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TMI Blog2019 (4) TMI 735X X X X Extracts X X X X X X X X Extracts X X X X ..... . A.P.I. Industries Private Limited is liable to pay financial debts to its Financial Creditors. No other objection has been raised by the Financial Creditors or by any other person. The materials on record clearly establish that financial debt is due from the Corporate Debtor to the Financial Creditors and there is occurrence of debt by the Corporate Debtor in repayment of financial debt. This Adjudicating Authority is of the considered view that this is a fit case to admit the petition triggering Corporate Insolvency Resolution Process and accordingly this petition is admitted under Section 10(4)(a) of the Code - Application disposed off. - C.P. (IB) NO. 77/10/NCLT/AHM/2018 - - - Dated:- 19-2-2019 - MR HARIHAR PRAKASH CHATURVEDI (MEMBER) (J) AND MS. MANORAMA KUMARI, MEMBER (J) For The Petitioner : Rajesh Bohra, Advocate For The Respondent : Mr. Indravadan Parmar ORDER Pee : Ms. Manorama Kumari, Member.(J) A.P.I. Industries Private Limited, through its Authorized Representative Mr. Bhushan Chandrakant Vayeda, filed this Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 [ the Code for short] in statutory form No. 6 as prescribe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Bunder, Mumbai 400 001 KPL International Limited 10th Floor, 4,66,00,342/- Indraprakash, 21 Barakhumba Road, New Delhi LG Chem Limited LG Chem Tower 7,18,15,287/- Building 20, Youido-DONG YOUNGDONGPQ-CO SEQUL150R1 80UTN KOREA Shrenik Plastichem Gala No. 6, Vora 2,74,91,264/- Industrial Estate No. 4, Vasai East, Thane 401 210 Thai Plastics Chemicals Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... days from the date of application. 9. The petitioner company has filed ledger account of the financial creditors at page No. 60A-60B marked Annexure -9 and ledger account of the operational creditors at page No. 61-124 marked Annexure - 9A evidencing the default to the financial creditor as well as operational creditors. 10. To prove that default is in existence as on the date of filing the application, the applicant has placed copy of relevant books of accounts of the corporate debtor at page No. 60A-60B marked Annexure - 9, ledger account of the operational creditors at page No. 61-124 marked Annexure - 9A and provisional financial statements for the current financial year made up to date not earlier that fourteen days from the date of the application at page No. 264-275 marked Annexure 16 to the petition. The company has also filed copies of audited financial statements of the corporate debtor for the last two financial years at page No. 203-263 marked Annexure - 15 and the provisional financial statements as on 27.01.2018 at page No. 264-275 marked Annexure - 16, as prescribed under the Rules of Insolvency Bankruptcy Code. 11. The applicant company has given the name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor/applicant. On perusal of the petition goes to show that it is complete in all respect. Further, admittedly, M/s. A.P.I. Industries Private Limited is liable to pay financial debt to its financial creditors including State Bank of India. No other objection has been raised by the financial creditor(s). The material on record clearly establish the financial debt is due from the corporate debtor to financial creditor and occurrence of debt by the corporate debtor in payment of financial debt. 16. Under Section 10 of the Code the Adjudicating Authority is not empowered to go beyond the record as prescribed under section 10 and the information is required to be submitted in form 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 subject to ineligibility prescribed under Section 11 and if all the information is provided by the corporate debtor as also the mandatory requirements under Section 10 and form No. 6 are complete then it is to be admitted if otherwise not ineligible under Section 11. 17. At this stage it is expedient to refer the judgment passed by Hon ble NCLAT in the matter of M/s. Unigreen Global Private Limited Vs Pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 and form 6 cannot be termed to be suppression of facts or to hold that the corporate applicant has not come with clean hand except the application where the corporate applicant has not disclosed disqualification, if any, under Section 11. Non-disclosure of facts, such as that the corporate debtor is undergoing a corporate insolvency resolution process; or that the corporate debtor has completed corporate insolvency resolution process twelve months preceding the date of making of the application; or that the corporate debtor has violated any of the terms of resolution plan which was approved twelve months before the date of making of an application under the said Chapter; or that the corporate debtor is one in respect of whom a liquidation order has already been made can be a ground to reject the application under section 10 on the ground of suppression of fact/not come with clean hand. 24. 1st Respondent- financial creditor has referred to pendency of a Civil Suit between Mayank Maheshwari v. Anurag Garg and another suit between Sh. Jagar Nath Mehto v. Vedika Overseas Tradex Ltd. . Pendency of such suits cannot be a ground to deny admission of an application under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivate Limited is liable to pay financial debts to its Financial Creditors. No other objection has been raised by the Financial Creditors or by any other person. The materials on record clearly establish that financial debt is due from the Corporate Debtor to the Financial Creditors and there is occurrence of debt by the Corporate Debtor in repayment of financial debt. 21. In view of the above discussion, this Adjudicating Authority is of the considered view that this is a fit case to admit the petition triggering Corporate Insolvency Resolution Process and accordingly this petition is admitted under Section 10(4)(a) of the Code. 22. This Adjudicating Authority hereby appoint Mr. Kiran C. Shah as Interim Insolvency Resolution Professional having address at M/s. Kiran Shah Associates, Chartered Accountants, 608/ Sakar - I, Nr. Gandhigram Railway Station, Ashram Road, Ahmedabad 380 009 and having Registration No. IBBI/IPA-001/IP-P00480/2017-18/10868, under Section 13(l)(c) of the Code. 23. The Interim Insolvency Resolution Professional is hereby directed to cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for submission o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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