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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 ..... r The Applicant : Rakesh Kumar, Advocate and Gaurav Mankotia ORDER Justice R. P. Nagrath, Member (Judicial) (ORAL) : This is an application filed by SRS Modem Sales Limited a 'Corporate Debtor' itself in Form 6 as prescribed by sub rule (1) of Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules. 2016 (for brevity, 'the Rules') for initiating corporate insolvency resolution process under Sections 10 of the Insolvency and Bankruptcy Code, 2016 (for brevity, 'the Code') at the instance of the 'Corporate Applicant'. The 'Corporate Debtor' also falls within the term 'Corporate Applicant' as defined in sub- section (5) of Section 5 of 'the Code'. 2. It is represented by Mr. Rakesh Kumar, learned counsel for 'Corporate Debtor' that the 'Applicant Company' was incorporated on 18.01.2007 with the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Punjab National Bank International Banking Branch, 8th Floor. DCM Building Barakhamba Road. New Delhi Debt raised as per sanction letter dated 10.03.2010: ₹ 25.00 crores. As per provisional balance sheet dated 14.03.2017 - ₹ 27,22,84.558.85 As per notice under Section 13(2) of SARFAESI Act, 2002- ₹ 26,89,14,258.85 2. Union Bank of India 14/15-F, Connaught Place. New Delhi Debt raised as per notice under Section 13(2) of SARFEAESI Act, 2002 and Form No. CHG-1 (Annexure 'E') for registration of charge ₹ 37-50 crores As per provisional balance sheet dated 14.03.2017 - ₹ 37,94,92,593,19 As per notice under Section 13(2) of SARFAESI Act, 2002-Rs. 40,41,83,754.19 3. Vijaya Bank B-14, Ground Floor, Chirag Enclave, Nehru Place, New Delhi Debt raised as per sanction letter (dt. 14.08.2014. Cash Credit (Hypothecation): ₹ 12.50 crores, Total ₹ 12.50 crores.~As pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed: ₹ 19,42,84,593/- Amount as per books; ₹ 19,33,58,296/- ₹ 19,33,56,295/- 7. Horizon Global Limited Plot No. 8. Sector-5. Mathura Road, Faridabad, Haryana Total debt (dues) raised: ₹ 38,98,049/- Amount as per books: ₹ 38,98,049/- ₹ 38,98,049/- 8. Preeti Tradelink Private Limited DSS-45 46, Marble Market. Sector-21-C. Faridabad. Haryana Total debt (dues) raised: 2,08,000/- Amount as per books : ₹ 1,50,000/- ₹ 1,50,000/- 9 Shivansh Sales Agencies Private Limited MCF-63. 1st Floor. Opposite Power Gen Invertror, Mukesh Colony. Ballabgarh Faridabad, Haryana- 121004 Total debt (dues) raised: ₹ 3,88,95,718/- Amount as per books :Rs. 73,79,60,9218 ₹ 3,79,60,926/- 10 Vaishnavi Tmt Bars Private Limited Booth No, Huda Market. Sector-02, Ballabgarh Farid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 Mohit PF Contribution Amount as per books: ₹ 905/- ₹ 905/- 20 Praveen Tayal PF Contribution Amount as per books: ₹ 6,720/- ₹ 6,720/- 21 Mohit Praveen Tayal Employer Contribution to PF Amount as per books: ₹ 5,078/- ₹ 5,078/- 22 Mr. Mohit SRS Tower, 3rd Floor, Near Metro Station. Mewla Maharajpur. G.T. Road Faridabad, Haryana-121003 Amount as per books: ₹ 7,556/- ₹ 7,556/-/- 23 Mr. Praveen Tayal House no 202, Sector-9, Faridabad, Harvana-121006 Amount as per books: ₹ 72,964/- ₹ 72,964/- 24 State Government Value Added Tax ₹ 29,15,216.82/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that no disciplinary proceedings are pending with the Board of ICAI. It is also declared that Mr. Rastogi is not presently serving as IRP/RP/Liquidator in any proceedings. Mr. Rastogi in his declaration has furnished the complete information with regard to to the paragraph (vi) of Form 2 to the effect that (3) he is eligible to be appointed as an Insolvency Resolution Professional of the applicant in terms of Regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations 2016; (b) he is not a related party of the Applicant Company; and {c) he is not an employee or promotor 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crores thirty six lacs only) 3. Land situated, at Village Baselwa, Faridabad. 11 Kanals 10 Manas 10501 [substitute deed) 9337 M/s. Rabnoor Infra Build (P) Ltd. (now merged Into SRS Retreat Services Limited). ₹ 13.91 crores (Rupees thirteen crores and ninety one lacs only) Apart from the above, personal guarantees were also given by seven persons details of which are tabulated hereunder:- Sr. No. Name Address Given in capacity of Related party or not. 1. Dr. Anil Jindal son of Sh. G.S. Jindal H. No.538, Sector 14, Faridabad. As Promoter Related party 2. Dr. Sunil Jindal son of Sh. G.S. Jindal H. Np.538. Sector 14. Faridabad. As Promoter Related party 3. Sh.Praveen Tayal son of Sh. Nanak Chand Tayal H. No. 202. Sector 09, Faridabad. As Dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication, by an order- (a) admit the application, if it is complete; or (b) reject the application, if it is incomplete. Provided that Adjudicating Authority shall, before rejecting an application give a notice to the applicant to rectify the defects in his application within seven days from the date of receipt of such notice from the Adjudicating Authority. (5) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (4) of this section. The above provision of 'the Code' discloses that the following procedures are required to be completed by a 'Corporate Debtor' for initiating the process of 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) Alon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As on 14.03.2017 - ₹ 24,29,66,027.47/- As on 31.03.2016 - ₹ 33,20,54,323.73/- As on 31.03.2015 - ₹ 33,25,41,534.49/- Net profit/Loss for the year As on 14.03.2017 - Rs. (8,90,88.295.50/-) As on 31.03.2016 - Rs. (4,87,210.76/-) As on 31.03.2015 - ₹ 1,39,48,749.77/- Expenses (including purchases of stock-in-trade) As on 14.03.2017 - ₹ 45,11,29,479.48/- As on 31.03.2016 - Rs.5,46,69,48,212.66/- As on 31.03.2015 - Rs.5,22,29,40,041.86/- Long Term Borrowings and other liabilities discloses the following for the above years: As on 14.03.2017 - ₹ 36,86,475.00/- As on 31.03.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 under Section 18 and other relevant provisions of 'the Code', including taking control and custody of the assets over which the 'Corporate Debtor' has ownership rights recorded in the balance sheet of the 'Corporate Debtor' etc. as provided in Section 18 (1) (f) of the Code'. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the 'Corporate Debtor'. (iii) The Interim Resolution Professional shall strictly act in accordance with 'the Code', all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standard of ethics and moral. (iv) The Interim Resolution P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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