TMI Blog2021 (6) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... entertain and try this application. The present application is filed on the Performa prescribed under Rule 7 of the Insolvency and Bankruptcy Code, 2016 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 r/w Section 10 of the code and is complete - this Bench is of the view that the Corporate Applicant has defaulted in making payment of its debt to the creditors. Hence, this application is admitted. Application admitted - moratorium declared. - Company Petition No. IB-3468/ND/2019 - - - Dated:- 31-5-2021 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) For the Appellant : Konark Rishi Bhatnagar, Adv. and Jyotsna Chaturvedi, PCS For the Respondents : Easha, Standing Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d into 3,55,010 equity shares of ₹ 10/- each. 3. The applicant was originally incorporated under in the name of Gas Auto India Limited . Thereafter on 11.06.2003 vide fresh certificate of incorporation the applicant company's name was changed from Gas Auto India Limited to Gas Auto India private Limited . In order to undertake new business activity, the applicant company also amended its main object and the name of the corporate debtor was also changed, from Gas Auto India Private Limited to Suvidha Parklift Private Limited vide approval letter of ROC dated 21.04.2005. Initially the company was engaged in the business of manufacturing CNG Kit and is now engaged in the business of assembling, erecting, installing, constr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess since 2013. It is also submitted that the company had been running in losses since the year 2012 and further since the year 2016 the turnover of the company was nil. It is stated that Corporate Applicant admits the fact that it is unable to pay its debt to the creditors and company has no funds to pay the trade payables as reflected in its financial statements. 6. It is further stated that presently the company has no fixed tangible assets to contribute to pay the debt payable to creditors. The current and non-current liabilities of the applicant company exceeds substantially as compared to other assets of the company. The company has considerable short-term borrowings, which was paid off. The company has long terms borrowings und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ankruptcy Code, 2016 and other applicable laws, regulations and guidelines issued by any regulatory authorities, if any, and subject to the approval of the Hon'ble National Company Law Tribunal, Judicature at New Delhi, the consent members of company be and is hereby accorded to initiate Corporate Insolvency Resolution Process against the company. RESOLVED FURTHER THAT the Mr. Pranav Poddar, Director and/or Ms. Manisha Matanhelia, Director be and are hereby authorized on behalf of the company to do all such acts, deeds and things as many be required to implement the above-mentioned decision. 9. The Corporate Applicant has enclosed the audited financial statements for the years 2017-18 and 2018-2019, the provisional financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation to the corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force. 16. We direct the corporate applicant to deposit a sum of ₹ 2 lacs with the Interim Resolution Professional, namely Mr. Nishant Gaurav Gupta to meet out the expenses and perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the applicant. The amount however be subject to adjustment by the Committee of Creditors, as accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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