IN RE Vs. KEYSTONE PARTNERS

JUDGEMENT

(1.) This Petition is filed by Corporate Applicant Olive Lifesciences Private Limited under Section 10 of Insolvency and Bankruptcy Code, 2016 read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process.

(2.) The Corporate Applicant M/s. Olive Lifesciences Private Limited in the petition states that it was incorporated on 18th September, 2007 having CIN No.U24230KA2007PTC043892. The Registered office of the Corporate Applicant is situated at No.2203, 1st Floor, Pragathi, 16th D Cross, 8th main, D Block, Sahakarnagar, Bengaluru-560092. The latest authorised share capital is Rs.58,95,00,000/-.

(3.) The issued, subscribed and paid-up share capital is Rs.33,95,01,000/-. The Audited balance sheet of 31st March, 2017 is marked as Annexure-V. The Board of Directors of the Corporate Applicant in their meeting held on 20th July, 2017 authorised all Directors of the Company, to file necessary application for initiating the Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016 (Page 31 of the application) and accordingly C.A.Anzar, the Director of the Company has filed this Petition.