IN RE Vs. F M HAMMERLE TEXTILES LTD

JUDGEMENT

(1.) This is an application filed by F.M. Hammerle Textiles Limited 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 by Mr. Madaan learned counsel for Applicant/corporate debtor that the Applicant Company was incorporated in the name and style of M/s. Oswal F.M. Hammerle Textiles Limited on 12.01.2006 with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. Thereafter, the name of the applicant company was changed to F.M. Hammerle Textiles Limited on 15.09.2014. The certificate of incorporation along with the Memorandum & Articles of Association of the Applicant Company is part of Annexure-1. The Applicant Company has been allotted Corporate Identity Number (CIN - U17110PB2006PLC029518). The authorised share capital of the Company is Rs.1,33,00,00,000 consisting of 11,80,00,000 equity shares of Rs.10/- each and 15,00,000 6% Non - Cumulative Convertible Redeemable Preference Shares of Rs.100 each, its subscribed and paid up share capital is Rs.1,23,86,75,000/- divided into 11,16,60,000 equity shares of Rs.10 each and 12,20,750 6% Non-Cumulative Convertible Redeemable Preference Shares of Rs.100 each. There are presently six Directors of the Applicant Company viz. Ashok Kumar Oswal, Manju Oswal, Josef Hahnl, Ajay Chaudhary, Parvinder Singh and Jayant Kumar Goel, having separate DIN numbers, it is further represented that as per Annexure 17, there are in all 18 equity shareholders of the corporate debtor with major shareholding of M/s. Vardhman Polytex Limited; M/s. MUT Waschinen Umweilttechnik - trans portaniagen-Gmbh. Even M/s. Ashok Kumar & HUF is having 3,80,000 equity shares and 10,00,000 equity shares are held by Altfort Merchants (P) Ltd. Rest of the shareholders have only 1 equity share each. Apart from the equity shareholders, there are 4 shareholders having 6% Non-Cumulative Convertible Redeemable Preference Shares of Rs.100 each. The total number of such preference shares are 12,20,750.

(3.) Annexure 2 is the extract of Board of Directors Resolution dated 23.05.2017, authorising Mr. Ashok Kumar Oswal, Director Chairman and Managing Director; Mr. Parvinder Singh, Director; Mr. Sanjeev Sinha, Unit Head; Mr. Sushil Sharma, Authorised Signatory and Ms. Avnee, Company Secretary to file application under Section 10 of the Code' and Rules framed thereunder to initiate insolvency resolution process of the Company before the Tribunal. They have also been authorised to accept service of process under the Code' on behalf of the Corporate Debtor'. The application in Form No. 6 is filed by the corporate debtor through Mr. Parvinder Singh, Director one of the Authorised signatory and the contents of the application are supported by the affidavit of aforesaid Parvinder Singh. At serial No. 7 of the application form the name and address of Mr. Parvinder Singh is given as the person authorised to accept service of process on behalf of the corporate debtor.