IN RE Vs. HIND MOTORS MOHALI PVT LTD

JUDGEMENT

(1.) This is an application filed by M/s. Hind Motors Mohali Pvt. Ltd., a "Corporate Debtor" itself in Form 6 as prescribed by sub rule (1) of Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), Rules, 2016 (for brevity 'the Rules') for initiating corporate insolvency resolution process. This form is filed with the application under Sections 10, 13 and 14 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') at the instance of the corporate applicant'. The 'corporate debtor' also falls within the term "corporate applicant" as defined in sub-section (5) of Section 5 of the Code.

(2.) It is represented that the applicant company was incorporated on 11.07.2011 with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh, as per the Certificate of Incorporation Annexure B, having been allotted Corporate Identity Number (CIN No. U50100PB2011PTC035267. The authorised share capital of the company is Rs.2 crores i.e. 20,00,000 equity shares of Rs.10/- each and issued, subscribed and paid up capital is Rs.1.01 crore i.e. 10,10,000 equity shares of Rs.10/- each. The applicant claims that presently the company has on its Board two Directors, namely; Ashish M. Gupta and Rajesh Sharma having separate distinct DIN numbers as per Annexure 'A'. There are in all three shareholders of the company as per Annexure 'C namely; Ashish Mohan Gupta, Shuchi Gupta and Hind Motors India Ltd. with major shareholding of M/s. Hind Motors India Ltd. to the extent of 50.50%.

(3.) Annexure 'D' is the copy of the Board of Directors resolution authorising Ashish Mohan Gupta, Director to initiate the corporate insolvency resolution process and to do all the necessary acts in the said proceedings. Later on another resolution of the Company dated 04.02.2017 was filed disclosing the address of Ashish Mohan Gupta for communication purposes and also authorising him to accept the process on behalf of the company.