9911796707
TMI Blog2017 (2) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... es, 2016, by seeking to initiate Corporate Insolvency Resolution Process in respect of VNR Infrastructures Limited. 2. Sh. Rajesh Bohra, Learned Counsel for the Petitioner, while reiterating the contents raised in Form No.6, further submits that VNR Infrastructure Limited, was incorporated on 18th October, 2005 and CIN changed upon formation of Telangana State and the new present CIN is U45200TG2005PLC047812. It is engaged in manufacturing activities, purchase of Iron and Steel as Raw Materials and then converting into various items of Iron and Steel. The Nominal Share Capital of the Company is Rs. 3000 lacs and the Paid up capital is Rs. 1987.49 lacs. 3. The Learned Counsel submits that the Company became sick, and filed a Reference on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in plant and machinery (P & M) was Rs. 45.43 crores. The Learned Chairman of BIFR, also passed Interim Orders. 6. The Learned Counsel, further submits that the summary proceedings passed on 10.11.2016, was last and not listed thereafter, as the BIFR was dissolved with the effect from 1st December, 2016. Accordingly, he approached this Tribunal in prescribed format, duly complying the procedure mentioned in the said provisions. 7. The Learned counsel for the Petitioner submits that, as on 31.12.2016, total outstanding (amount in default) excluding the Principal not due with respect to the Secured Creditors (Banks and Financial Institutions)) is Rs. 763.03 Crores and that of Unsecured Creditors (Bank/FIs/NBFCs/Non Fund based outstanding i. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an order admitting the present application is passed and that he is currently not serving as an Interim Resolution Professional/resolution professional/liquidator. He further certifies that there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 12. I find that Mr. Devendra Padamchand Jain is eligible to be appointed as Insolvency Professional for the Petitioner Company for initiating the Insolvency Proceedings in respect of VNR Infrastructures Limited. 13. The Insolvency and Bankruptcy Code, 2016 was enacted by Parliament in 67th year of Republic of India. The objective of the Insolvency and Bankruptcy Code is to consolidate and amend the laws relating to reorganiz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panel or other authority; 2. Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; 3, Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial assets and Enforcement of security Interest Act, 2002; 4. The recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. c. Direct to cause the public announcement of initiation of Corporate Insolvency Resolution Process of the Company as per the details given in sections 15(1) and 15(2), on w ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
