IN RE Vs. FACOR STEEL LIMITED

JUDGEMENT

(1.) (Heard & Pronounced on 08.03.2017) The corporate debtor applicant herein M/s. Facor Steel Limited has initiated Corporate Insolvency Resolution process under Section 10 of the Insolvency and Bankruptcy code 2016. The applicant has filed an application in terms of Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules 2016. The Corporate applicant debtor was incorporated on 13.5.2004 in the name of "Facor Steel Limited" on the file Registrar of Companies, Maharashtra, Mumbai. The said corporate applicant debtor owes a sum of Rs.34,21,00,000/- to the financial creditors and a sum of US $ 56,872.00 to Baltic International Bank.

(2.) The Corporate Debtor has created charge over the assets of the Company in favour of Bank of India, Dwaraka Nagar, Vishaka Pattanam which is the lead Consortium Bank and the charge is registered with the Registrar of Companies, Maharashtra, Mumbai. The said Bank of India on 25-07-2015 issued notice u/s.l3(2) of the SARFAESI Act 2002 for recovery of Rs.2836.81 lakhs with interest thereon and the issue of the said notice is a proof of default of debt.

(3.) The Corporate Applicant has filed the audited financial statement for the last two financial years 2014-15 and 2015-16 and the provisional financial statement for the current Financial year up to 31.1.2017, also filed the list of debtors and list creditors, list of assets and liabilities as on 31.1.2017.