TMI Blog2020 (9) TMI 398X X X X Extracts X X X X X X X X Extracts X X X X ..... torium declared. - C.P. (IB) No. 159/BB/2020 - - - Dated:- 10-7-2020 - Rajeswara Rao Vittanala , Member ( J ) And Ashutosh Chandra , Member ( T ) For the Appellant : Venkatesh Kumar ORDER Ashutosh Chandra, Member ( T ) 1. C.P.(IB) No. 159/BB/2020 is filed by Mr. Deepak Dhirajlal Mehta, Director of M/s. Blue Whale Machinery Technologies Pvt. Ltd. ('Petitioner/Corporate Applicant') under Section 10 of the IBC, 2016, R/w Rule 7 of the l B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s.Blue Whale Machinery Technologies Pvt. Ltd., on the ground that it has committed default for a total amount of ₹ 18,01,59,144/- (Rupees Eighteen Crore One Lakh Fifty Nine Thousand One Hundred and Forty Four Only) which includes Financial Creditors (₹ 11,23,40,812/-) and Operational Creditors (₹ 6,78,18,332/-). 2. Brief facts of the case, as mentioned in the Company Petition, are as follows: (1) M/s. Blue Whale Machinery Technologies Pvt. Ltd. (herein after referred to as 'Company') was incorporated on 19.11.2007 as a Private Company Limited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Refer Statement of affairs 2. UCO Bank Corporate Home Loan (Villa No. 13) 47, West Park Road, 15th Cross, Malleshwaram- 56003 18.10.2016 10,700,000 8,902,436 Refer Statement of affairs 3. UCO Bank Corporate Home Loan (Villa No. 10) 47, West Park Road, 15th Cross, Malleshwaram- 560003 18.10.2016 10,900,000 9,091,284 Refer Statement of affairs 4. Unsecured Loan from NBFC's other Banks - 45,388,264 28,545,384 Refer Statement of affairs Total 11,69,88,264 11,23,40,8 12 Operational Creditors 1. Total Operational Creditors Debt has incurred throughout the year Credit Purchase and adva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have carefully perused the pleadings of the party and the extant provisions of the Code and the Rules made thereunder. 4. As per Section 10 of Insolvency and Bankruptcy Code, 2016, a Corporate Applicant can file an application before the Adjudicating Authority, seeking initiation of Corporate Insolvency Resolution Process of the Corporate Debtor that has committed a default, for initiating Corporate Insolvency Resolution Process with the Adjudicating Authority, in a prescribed form by enclosing the following: a. The information relating to its books of account and such other documents for such period as may be specified: b. The information relating to the resolution professional proposed to be appointed as an interim resolution professional; and c. The special resolution passed by shareholders of the Corporate Debtor or the resolution passed by at least three-fourth of the total number of partners of the Corporate Debtor, as the case may be, approving filing of the application. As per Section 10(4) the Adjudicating Authority can admit an application if the same is complete and no disciplinary proceedings are pending against the proposed Resolution Professional. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Balance Sheet filed for the period 01.04.2019 to 10.02.2020 shows that the Long Term and Current Liabilities stood at ₹ 5,31,83,595.58/- and ₹ 12,81,74,350.64/- respectively, and the Profit Loss A/c for this period shows a loss of ₹ 1,31,73,013.16/-. As per the Statement of Affairs as on 10.02.2020 filed by the Petitioner shows that while its Total Liabilities were ₹ 14,44,21,277/-, the Estimated Realisable value of its Assets came to only ₹ 6,40,13,721/. Thus its liabilities far exceed its Assets. It appears therefore that the Company has clearly lost its substratum and its ability to repay its debts or run its business. 9. The Applicant has suggested a qualified Resolution Professional namely Mr. Srinivas Thatikonda, with Registration No. IBBI/IPA-002/IP-N00631/2018- 19/11886, who has also filed his written Consent in Form-2 dated 17.02.2020, by inter alia declaring that he is eligible to be appointed as resolution professional in respect of the Corporate Applicant and there are no disciplinary proceedings pending against him with the Board or ICSI Institute of Insolvency Professionals. 10. In view of the above facts and circumstances of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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