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TMI Blog2020 (9) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... neral Meeting, held on 30.09.2019 passed a Special Resolution by approving to file an Application, U/s 10 of Code by authorising Mr. Sanjay G. Bichu, Managing Director of the Company to take necessary action in the that regard. Accordingly, the instant Application/Petition is filed by seeking to initiate CIRP respect of the Company. Application admitted - moratorium declared. - C. P. (IB) No. 121/BB/2020 - - - Dated:- 9-6-2020 - Rajeswara Rao Vittanala, Member (J) and Ashutosh Chandra, Member (T) For the Appellant : K. S. Ravichandran ORDER Rajeswara Rao Vittanala, Member (J) 1. C.P.(IB) No. 121/BB/2020 is filed by M/s. Alucast Auto Parts Limited ('Petitioner/Corporate Applicant') under Section 10 of the IBC, 2016 Read with Rule 7 of the I B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of itself (M/s. Alucast Auto Parts Limited), on the ground that it is suffering huge losses in the last few Financial Years and the Company is not possessing any assets. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er. The Applicant has approached the SBI for an extension of 12 months to fulfil OTS payments but it was not granted by it. Subsequently, the SBI sent a notice again on 30th May, 2017. The Company filed its objections to said notice by filing Reply dated 27th July, 2017. However, the SBI vide its letter dated 9th August, 2017 stated that the objections raised did not warrant dropping of the action taken under SARFAESI Act. During the meeting held on 8th August, 2017, the Company has orally expressed its intent to place certain proposals before State Bank, which was acknowledged by the Bank it its litter dated 23rd August, 2017. The Company had wholly owned Subsidiary (WOS) Company in Germany, which went into liquidation during the year 2011, which had a significant impact on the Company as the loans of subsidiary were secured by the assets of Corporate Applicant. (3) In the above circumstances, the Petitioner has earlier filed CP (IB) No. 102/BB/2017 before this Adjudicating Authority, for initiating Corporate Insolvency Resolution Process/U/s 10 of the Insolvency and Bankruptcy Code, 2016. However, it was withdrawn, vide order dated 04th January, 2018. (4) The Company has se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. M/s. Anshika Investment 100 100 4. M/s. Alucast Industries 117.38 117.38 Total 11997.38 12395.98 Another list of Operational Creditors is also filed as Annexure 11(1) at page No. 81-95 which contains 290 (Two Hundred and Ninety) which also runs into Crores of Rupees. There are other proceedings pending against the Company. Since the net worth Company is drastically eroded as early as in the year, 2014 as recorded in BIFR proceedings dated 30.09.2013 vide Case No. 62 of 2013 filed by the Petitioner and thus resorting to provisions Code by way of initiation of CIRP would be appropriate and just. He has further submitted that the instant Application/Petition is filed in accordance with Law, a qualified Resolution Professional namely Shri Rakesh Chaturvedi, with Registration No. IBBI/IPA-001/IP-P00242/2017-18/10471, is suggested, as IRP, who has also filed written Communication in Form-2 dated 10.02.2020, by inter-alia declaring that he is a qualified R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Professional with Registration Number: IBBI/IPA-001/IP-P00242/2017-18/10471, he is not serving in any proceedings and there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. The Shareholders of Applicant Company, in their Extraordinary General Meeting, held on 30.09.2019 passed a Special Resolution by approving to file an Application, U/s 10 of Code by authorising Mr. Sanjay G. Bichu, Managing Director of the Company to take necessary action in the that regard. Accordingly, the instant Application/Petition is filed by seeking to initiate CIRP respect of the Company. 8. In view of the above facts and circumstances of the case, and the settled position of law on the issue, and by exercising powers conferred on this Adjudicating Authority, U/s 10(4)(a) of the Code, We, do hereby admitted C.P.(IB) No. 121/BB/2020 by initiating Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Alucast Auto Parts Limited, Petitioner/Corporate Applicant herein, with the following consequential directions: 1) Shri Rakesh Chaturvedi, with Registration No. IBBI/IPA-001/IP-P00242/2017-18/10471,a Resolution Prof ..... X X X X Extracts X X X X X X X X Extracts X X X X
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