IN RE Vs. HIND MOTORS LTD

JUDGEMENT

(1.) This is an application filed by M/s. Hind Motors Ltd., a "Corporate Debtor" itself in form 6 as prescribed by sub-rule (1) of rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), Rules, 2016 for initiating corporate insolvency resolution process. Apparently such an application lies under Section 10 of Insolvency and Bankruptcy Code, 2016 (for brevity to be referred here-in-after as IBC) at the instance of the 'corporate applicant'. The 'corporate debtor' also falls within the term "corporate applicant" as defined in sub-section (5) of Section 5 of 'IBC'.

(2.) It is represented that the applicant company was incorporated on 11.06.1990 with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh, as per the Certificate of Incorporation Annexure B, having been allotted CIN No. UN34102CH1990PLC010459. The authorised share capital of the company is Rs. 3.50 crores i.e. 3,50,000 equity shares of Rs. 100/- each and issued, subscribed paid up capital is Rs. 2.50 crores i.e. 2,50,000 equity shares of Rs. 100/- each. The applicant claims that presently the company has on its Board three Directors, namely; Ashish Mohan Gupta Director, Rajesh Sharma Director and Dev Sharma having separate DIN numbers as per Annexure 'A'. There are in all seven shareholders of the company with three of them namely; Ashish Mohan Gupta, Shuchi Gupta and Hind Inns & Hotels Ltd., as per the list Annexure 'C' having major shareholdings.

(3.) Annexure 'D' is a copy of the Board of Directors resolution dated 17.01.2017 authorising Mr. Ashish Mohan Gupta, Director to initiate the corporate insolvency process before the Tribunal under the aforesaid Rules. The application also discloses the address of Mr. Ashish Mohan Gupta. The resolution, however, did not contain the authorisation to Mr. Ashish Mohan Gupta to accept the service of the process on behalf of the applicant. When the matter was listed on 03.02.2017 before the Tribunal, time was granted to remove this defect and this defect has since been removed by attaching another resolution of the company dated 04.02.2017, certified to be true copy by Mr. Ashish Mohan Gupta, Director.