IN RE Vs. SECL INDUSTRIES PVT LTD

JUDGEMENT

(1.) This petition has been filed by SECL Industries Private Limited, a Corporate Debtor-Applicant itself in Form No.6 as prescribed under sub-rule(1) of Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules') for initiating Corporate Insolvency Resolution Process under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the 'Code') . The corporate debtor also falls within the definition of the term 'Corporate Applicant' as defined in sub-section (5) of Section 5 of the Code.

(2.) The corporate debtor was incorporated on 29.01.2008, having been allotted CIN U74900PB2008PTC031623, and its registered office is at Bhatinda and therefore, the matter falls within the territorial jurisdiction of this Tribunal.

(3.) The Authorised Share Capital of the corporate debtor is Rs. 25 crores with 2.5 crores equity shares of Rs. 10/- each and Issued, Subscribed and Paid-Up Share Capital is Rs. 7,87,71,000/- with 78,77,100 equity shares of Rs. 10/-each. The Certificate of Incorporation of the corporate debtor is at Annexure VII(C) and Memorandum and Articles of Association is at Annexure VII(B) . This petition has been filed by the corporate debtor through Mr. Puneet Garg, one of the Directors of the company who has been authorised to file this petition under Section 10 of the Code vide resolution dated 18.07.2017 Annexure VII(A) . The contents of the application are supported by affidavit of Mr.Puneet Garg Annexure VIII(A) at page 811 of the paper book. There are 33 shareholders of the company, details of which are given in Sl.No.3 of Part I of the application and the Board of Directors of the company comprises of two Directors namely Mr.Harvinder Pal Singla and Mr. Puneet Garg.