anurag Gupta L-13/3, DLF Phase- II, Gurgaon. Haryana Total debt (dues) raised: Rs. 1,20,000/- Amount as per books : Rs. 10,000/- Rs. 10,000/- 3. Shree Ashtvinayak Gems & Stones Private Limited 1157/1139, 2nd Floor, Balaji Plaza, Kucha Mahajani, Chandni Chowk, Delhi Total debt (dues) raised: Rs. 4,19,34,186/- Amount as per books: Rs. 4,18,46,700/- Rs. 4,18,46,700/- 4. Akriti Global Traders Limited Shop No.B0592. Nehru Ground. NIT. Faridabad, Haryana Total debt (dues) raised: Rs. 21,20,51,637/- Amount as per books Rs. 20,54,62.427/- Rs. 20,54,82.427/- 5. Divakar Sales Agencies Private Limited FF-9. Vishnu Place. Commercial Complex, 20B. Ajronda, Faridabad, Haryana Total debt (dues) raised: Rs. 3.48,74,855/- Amount as per books Rs. 3,44,82,063/- Rs. 3,44,82,063/- &n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21,700/- 18 Praveen Tayal TDS on Salary Amount as per books: Rs. 27,000/- Rs.27,000/- 19 Mohit PF Contribution Amount as per books: Rs. 905/- Rs. 905/- 20 Praveen Tayal PF Contribution Amount as per books: Rs. 6,720/- Rs. 6,720/- 21 Mohit & Praveen Tayal Employer Contribution to PF Amount as per books: Rs. 5,078/- Rs. 5,078/- 22 Mr. Mohit SRS Tower, 3rd° Floor, Near Metro Station. Mewla Maharajpur. G.T. Road Faridabad, Haryana-121003 Amount as per books: Rs. 7,556/- Rs. 7,556/-/- 23 Mr. Praveen Tayal House no 202, Sector-9, Faridabad, Harvana-121006 Amount as per books: Rs. 72,964/- Rs. 72,964/- 24 State Government Value Added Tax Rs. 29,15,216.82/- Total debt raised from operational creditors Total debt (dues) raised: Rs. 60,42,17,524.54/- Amount as per books Rs. 61,83,15,442.36/- TOTAL DEBT RAISED (FINANCIAL AND OPERATION AC- CREDITORS) TOTAL DEBT (DUES) RAISED: Rs. AMOUNT AS PER BOOKS: Rs. Rs. 141,15, 64.094.40/- 5. The learned counsel for the 'Applicant Company' would thus contend that there are in all 24 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor or a partner etc. of the Applicant Company. He further undertakes to abide by the Code of Conduct set out by Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations 2016. The office has also verified the Registration number of Insolvency Professional from the website of Insolvency and Bankruptcy Board of India. 7. The learned counsel further represents that due to default in making payments of dues of financial institutions, the banks have issued notices under Section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002). Punjab National Bank has issued such notice dated 29.12.2016 which is part - of Annexure 'I' calling upon the Applicant to pay the amount of Rs. 26,89,14,258.84 within 60 days failing which the bank has reserved the right to proceed further in terms of Section 13(4) of SARFESI Act, 2002. In the meanwhile, the 'Corporate Applicant' has been directed not to transfer the secured assets of the company without the written consent of the bank. Similar notice dated 06.09.2016 at page 77 of the Paper Book was received from U ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Near Kaluti Mandir. 30 Ft. Road, Tuhiram Colony, PalwaL As Director Related party 6. SRS Retreat Services Lid. 3rd Floor, SRS Tower, Near Metro Station. Mewla Maharajpur. G.T. Road. Faridabad. Group Company- Corporate Guarantee. 7. Akriti Global Traders Ltd. Akriti Global Traders Ltd- Corporate Guarantee. 9. It is represented that the estimated market value of the property i.e. commercial land situated in Village Prithla measuring 22 kanais 5 Marlas is over Rs. 42 crores; that of the land measuring 28 kanals 8 marlas and balance area of 8kanal 18 martasowned by SRS Retreat Services Ltd. is Rs. 34.36 crores and that of 11 kanal 10 marlas of land owned by the same Company is Rs. 13.91 crores as per the creditors. Annexure 'E' is the certificate of Registration for Creation/Modification of Charge with the Registrar of Companies, Delhi. 10. The instant application has been filed in Form 6 in terms of Section 10 of 'the Code' by the 'Corporate Debtor'. Section 10 of the Code' is extracted hereunder:- "(1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate inso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erm "Corporate Debtor' has been defined under Section 3(8) of Part-I of the Code' to mean a Corporate Person who owes a debt to any person and 'default' is defined under Section 3(12) of Part-I of the Code' to mean "non-payment of debt when whole or any part or instalment of the amount of debt has become payable and is not repaid by the debtor or the 'Corporate Debtor', as the case may be". 11. As provided in Rule 7 (1) of the Rules, the "Corporate Applicant" has to make an application under Section 10 of 'the Code' in Form 6 accompanied with documents and records required therein and as specified in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Since i have already dealt in detail in the opening paragraphs supra of this order relating to information furnished, the same is not being repeated for the sake of brevity, as the essential particulars as contemplated, have been provided by the Applicant. 12. In relation to the information relating to books of accounts, audited financial statements have been filed for preceding two years ending 31.03.2015 and 31.03.2016 and unaudited provisional balance sheet for the per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd the assets of the Applicant Company/Corporate Debtor. For the reasons aforementioned while admitting the application, the following directions are issued: - (i) Appoint Mr. Sameer Rastogi, F-116, Lajpat Nagar-1, Lajpat Nagar, Delhi-110024 Mobile No. 9818685399, email: [email protected] Registration No. IBBI/IPA-002/IP-00107/2016-17/1147, a Registered Insolvency Professional (IRP) as the Interim Resolution Professional as contemplated under Section 16 of the Code' and his term of appointment shall be for a period of thirty days from the date of this order or as may be determined by the Committee of Creditors whichever is earlier; (ii) In terms of Section 17 of 'the Code', from the date of his appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the interim Resolution Professional and the officers and the managers of the 'Corporate Debtor' shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional unde ..... 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