IN RE Vs. VANDANAA UDHYOG LTD

JUDGEMENT

(1.) This Company Petition is filed by Vandanaa Udhyog Ltd., u/s. 10 of Insolvency and Bankruptcy Code 2016 ("the Code") read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 for initiation of Corporate Insolvency Resolution Process. Previously this Debtor Company was before BIFR bearing Case No. 98/2016. This Petition was filed by the Company on 29.5.2017.

(2.) The Corporate Debtor says that its registered office is at Plot No. 281, Sector-C, Urla Industrial Area, Raipur, Chhattisgarh - 492 001, incorporated on 25-10-1989, vide CIN - U27106CT1989PLC005557 on the file of Registrar of Companies Maharashtra, having Authorised share capital of Rs. 3 crores and paid up share capital of Rs. 2 crores.

(3.) The Board of Directors of the Corporate Debtor in their meeting held on 08.05.2017 authorised Mr. Harish Singhania, Director of the Company and Mr. Shekhar Kumar Mahobia, Director of the Company, to jointly or severally file necessary application for initiation of Corporate Insolvency process in terms of Section 10 of the Code. Accordingly, Mr. Harish Singhania has filed this Application. The Board also proposed, Mr. Adesh Kumar Mehta, 10/63, Old Rajinder Nagar, New Delhi - 110 060, Email Id: Mehta_adesh@yahoo.com, Registration No. IBBI/1PA-002/IP-00046/2016-17/1264, as Interim Resolution Professional, who has given his consent with a declaration that no disciplinary proceedings are pending against him.