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TMI Blog2017 (11) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... For The Petitioner : Manish Jain, Adv., Ms. Divya Sharma, Adv. and Gautam Mittal, CA For The Financial Creditor : N.K. Mankotia, Adv. ORDER 1. This is an application filed by Oasis Agroinfra Limited, the Corporate Debtor itself in Form 6 in terms of sub-rule (1) of Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, to be referred as the Rules ) for initiating insolvency resolution process under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for short, to be referred as the Code ). The Corporate Debtor falls within the definition of corporate applicant as defined under sub- section (5) of Section 5 of the Code. 2. The petitioner was incorporated on 19.10.2010 and the petitioner has filed the certificate of incorporation which is at Annexure VII (C) with which the copy of Memorandum and Articles of Association has been attached. The registered office of the company is located at Bathinda and therefore, the matter falls within the territorial jurisdiction of this Tribunal. The CIN allotted to this company by the Registrar of Companies is U15490PB2010PLC034368. 3. The authorised share capital of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Workmen Dues NIL NIL Total Debt Raised From Operational Creditors 46,55,411.00 Amount as per Books: 46,55,411.00 46,55,411.00 Total Debt Raised (Financial Operational Creditors) 23,44,33,554.00 24,24,40,235.30 4. According to the Corporate Debtor, due to the default committed in making payments of the dues of Punjab National Bank, the bank has issued Demand Notice dated 20.07.2016 Annexure I-A (1) under Section 13 (2) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 which indicates the outstanding amount of ₹ 18,28,06,681.30 as on 30.06.2016. 5. When the matter was listed on 23.08.2017, the notice of this petition was directed to be issued to the Punjab National Bank who is the only Financial Creditor. Appearance was made on behalf of the Bank and reply to the instant petition has been filed. It is admitted in the reply that the bank has initiated action against the company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bihar Colony, Backside Dhillon Colony, Green Place Road, Bhathinda, Punjab in name of Sh. Raj Kumar Goyal s/o Sh. Parshotam Dass Goyal 27-1-2011 NOT AVAILBLE 5. Vacant plot measuring 1219.98 sq. yards opp. Peerkhana Road, Talwandi Road, Raman Mandi, Bhatinda, Punjab in name of Sh. Parveen Kumar s/o Sh. Ved Parkash 27-1-2011 NOT AVAILABLE 6. House measuring 250 sq yards, not available 21800,Street No.2,Near Shiv Mandir, Power House Road, Bhatinda, Punjab in name of Sushil Kumar s/o Shri Bhagwan Dass 27-1-2011 NOT AVAILABLE 7. House measuring 250 sq yards, 12767,Street no.4,Near Shiv Mandir, Power House Road, Bhatinda, Punjab in name of Kusam Lata w/o Keshav Kumar 27-1-2011 NOT AVAILABLE 8. Single storey building measuring 233.33 sq yards situated near Gurdwara Sahib ward no. 7 Rama ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s also attached certificate of creation of charge with the Registrar of Companies Annexure IA (7). 10. I have heard the learned counsel for the petitioner and Financial Creditor-Bank and perused the record. The application filed in terms of Section 10 of the Code is found to be complete in all respects. 11. 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 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 prescribed. (3) The corporate applicant shall, along with the application furnish the information relating to- (a) Its books of account and such other documents relating to such period as may be specified; and (b) the resolution professional proposed to be appointed as an interim resolution professional. (4) The Adjudicating Authority sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds 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, it is not being repeated for sake of brevity, as the essential particulars as contemplated, have been provided by the Applicant. 15. The petitioner-Corporate Debtor has also furnished Balance Sheets of the last two financial years ending 31.03.2016 and 31.03.2017 which are at Annexure V (A) and V (B), respectively. Annexure V (c) is the provisional financial statement for the period 01.04.2017 to 21.07.2017. All these financial statements are attested by Mr. Keshav Kumar Bansal, Authorised Representative-Director of the company. The petitioner has also furnished names and addresses of the Financial and Operational Creditors as per the requirement of the application form. Learned counsel for the petitioner has represented that as per the financial statements of the Corporate Debtor, the following is the status of the Corporate Debtor under different heads: Revenue from Operations: As on 21.07.2017 Rs. Nil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 . 17. It is further directed that the supply of essential goods or services to the Corporate Debtor as specified in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall not be terminated or suspended or interrupted during moratorium period. 18. It is clarified that the moratorium shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regular. The moratorium shall, however, not have any effect on the proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X
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