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TMI Blog2019 (11) TMI 1729X X X X Extracts X X X X X X X X Extracts X X X X ..... , namely, Centrum Financial Services Limited objected on the ground that they are secured creditors. It is made clear that Financial Creditor, namely, Centrum Financial Services Limited can raise its contention before the RP at proper stage. Application cannot be rejected on this ground. It is found that almost all directors and almost all shareholders attended the said meeting and they have passed special resolution. Section 103(1)(A) of the Companies Act 2013 requires that if the total member of the company does not exceed 100 then five members personally present in such meeting shall form the Coram if it is a public company. In this case, admittedly Sri Aranath Logistics Limited does not have 100 members. Hence, required Coram has pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne Hundred Eleven Crore Ninty Nine Lakh Thirty-Two Thousand Only). 2. We peruse the record. We heard Ld. Senior Counsel for the corporate person. Ld. Counsel appearing for one of the Financial Creditors i.e. Centrum Financial Services Limited. Ld. Counsel appearing for some of the shareholders of the corporate person. 3. To start self-proclamation insolvency resolution under Section 10 of Insolvency Bankruptcy Code, 2016, the corporate person has to file (i) Information relating to books of account {Section 10(3)(a)}. (ii) Information relating to resolution professional proposed to be appointed as the IRP. (iii) Special resolution passed by the shareholders of the corporate person or resolution passed by at least three-four ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts second objection is that it is secured creditor of the corporate person and unless it is declared to be secured creditor, this application may not be considered. 7. Two shareholders of the corporate person by name Mr. Suresh Kumar Jain and Smt. Sunita Jain also objected this application. They gave history of the company/property hold by Jain family and further contended that if corporate person is admitted in CIRP, they will greatly be prejudiced. They also raised objection about the special resolution relied on by the corporate person. 8. Main objection they raised is about the special resolution shown to have been passed in Extraordinary General Meeting held on 21.04.2018 (supplementary affidavit -2). Ld. Counsel for defending sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egistered address of the corporate person in this application form-I is 16 British India Street, 2nd Floor, Kolkata 700069 and its registered address mentioned in special resolution dated 24.01.2018 is 15B Hemanta Basu Sarani Kolkata-700001. However, only for this reason, it is difficult for us to raise a doubt about special resolution dated 21.04.2018. The objector themselves produced on record the arbitral award dated 03.01.2013. It was not in dispute that Jain family was then having number of companies registered at the one and same address. It is also not in dispute that corporate person is also owned and controlled by Jain family and it has gone to the share of other family member. There appears some dispute still going on in between m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e before 12. According to objectors, they have 25% shareholdings in company. They have not taken into confidence while passing special resolution to start CIRP. We peruse minutes of extraordinary general meeting dated 21.04.2018. We find that almost all directors and almost all shareholders attended the said meeting and they have passed special resolution. Section 103(1)(A) of the Companies Act 2013 requires that if the total member of the company does not exceed 100 then five members personally present in such meeting shall form the Coram if it is a public company. In this case, admittedly Sri Aranath Logistics Limited does not have 100 members. Hence, required Coram has passed to special resolution. In our considered opinion the specia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. v) The supply of essential goods or servic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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