9911796707
TMI Blog2017 (9) TMI 1387X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the applicant company. 2. Brief facts of the case necessary for disposal are that the Applicant Company 'Ang Industries Ltd.' is a registered company bearing CIN No. L151909LD1991PLC045084. The Applicant Company was incorporated on 24-7-1991 in the name of Ang Exports (P) Ltd. and subsequently the name of the company was changed to "Ang Auto Ltd." on 21st Feb. 2006 and finally the name of the applicant company was changed to Ang Industries Ltd. on 22nd April 2010. The registered office of the applicant company is 101-106, Sharda Chamber-IV, Plot No. 42, 3 local Shopping Complex Kalkaji, New Delhi-110019. As the registered office is located in Delhi, this Tribunal has jurisdiction over the case. 3. The Applicant has filed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company is Rs. 2,60,87,000/-. It is submitted that since two banks, State Bank of India and Bank of Baroda have declared the account of the applicant company as a NPA, the interest of their respective loans has not been reflected in the financial statements of the applicant company. 7. It is further submitted that there are 997 operational creditors as on 31.07.2017 to whom the total current outstanding is Rs. 55,15,60,522 (Fifty Five Crores Fifteen Lacs Sixty Thousand Five hundred Twenty Two only). The list of Operational Creditors of the Corporate Applicant along with the address and the due amount payable by the applicant company as on 31.07.2017 has also been placed on record. 8. It is seen that as per the copy of provisional financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -term loans and advances 15 857.04 (e) Other current assets 16 212.80 Total 12,813.37 9. Learned Counsel for the Applicant stated before us that the land assets of the company have been valued at historical values. As per the Annual Report of 2016-2017 as on 31st March 2017, the total block of fixed assets comes to Rs. 10,571.77/- lacs. 10. A copy of notice dated 3-4-2017 issued by State Bank of India seeking payment of a sum of Rs. 50, 39, 79,263.43/-and also a copy of notice dated 29.05.2017 issued by Bank of Baroda seeking payment of a sum of Rs. 30,30,46,530/-as on 09.01.2016 including further drawings and interests till 29.05.2017, under Section 13(2) of SARFAESI Act, have been placed on record. It has also be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant company. 14. It is further stated that the Board of Directors have the authority to file the instant application as the Board is empowered under section 179 of The Companies Act, 2013 read with Article 101 and 101A of the Articles of Association of the Applicant Company. A perusal of enclosed Article of Association of the applicant company reveals that under clause 15 of Article 101A, special powers to the Board has been accorded inter alia "to act on behalf of the company in all matters relating to bankrupts and insolvents". The Board of Directors of the Company on 02.08.2017 inter alia has resolved that pursuant to the provisions of section 10 and other applicable provisions if any, of the Code read with Rule 7 of the Rules an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rational creditor, and (c) by the corporate debtor itself. 18. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the Corporate Debtor is delineated under Section 10 of Code, wherein the Corporate Debtor is required to furnish information in accordance with Form-6 of the Rules. Under Form-6, the Corporate Debtor is required to disclose as amongst others, the details of the Corporate Debtor including the date of incorporation as well as the details of financial creditor and operational creditors to whom the Corporate Debtor owes money including their address for correspondence. It is also pertinent to note that in relation to the debts owed by it the Corporate Debtor is required to furnish the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 of the Code. The petitioner satisfies all the statutory requirements. Therefore, we are inclined to admit the application. 20. In view of the above, we are satisfied that the present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present application is admitted under section 10(4)(a) of the Code. The corporate insolvency resolution process shall commence from the date of this order under sub-section (5) of section 10 of the Code. 21. A moratorium in terms of section 14 of the Code is being issued prohibiting the following: * Institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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