9911796707
TMI Blog2017 (4) TMI 1520X X X X Extracts X X X X X X X X Extracts X X X X ..... ated in the petition that it was incorporated on 6th November, 2006. The Registered Office of the corporate Debtor is situated at Flat No.02, BlockNo.06, Celebrations Suncity, Sarjapur Ring Road, Bengaluru-560034. The latest authorised share capital is Rs. 2,00,00,000 divided into 20,00,000 equity shares of Rs. I O/- each. The issued, subscribed and paid-up share capital is Rs. 2,00,00,000 divided into 20,00,000 equity shares of Rs. 10/- each. The Audited balance sheet of 31st March, 2016 is marked as Annexure-11. The Board of Directors of the Corporate Debtor in their meeting held on 3rd March, 2017 authorised Mr. Virendra Bagle, Director, to file necessary application for initiation of Corporate Insolvency Resolution Process under Insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the affidavit in support of the petition. The Corporate debtor has also provided written synopsis duly signed by Petitioner Counsel, wherein it was stated that the Corporate Applicant has 3 Financial Creditors, namely, SVC Cooperative bank, SREI Equipment Finance Limited and L&T Fincorp Limited. The Corporate Applicant has defaulted in respect of all three financial Creditors. It is further stated that L&T Fincorp Limited which is an NBFC, having powers under the SARFAESI Act has issued a demand notice dated 20th September, 2016 under Section 13(2) of the SARFAESI Act demanding a sum of Rs. 22.56 Crores. It is further stated that SVC Cooperative Bank, which is one of the Financial Creditors of the Corporate Applicant has assign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uing, shall not be terminated or suspended or interrupted during moratorium period. iii. That the provisions of sub-section (I ) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. iv. That the order of moratorium shall have effect from 28 th April, 2017 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, whichever is earlier. v. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 1 3 of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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