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TMI Blog2017 (8) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... tted CIN No. U24232Ch2003PLC25785. It is further submitted by Mr. Sarin that the registered office of the 'Corporate Debtor' is situated at Chandigarh and therefore, this Bench has the territorial jurisdiction to entertain and dispose of this petition. 3. The authorised share capital of Applicant/Corporate Debtor is Rs. 5,00,00,000/- i.e, 50,00,000 equity shares of Rs. 10/- each and its paid up capital is Rs. 4,85,54,23/- i.e 4855423 equity shares of Rs. 10/- each. There are presently three Directors of the Applicant Company, viz. Mr. Sunil Guglani, Mrs. Suman Guglani and Mr. Suhail Guglani. The list of directors with their distinct DIN numbers has been filed at Page 598 of the application. There are in all 34 shareholders of the company, as per list of shareholders at Annexure VI(F) Page 512. 4. Annexure VII-A is the extract of the Board Resolution dated 30.04 2017 authorizing Mr. Sunil Guglani, Director of the Company to make an application u/s. 10 of the Code and Rules framed thereunder and to initiate corporate insolvency resolution process of the company before the Tribunal. He has also been authorized to accept notice on behalf of the corporate debtor/applicant. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs Amount as per books: Rs. 12.71 crs Rs. 02.28 crs TOTAL DEBT RAISED (FINANCIAL AND OPERATIONAL CREDITORS TOTAL DEBT RAISED: Rs. 126.91 crs. AMOUNT AS PER BOOKS: Rs. 133.28 crs. Rs. 119.50 crs 6. Mr. G.S Sarin, the authorized representative of the "Applicant/Corporate Debtor" further represents that due to the defaults committed in payment of dues of Punjab National Bank, a notice dated 10.08.2016 was issued under Section 13(2) of Securitization and Reconstruction of Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) for an amount of Rs. 69.78 crores. Similarly, copies of notices issued by the other banks of different dates Section 13(2) of SARFAESI, 2002 have also been attached. Applicant/Corporate Debtor further represents that due to the defaults committed in payment of dues of the Canara Bank and IDBI Bank issued notice under Section 13(2) of SARFAESI Act, 2002 was issued for an amount of Rs. 39.03 crores and Rs. 08.40 crores respectively [Annexure I(F) and Annexure I(1)] respectively. The Applicant/Corporate Debtor has annexed with the application, only one combined notice under section 13(4) of SARFAESI Act, 2002 dated 10.01.2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 8. It is further represented that the 'Applicant/Corporate Debtor' has committed a default in repayment of its debts, which is evident from the fact that reference was earlier registered with erstwhile Board for Industrial and Financial Reconstruction (BIFR) under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 2003 vide case No. 168/2015, which stood abated in view of the enforcement of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 with effect from 01.12.2016. (Page no 593 of the paper book). It is also represented by the Applicant/Corporate Debtor that the Board of Industrial and Financial Reconstruction (BIFR) also issued an order dated 19.08.2016, copy of which is at page 593 to 596. It is submitted that the instant petition has been filed in terms of eighth Schedule of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Column 2 of Form No. 6 Second pari pasu charge over the entire block of assets of M/s. York Polymers, Plot No. 656, Baddi, Kishanpura, Himachal Pradesh. Residual value-nil (as per Part III, Column 2 of Form No. 6 2. Canara Bank Charge on entire current assets of the company both present and future Rs. 38.28 (as per Balance Sheet) Collateral Security Entire land and building, plant and machinery (existing and proposed) and other fixed assets Village Kishanpura, Baddi - Nalagarh Road, Baddi (H.P) Measuring 2 Bigha Rs. 17.22 crs (as per Valuation Report dated 28.01.2015) Common Collateral Security Equitable Mortgage of house H. No. 20, Sector 16, Panchkula (Haryana) measuring 300 sq. yds. Rs. 3.11 crs (as per Valuation Report dated 31.01.2015) Equitable Mortgaga of residential house H. No. 86, Sector 7, Panchkula (Haryana) measuring 846 sq.yds. Rs. 18.21crs. (as per Valuation Report dated 16.09.2014) Equitable Mortgage of partially constructed land Khasra No.32/11 33/15/2 at Village Chhabal, Distt. Amritsar Rs. 0.29crs. (as per Valuation R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p; 11. The corporate debtor/applicant has also attached certificate of creation/modification of charge for consortium of Banks issued by the Registrar of Companies as Annexure I(K) (colly). The Corporate-Applicant has also filed the valuation report in respect of land and building; and machinery Annexure I(L) to Annexure I(P). 12. I have heard the authorized representative of the corporate debtor/applicant and perused the record with the assistance of the Authorised Representative of the Corporate-Applicant. 13. I have perused the instant application filed in form 6 in terms of Section 10 of "the Code' by the Corporate Debtor which is complete in all respects. Section 10 of the Code is extracted herein under; (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority. (2) The application under sub-section (1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be presented. (3) The corporate applicant shall along with the application furnish the information relating to- (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te debtor, as the case may be." 16. 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, I am not repeating the same for sake of brevity, as the essential particulars as contemplated, have been provided by the Applicant. 17. It is contended that the Applicant/Corporate Debtor proposes to negotiate with the financial creditors for settlement of the dues, in case the Insolvency Professional is appointed in terms of the provisions of the 'Code', The copies of the financial statement i.e. audited balance sheets for the last two financial years ending on 31.03.2016 and 31.03.2017, are attached as Annexure V(A) and V(B) respectively. Further the provisional financial statement for the period from 01.04.2017 to 27.05.2017 is at Annexure V(C). All these financial statements are duly attested by Mr. Sunil Guglani, the Director o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, I am 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, I issue the following directions:- (i) Appoint Mr. Vivek Kumar Arora. 629, Sector 16-D, Chandigarh 160016, having email-address vivekkrora1@gmail com Registration No, IBBI/IPA-001/IPP00122/2017-18/10264, a Registered Insolvency Professional (IP) as the Interim Resolution Professional (IRP) 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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