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TMI Blog2019 (1) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... arly seems that the corporate applicant has fallen into debt trap and thus competent to set in motion the insolvency resolution process under the Code to ensure maximum value of assets which is in the interest of all the stakeholders. The petition is admitted. - CP (IB) No. 243/Chd/Hry/2018 - - - Dated:- 5-12-2018 - Mr. Justice R.P.Nagrath, Member (Judicial) And Mr. Pradeep R. Sethi, Member (Technical) For The Petitioner : Ms. Kiran Sharma, Practising Company Secretary ORDER JUDGEMENT (ORAL) This petition has been filed by M/s Brown Multiwall Paper Bags Ltd. ( BMPBL ) i.e. Corporate Debtor itself in Form 6 as prescribed under sub rule (1) of Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 (for brevity, the Rules ) for initiating Corporate Insolvency Resolution Process under Section 10 of Insolvency Bankruptcy Code, 2016 (for short to be referred hereinafter as the Code ). The Corporate Debtor falls within the definition of the term Corporate Applicant as defined in sub-section (5) of Section 5 of the Code. 2. The Corporate Debtor was incorporated on 28.08.1992 having been allotted CIN U74999HR1992P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Description of Credit Facility Amount of Debt Raised Amount in Default 1. Cash Credit 1,25,00,000.00 7,67,76,184.91 8. The Corporate Applicant has obtained the cash credit on the basis of Hypothecation of stocks of raw materials, finished goods and consumables both present and future semi-finished goods and Hypothecation of book debts, both present and future of the Corporate Applicant and such other collateral security mentioned in the Sanction Letter which is at Annexure A-14 (page Nos. 75-78). The petitioner has also provided the details of Personal Guarantors (Annexure A-19) at page No.92 of the paper book. 9. Apart from the financial creditor, the corporate applicant has also furnished the details of operational debt. The list of vendors/suppliers along with their addresses is at Annexure-10 (colly) and the total amount in default for this category of operational/trade creditors is ₹1,09,25,823/-. As per the document at page 73 of the paper book there is no employee of the corporate debtor and as per the document Annexure A-11 it has stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 15. Sub-Section (3) of Section 10 of the Code reads as under:- The corporate applicant shall, along with the application furnish - ( a) the information relating to its books of account and such other documents for such period as may be specified; ( b) the information relating to the resolution professional proposed to be appointed as an interim resolution professional; and ( c) the special resolution passed by shareholders of the corporate debtor or the resolution passed by at least threefourth of the total number of partners of the corporate debtor, as the case may be, approving filing of the application. 16. In order to comply with the requirement of clause (a) of Section 10(3) of the Code, the petitioner has placed on record all the necessary documents to prove the existence of financial/operational debt and the amount as required in column 3 of Part-III of the Application Form. Copy of demand notice issued by the Financial Creditor i.e. Karnataka Bank Limited u/s 13(2) of the SARFAESI Act, 2002 is at Annexure A-15 (page Nos. 79-81). The petitioner has also filed its audited financial statements for the years 2015-16 and 2016- 17 as at A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions (₹) 10-07-2018 NIL 31-03-2017 NIL 31-03-2016 NIL II. Accumulated Profit/Loss of the Corporate Applicant: Period Accumulated Profit/(loss) of the Corporate Applicant (₹) 10-07-2018 (2,00,000) 31-03-2017 (5,000) 31-03-2016 (2,47,734) III. Long Term borrowing other Liabilities: Period Long Term borrowing other liabilities (₹) 10-07-2018 1,23,08,901 31-03-2017 1,45,20,864 31-03-2016 1,45,20,864 IV. Current Liabilities: Period Current Liabilities (₹) 10-07-2018 2,19,97,824 31-03-2017 2,19,06,946 31-03-2016 2,19,01,946 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontroller before the Appellate Authority, Faridabad, which was dismissed. On 30.07.2013, Corporate Applicant filed a Civil Revision No.4513 of 2013 (O M) before the High Court of Punjab and Haryana, challenging the order passed by the Appellate Authority, Faridabad, which was also dismissed. The copies of the above mentioned orders are at Annexures A-22 and A-23 respectively. (iii) On various dates, Income-Tax Department has issued Assessment Orders and Demand Notices against the Corporate Applicant which is at Annexures A-24, A-25, A- 26, A-28 and A-29. (iv) The Employees Provident Fund Organization vide order under 14B and 7Q of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 directed the Corporate Applicant to deposit ₹1,85,734/- (Rupees One Lac Eighty Five Thousand Seven Hundred and Thirty Four) towards Provident Fund and allied dues which is at Annexure A-27. (v) On 16.06.2018, the Corporate Applicant also received a notice under Section 248(1) from the office of the Registrar of Companies, Delhi which is at Annexure A-30. 23. In view of the above facts the petition is admitted. While admitting the application the moratorium is declared fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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