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2019 (11) TMI 1729 - NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCHMaintainability of application - initiation of self-proclamation insolvency resolution - corporate person defaulted in paying the debt of two financial creditors - existence of debt and dispute or not - HELD THAT:- In this case, it is found from the material on record that the Corporate Debtor committed default in paying the debt more than Rs. 1,00,000/- of some of the creditors. Out of two, one financial creditor earlier Standard Chartered Bank and now M/S. CFM Asset Reconstruction Pvt. Ltd.(Assignee) {Assignment agreement dated 24th July, 2019} has no objection to admit the corporate person in CIRP. Another financial creditor, 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 passed to special resolution. In our considered opinion the special resolution to start self-proclamation CIRP cannot be said to be invalid. It is found that the corporate person successfully demonstrated before this Authority that is has committed default in paying the debt more than Rs. 1 Lakh. Thus the corporate person is eligible to start self-proclamation CIRP. No disciplinary proceeding is pending against the IRP. Special resolution produced on record appears to be proper and correct. Application admitted - moratorium declared.
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