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TMI Blog2020 (12) TMI 464X X X X Extracts X X X X X X X X Extracts X X X X ..... ued to the State Bank of India / 2nd Respondent and also directed the Applicant to file full copy of the minutes of the EoGM held on 10.01.2020 along with attendance sheet of the shareholders disclosing the details of the shareholders who attended the meeting along with their signatures. 2. It is to be noted here that on 17.02.2020, the Authorized Representative for the Applicant has filed Certificate of Incorporation of in relation to the Corporate Applicant, M/S. Prithiviraj Spinning Mill Private Limited and Memorandum of Association of M/s. Prithiviraj Spinning Mill Private Limited. As per the Memorandum of Association, this Corporate Debtor has two directors on the Board viz. Mr. M. Shanmugam S/o. Mr. A. Marappan and Ms. Philomena wife of Mr. M. Shanmugam. On 24.02.2020, the Authorized Representative for Applicant has filed the notice which was sent to 2nd Respondent and the minutes of the EoGM along with the attendance sheet of the members and Form NGT 14 which was filed before the ROC. Thereafter, the matter was taken up for hearing on 04.03.2020 and at the request of the Applicant, the matter was adjourned to 17.03.2020. Sunsequently, due to Covid-19 Pandemic and atte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, Coimbatore - 641 006 to SF No.653/2 and 654/2 Kanjapalli village, Annur, Coimbatore 6410 03. The copy of Form INC-22 along with supporting documents is filed as Exhibit A3 and A4. 6. However, it is to be noted here that when the Applicant Company has filed the present Application under Section 10 of IBC, 2016 to initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor, the Corporate Applicant is very much aware of the fact that the name of the Corporate Applicant is changed, however has failed to state or disclose such fact in Form - VI. This amounts to the concealment and suppression of the material fact by the Applicant Company. Further, no reasons have been adduced as to why the Applicant sought to change the registered office address, after the filing of an Application to declare the Corporate Application as Insolvent. The change in the name of the Applicant Company and its Registered Office is governed by the Companies Act, 2013 and from the documents filed along with the IA, is evident that the Applicant has followed the procedures as contemplated under the Companies Act, 2013. 7. This Tribunal is unable to fathom as to why the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing of the Application before this Tribunal under Section 10 of IBC, 2016, the Board of the Corporate Debtor is deemed to be virtually suspended, since according to the Applicant Company it requires only an order of moratorium which is required to be passed by this Tribunal, besides satisfying its debt and default. In other words, after filing of an Application under Section 10 of IBC, 2016, the Applicant Company is required to maintain a status quo in relation major decisions being taken, let alone keeping the Company as a going concern. Further, the Corporate Applicant, after filing of an Application under Section 10 of IBC, 2016 is required to restrain itself from making any change to the constitution of the share holding pattern, list of secured/ unsecured creditor stake holders, selling, encumbering properties, buying and all related activities are required to be kept in abeyance. 9. Thus, it is imperative on the part of the Applicant to come with clean hands before this Tribunal and the Applicant ought to have brought to the knowledge of this Tribunal the change of name of the Applicant Company, while filing of the Section 10 Application itself, since the matter is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany that copy of amended Form-VI has not been enclosed and hence order could not be finalized. 12. It is pertinent to mention here that as per the records of this Adjudicating Authority, the name of the Corporate Debtor is still reflecting as M/s. Prithviraj Spinning Mills Private Limited. The matter was listed on 11.11.2020 for the purpose of de-reserving and was subsequently adjourned to 17.12.2020. However, the Authorized Representative for the Applicant Company till date has not taken any steps to file copy of the amendment of Form-VI as sought for. 13. In the meantime, against the order dated 11.11.2020, the Applicant Company went on Appeal before the Hon'ble NCLAT and the Hon'ble Appellate Tribunal vide order dated 03.12.2020, in the name of M/s. Marappan vs. 10B & another in Company Appeal (AT) (Insolvency) No. 1030 1031 of 2020 directed this Tribunal to prepone the case from 17.12.2020 and to list and dispose of this matter within a period of one week. The copy of the orders passed by the Hon'ble NCLAT was forwarded by the Authorized Representative for the Applicant Company on 04.12.2020. However, the certified copy of the order is yet to be received by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Applicant is M/s. Prithviraj Spinning Mills Private Limited. As per the Companies Act 2013, when the name of the company is changed the erstwhile name should also be reflecting for a period of two years. However, when the order of the Hon'ble NCLAT was placed before us, it is seen that the name of the Corporate Debtor is reflected as M/s. Marappar Textiles Private Limited, but the erstwhile name has not been reflected in the said order. In the said circumstances, this Tribunal is nor apprised of the fact as to whether the Applicant in the application has mentioned the erstwhile name of the company. Since the name of the Corporate Debtor in the order of Hon'ble NCLAT was reflected only as M/s. Marappar Textiles Private Limited, considerable time was spent in tracing out this application, since no application is pending before this Adjudicating Authority in the name of "M/s. Marappar Textiles Private Limited". Further, Form-VI of the Application stands in the name of M/s. Prithviraj Spinning Mills Private Limited and the registered office does not match with the Master Data of the Ministry of Company Affairs. As already stated supra, the amended copy of the petition has n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. At the same time, the status quo shall not prevent the creditors and others to proceed against the Corporate Debtor till the disposal of the Application by an order of the Adjudicating Authority. 20. At this juncture, it is relevant to refer to Section 10 of IBC, 2016 10. (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority. (2) The application under sub-section (1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (3) The corporate applicant shall, along with the application furnish the information relating to - (a) its books of account and such other documents relating to such period as may be specified; and (b) the resolution professional proposed to be appointed as an interim resolution professional. (4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order- (a) admit the application, if it is complete; or (b) reject the application, if ..... X X X X Extracts X X X X X X X X Extracts X X X X
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