9911796707
TMI Blog2017 (12) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 as per sub-section (5) of Section 10 of the Code. - Company Petition No. (IB)-434 (ND)/2017 - - - Dated:- 21-11-2017 - MS. INA MALHOTRA AND MR. S.K. MOHAPATRA, JJ. For The Applicant : Rajesh Bohra, Aditya Narayan and Tanmay Jain, Advocates For The Financial Creditor : Ms. Puri Marwaha, Advocate ORDER Per : S.K. Mohapatra, Member- 1. This is an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ) read with rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules ) for initiation of Corporate Insolvency Resolution Process in respect of the applicant company itself. 2. The Applicant, M/s. Asis Plywood Limited is a Company incorporated under the Companies Act, 1956 bearing CIN No. U74990DL2005PTC135152. The Corporate Applicant is a Company incorpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thorised to do so has filed the instant application under Section 10 of the Code on behalf of the applicant company. 6. Besides, in compliance of Section 10(3)(a) of the Code read with Annex-V of Form 6 of the Rules, the applicant company has filed copies of audited financial statements of the Applicant Company for the last two financial years i.e. 2015-16 and 2016-17. In addition, copy of provisional financial statement of the Applicant Company for the current financial year made up to a date not earlier than fourteen days from the date of the application, i.e. from 01.04.2017 to 09.10.2017 has also been filed. 7. In compliance of Section 10(3)(b) of the Code the applicant has proposed name of Mr. Devendra Padamchand Jain, registration no. IBBI/IPA-001/IP-P00255/2017-18/10484 as Interim Resolution Professional. The applicant company has obtained a written communication in Form-2 from the Insolvency Professional for appointment as an IRP. In the Form-2 filed along with the application it has been affirmed by the Proposed IRP that he is a registered Insolvency Professional and qualified to practice as an Insolvency Professional. Further it has been affirmed that there is no di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s sanctioned to the M/s. Shirdi Industries Limited and on default of such loan a notice under section 13(2) of SARFAESI Act, dated 26.12.2013 for recovery of ₹ 293.43 Crore has also been issued against the applicant company to pay the amount within 60 days. Subsequently, a notice of recovery of possession of securities dated 25.03.2014 has also been issued by the same consortium against the applicant company. 11. There is thus no dispute that the applicant company has admittedly committed default and therefore is entitled to file the present application in terms of sub-section (1) of Section 10 of the Code. 12. The Counsel on behalf of financial creditor Jan Kalyan Sahakari Bank has appeared and filed objection that the corporate applicant has filed the present application to defeat the court decree/ Recovery certificate issued by Assistant Registrar/Deputy Registrar. It is further submitted that the applicant company has approached this court with unclean hands. However, the financial creditor could not point out any defect or irregularity in the updated audited financial statements of the applicant company filed along with the application. The applicant has also enclo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order) 4. Record of default with the information utility, if any (attach a copy of such order) 5. Details of succession certificate, or probate of a will, or letter of administration, or court decree (as may be applicable), under the Indian succession act, 1925 (10 of 1925) attach copy) 6. Provision of law, contractor other document under which operational debt has become due 7. A statement of bank account where deposits are made or credits received normally by the operational creditor in respect of the debt of the corporate debtor (attach a copy) 8. List of other documents attached to this application in order to prove the existence of operational debt and the amount in default 24. The aforesaid provisions and format of application makes it clear that while pendency of the suit or arbitration proceeding has been termed as existence of dispute, apart from other disputes decree and award of Tribunal has been shown as record of default. 15. A perusal of the judgm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 amount of debt and the amount in default and also in particular as to when the financial or operational debt was incurred including the details of the security held, if any, by the creditors and its estimated value. The Corporate Debtor, in addition, is also required to furnish the documents evidencing the existence of financial/operational debt and the amount in default. 21. From the detailed examination of the application and the submission made by the learned Counsel, we are of the view that the application has disclosed the deta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
