BESTO TRADELINK PVT LTD Vs. SAL STEEL LTD

JUDGEMENT

(1.) Besto Tradelink Pvt. Ltd., styling itself as 'Operational Creditor', filed this Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ["IB Code" for short] read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, ("IB Rules" for short) with a request to initiate Corporate Insolvency Resolution Process against SAL Steel Ltd., treating it as Corporate Debtor.

(2.) Besto Tradelink Pvt. Ltd., is a Company registered under the Companies Act and its Registered Office is situated in Naranpura Road, Ahmedabad. The Board of Directors of the Applicant Company resolved in the Board Meeting held on 28th July 2017 to file an Application before this Authority under the provisions of the Insolvency Code and accordingly, Shri Anil J. Patel, Director of the Company is authorised to sign the necessary papers, documents, affidavits, etc., The Board of Directors in the said Resolution also resolved to appoint Mr. Ashish Doshi, a practising Company Secretary to appear on behalf of the Applicant Company. The Board of Directors of the Applicant Company also authorised Shri Anil J. Patel, Director of the Company to appoint Interim Resolution Professional and to fix his remuneration.

(3.) Sal Steel Limited is a Company registered under the Companies Act. The Paid-up Capital of Respondent Company is 84,96,67,000/-. The Registered Office of SAL Steel Ltd., is situated in Ashram Road, Ahmedabad.