TMI Blog2017 (9) TMI 1387X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 of the Code. The petitioner satisfies all the statutory requirements. Therefore, we are inclined to admit the application. In view of the above, we are satisfied that the present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present application is admitted under section 10(4)(a) of the Code. The corporate insolvency resolution process shall commence from the date of this order under sub-section (5) of section 10 of the Code. Moratorium in terms of section 14 of the Code is being issued respectively. - Company Petition No. (IB)-292(ND)/2017 - - - Dated:- 31-8-2017 - MS. INA MALHOTRA AND MR. S.K. MOHAPATRA, JJ. For The Applicant : G.P. Madaan and Ishaan Madan, Advs. ORDER Per : S. K. MOhapatra Member (Technical) This is an application filed under section 10 of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code') read with rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 (for brevity the 'Rule') for initiation of Corporate Insolvency resolution process in respect of the applicant company. 2. Brie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 400.00 58.00 Total 14980.00 12320.70 In addition to the principal outstanding loans, the total accrued interest on the aforementioned borrowings as per the books of the applicant company is ₹ 2,60,87,000/-. It is submitted that since two banks, State Bank of India and Bank of Baroda have declared the account of the applicant company as a NPA, the interest of their respective loans has not been reflected in the financial statements of the applicant company. 7. It is further submitted that there are 997 operational creditors as on 31.07.2017 to whom the total current outstanding is ₹ 55,15,60,522 (Fifty Five Crores Fifteen Lacs Sixty Thousand Five hundred Twenty Two only). The list of Operational Creditors of the Corporate Applicant along with the address and the due amount payable by the applicant company as on 31.07.2017 has also been placed on record. 8. It is seen that as per the copy of provisional financial statement of the Corporate Applicant Company for the current financial year as on 31st July, 2017, a sum of ₹ 4,778.13/- lacs is shown as tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 Current Assets (a) Inventories 12 1481.54 (b) Trade receivables 13 1591.13 (c) Cash and Cash equivalents 14 52.88 (d) Short-term loans and advances 15 857.04 (e) Other current assets 16 212.80 Total 12,813.37 9. Learned Counsel for the Applicant stated before us that the land assets of the company have been valued at historical values. As per the Annual Report of 2016-2017 as on 31st March 2017, the total block of fixed assets comes to ₹ 10,571.77/- lacs. 10. A copy of notice dated 3-4-2017 issued by State Bank of India seeking payment of a sum of ₹ 50, 39, 79,263.43/-and also a copy of notice dated 29.05.2017 issued by Bank of Baroda seeking payment of a sum of ₹ 30,30,46,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Rules and other relevant rules consent of the Board of Directors has been accorded for filing the present application for initiating the Corporate Insolvency Resolution Process in respect of the applicant company. 15. The provisions of Insolvency Bankruptcy Code, 2016 have been notified by the Central Government on 01.12.2016 for the objects as can be gleaned from the Statement of Objects and Reasons as given below: An act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time hound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith of incidental thereto . 16. A perusal of the above object discloses that the provisions of IBC, 2016 have predominantly been brought into force for the re-organisation and insolvency resolution of corporate persons and that too in a time bound manner for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in the interest of all the stakeholders. The present application has been filed in the requisite form-6 containing the required particulars in terms of sub-section (2) of section 10 of the Code. The petitioner satisfies all the statutory requirements. Therefore, we are inclined to admit the application. 20. In view of the above, we are satisfied that the present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present application is admitted under section 10(4)(a) of the Code. The corporate insolvency resolution process shall commence from the date of this order under sub-section (5) of section 10 of the Code. 21. A moratorium in terms of section 14 of the Code is being issued prohibiting the following: Institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action ..... X X X X Extracts X X X X X X X X Extracts X X X X
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