IN RE Vs. SKY BLUE PAPERS (P ) LTD

JUDGEMENT

(1.) This is an application filed by M/s. Sky Blue Papers Private 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'. It is represented by Mr. G.S. Sarin, Practising Company Secretary, Authorised Representative that the Applicant Company was incorporated on 06.03.2014 with the Registrar of Companies, Punjab and Chandigarh. The certificate of incorporation along with the Memorandum & Articles of Association of the Applicant Company is part of Annexure VI-B. The Applicant Company has been allotted Corporate Identity Number (CIN-U21029CH2014PTC035005). The authorised share capital of the Company is Rs. 2,50,00,000 consisting of 25,00,000 equity shares of Rs. 10/- each. Its subscribed and paid-up share capital is Rs. 2,35,00,000/- divided into 23,50,000 equity shares of the said value each. There are presently two Directors of the Applicant Company viz. Ashwani Soni and Sahil Arora, both Promoter Directors having separate DIN numbers. The above Directors are the only shareholders of the company as per the list Annexure VI-F and Sahil Arora is having 80.85% of the shareholding.

(2.) Annexure VII-A is the extract of Board of Directors Resolution dated 20.03.2017, authorising Ashwani Soni, Director of the company to file application under Section 10 of 'the Code' and Rules framed thereunder to initiate insolvency resolution process of the Company before the Tribunal. Ashwani Soni has also been authorised to accept service of process under 'the Code' on behalf of the 'Corporate Debtor'.

(3.) It is represented that the Applicant Company has the following financial creditors:--