IN RE Vs. SHIVEK LABS LIMITED

JUDGEMENT

(1.) This is an application filed by Shivek Labs Limited, 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 brevity 'the Rules') for initiating corporate insolvency resolution process under Section 10, 13 and 14 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code') at the instance of the Applicant/Corporate Debtor. The 'Applicant/Corporate Debtor' also falls within the terms "Corporate Debtor" as defined in sub-section (5) of Section 5 of 'the Code'.

(2.) It is represented by Mr. G.S. Sarin, Practising Company Secretary that the applicant Company was incorporated on 10.02.2003 with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh at Jalandhar. It is stated that the applicant has been allotted CIN No. U24232CH2003PLC25785. It is further submitted by Mr. Sarin that the registered office of the 'Corporate Debtor' is situated at Chandigarh and therefore, this Bench has the territorial jurisdiction to entertain and dispose of this petition.

(3.) The authorised share capital of Applicant/Corporate Debtor is Rs. 5,00,00,000/- i.e., 50,00,000 equity shares of Rs. 10/- each and its paid up capital is Rs. 4,85,54,230/- i.e., 4855423 equity shares of Rs. 10/- each There are presently three Directors of the Applicant Company, viz. Mr. Sunil Guglani, Mrs. Suman Guglani and Mr. Suhail Guglani. The list of directors with their distinct DIN numbers has been filed at Page 598 of the application. There are in all 34 shareholders of the company, as per list of shareholders at Annexure VI(F) Page 512.