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TMI Blog2022 (8) TMI 1109X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy Code, 2016 ("Code") by Anup Jhunjhunwala, seeking to initiate Corporate Insolvency Resolution Process ("CIRP") against ADEA Powerquips Private Limited ("Corporate Debtor"). 3. The Corporate Debtor was incorporated on 18 November 2010, having CIN: U40104WB2010PTC154698, under the Companies Act, 1956. It's registered office is 53B, Mirza Ghalib Street, 2nd Floor, Kolkata- 700016. Therefore, this Bench has jurisdiction to deal with this petition. 4. The present petition was filed on 20 November 2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make a payment of a sum of Rs.29,80,662/- (Rupees Twenty Nine Lakh Eighty Thousand Six Hundred and Sixty Two only) along with an interest o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Annual General Meeting to be held on 16 September 2019. The Corporate Debtor also acknowledged the loan taken from the Financial Creditor but incorrectly represented that the Financial Creditor agreed to convert the loan into equity shares of the Corporate Debtor. 11. The Financial Creditor objected to the contents of the notice dated 22 August 2019 and thereafter requested the Corporate Debtor to refund the loan amount Rs.27,00,000/- (Rupees Twenty Seven Lakh only vide letter dated 11 October 2019. The Corporate Debtor in its reply dated 24 October 2019 stated that the Board of the Corporate Debtor had unanimously converted the loan of the Financial Creditor into equity shares. 12. The Financial Creditor in its letter dated 12 Novembe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een facing financial losses due to poor management in past. 18. The Financial Creditor has proposed the name of Mr. Jay Narayan Gupta, registration number IBBI/IPA-001/IP-P00371/2017- 2018/10628, as the Interim Resolution Professional of the Corporate Debtor. The proposed Interim Resolution Professional has given his written communication in Form 2 as required under rule 9(1) of the Insolvency and Bankruptcy [Application to Adjudicating Authority] Rules, 2016 along with a copy of registration. 19. Court Notice had been served on the Corporate Debtor on 11 December 2019 via Post and on 04 December 2019 via email. The Corporate Debtor entered appearance on 07 February 2020. 20. Corporate Debtor filed its reply on 15 January 2021. The learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Counsel appearing for the Corporate Debtor and perused the record. 22. On perusal of the records, it is seen that no Agreement or prior approval for such loan has been annexed to the Petition, to reflect that the Corporate Debtor had taken a commercial debt. 23. But on perusal of the Minutes of the Board of Meetings of the Corporate Debtor, the Corporate Debtor has admitted that loan was disbursed by the Financial Creditor to the Corporate Debtor and the Board of Directors resolved to convert such loan into equity shares. The same has been reflected in the audited Balance Sheet of the Corporate Debtor under the category of unsecured loan from Directors. The same amount has on 16 September 2019 been converted to equity shares. Hence, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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