IN RE Vs. OASIS AGROINFRA LIMITED AND ORS

JUDGEMENT

(1.) This is an application filed by Oasis Agroinfra Limited, the Corporate Debtor itself in Form 6 in terms of sub-rule (1) of Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, to be referred as the 'Rules') for initiating insolvency resolution process under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for short, to be referred as the 'Code'). The Corporate Debtor falls within the definition of corporate applicant as defined under subsection (5) of Section 5 of the Code.

(2.) The petitioner was incorporated on 19.10.2010 and the petitioner has filed the certificate of incorporation which is at Annexure VII (C) with which the copy of Memorandum and Articles of Association has been attached. The registered office of the company is located at Bathinda and therefore, the matter falls within the territorial jurisdiction of this Tribunal. The CIN allotted to this company by the Registrar of Companies is U15490PB2010PLC034368.

(3.) The authorised share capital of the company is Rs. 5 crores comprising of 50 lac equity shares of Rs. 10/- each and issued subscribed and paid up share capital is Rs. 4,79,90,250/- comprising of 47,99,025 equity shares of Rs. 10/- each. The petition has been filed through Mr. Keshav Kumar Bansal, Director of the company in whose favour the company has passed resolution (Annexure VII-A) for initiating the corporate insolvency process under the Code. There are three Directors of the company namely, Raj Kumar, Keshav Kumar Bansal and Mandeep Singla. There are 17 shareholders of the company, the details of which are given at Sr. No. 3 of Part-I of the application form. There is affidavit of Mr. Keshav Kumar Bansal in support of the contents of the application. He is the person authorised to accept service of the notice on behalf of the company as per the Board of Directors resolution. Learned counsel for the petitioner represents that following are the Financial and Operational Creditors of the company:-