IN RE Vs. BCL HOMES LTD

JUDGEMENT

(1.) The Corporate Debtor has filed this petition under Section 10 of Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the "Code') for initiating insolvency resolution process by filing application in Form No.6 as prescribed under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules') . The Corporate Applicant can file application under Section 10(1) of the Code in case the Corporate Debtor has committed a default. A 'Corporate Debtor' is included in the definition of the term 'Corporate Applicant' as per sub-section (5) of Section 5 of the Code.

(2.) The Corporate Debtor was incorporated on 02.12.2005. As per the Memorandum & Articles of Association of the Company at page 557 of the paper book forming part of Annexure VII(B) , the main objects of the company are to carry on the business of colonizers, developers of land and colonies, construction of houses and multi-storey flats, sale and purchase of lands and all kinds of commercial and residential properties, farm houses, landscaping, projects and real estate agents and consultants and to carry on the business of real estate sale, purchase of real estate, development of land and to promote or acquire in India or abroad, whether on own account or in association with others or through other or for and on behalf of other by purchase, lease, exchange, otherwise any properties. Apart from that, there are also the objects incidental or ancillary to the attainment of the main objects contained in the Memorandum and Articles of Association for which the company has been established. The corporate debtor has its registered office at Chandigarh and therefore, the matter falls within the territorial jurisdiction of this Tribunal.

(3.) This petition has been filed through Mr.Baldev Chand Bansal, Promoter Director of the company in whose favour the corporate debtor has passed a resolution dated 12.09.2017, Annexure VII (A) to initiate insolvency resolution process. It is noted that default has occurred in paying the bank loans and therefore, the company is required to initiate this process. There is an affidavit sworn in by Mr. Baldev Chand Bansal in support of the contents of the application. Presently, there are 13 shareholders of the company as per the list at Annexure VI(F) with major shareholding with Baldev Chand Bansal, Tajinder Kumar Bansal, Krishna Devi, N.K.Gupta Builders Pvt.Ltd. and Saanj Aur Savera Trust. There are 3 directors of the company namely, Baldev Chand Bansal, Tajinder Kumar Bansal and Krishna Devi Bansal as per the list at Annexure VI(E) . The authorised share capital of the corporate debtor is Rs. 8.50 crores divided into 8,50,000 equity shares of Rs. 100/- each. The Paid-up capital is Rs. 8,49,87,400/- divided into 8,49,874 equity shares of Rs. 100/- each.