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TMI Blog2020 (9) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Insolvency Resolution Process (CIRP) in respect of Synew Steel Private Limited, on the ground that it has committed default for total amount of Rs. 1,18,56,964/- (Rupees One Crore Eighteen Lakh Fifty Six Thousand Nine Hundred and Sixty Four only) which includes Financial Creditors (Rs. 27,84,394/-) and Operational Creditors (Rs. 90,72,570/-). 2. Brief facts of the case, as mentioned in the Company Petition, are as follows: (1) Synew Steel Private Limited (herein after referred to as 'Company') was incorporated on 24.03.2008 as a limited Company with the name and style, 'Synew Steel Limited'. Thereafter, the Company was converted into a Private Limited Company on 04.11.2015 with the name and style of 'Synew Ste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olutions Private Limited amounting to Rs. 2,20,600/- d. Korn Ferry International, NL amounting to USD 23,293/- i.e. 16,54,763/- (as per exchange rate as on 24.01.2020) and e. M.N. Dastur R. Co. Private Limited amounting to Rs. 16,71,389/- ii) Others- a. Gauri Joshi amounting to Rs. 612/- and b. Monica Kanuga amounting to Rs. 885/- (4) The Petitioner submits that due to unfavourable business environment and economic scenario, the Petitioner was not able to repay the amount due to the Financial and Operational Creditors and made a default in repayment of debt over years. The Members of the Petitioner Company vide their special resolution dated 16.01.2020 passed at Extraordinary General Meeting of the Members of the Corporate Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Rs. 90,72,570/-. Further, it is seen from the Profit and Loss Accounts of the Petitioner Company for the years ending 31.03.2018, 31.03.2019 and 31.03.2020, that the Company has reported losses of Rs. 63,785/, Rs. 1,33,310/- and Rs. 60,774/- respectively. As per the Balance Sheet of the Petitioner Company as at 31.03.2019, the total liabilities are more than the total assets. Due to this and the unfavourable business environment and economic scenario, the Petitioner Company was unable to repay the amount due to the Financial and Operational Creditors and defaulted in repayment of debt over the years. The Corporate Debtor has clearly lost its substratum and its ability to pay its debts or run its business. 6. The Board of Directors of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017-18/10244, who is a qualified Resolution Professional, is hereby appointed as Interim Resolution Professional, in respect of the Petitioner/Corporate Applicant namely 'Synew Steel Private Limited' to carry out the Corporate Insolvency Resolution Process strictly as per the provisions contained in the Insolvency and Bankruptcy Code, 2016 and the Rules framed in this regard by the IBBI from time to time; (2) The following moratorium is declared prohibiting all of the following, namely: a) the institution of suits or continuation of pending suits or proceedings against the Petitioner/Corporate Applicant including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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