IN RE Vs. VNR INFRA METALS PRIVATE LIMITED

JUDGEMENT

(1.) The present Company Petition, CP(IB) No. 13/10/HDB/2017, has been filed by VNR Infra Metals Private Limited (hereinafter referred as the Company) under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of VNR Infra Metals Private Limited.

(2.) Sh. Rajesh Bohra, Learned Counsel for the Petitioner, while reiterating the contents raised in Form No. 6, further submits that VNR Infra Metals Private Limited, which was originally incorporated as VNR Logistics Private Limited and subsequently changed to its current name in the year 2014 and the present CIN is U63090TG2009PTC065104. The main objects of the Company is to carry on the business as traders, agents, distributors in all major metals, minerals, infrastructure developers, contractors, etc. The Nominal Share Capital of the Company is Rs. 4000 lacs and the Paid up capital is Rs. 3724.27 lacs.

(3.) The Learned Counsel submits that the defaulted dues of corporate debtor to the financial creditors as on the date of filing of the present petition/application was about Rs. 88.33 crores, which includes principle and interest outstanding.