IN RE Vs. SRS MODERN SALES LIMITED

JUDGEMENT

(1.) This is an application filed by SRS Modem Sates 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 (far brevity, 'the Rules') for initiating corporate insolvency resolution process under Sections 10 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. Rakesh Kumar, learned counsel for 'Corporate Debtor' that the 'Applicant Company' was incorporated on 18.01.2007 with the Registrar of Companies, National Capital Region of New Delhi This is part of Annexure VII containing the Memorandum & Articles of Association of the 'Corporate Debtor'. Learned counsel further represents that as per the document forming part of Annexure VII at Page 991 of Paper Book, the 'Corporate Debtor' altered She Memorandum of Association with respect to the place of registered office by changing it from State of Delhi to Haryana i.e. in district Faridabad. The 'Applicant Company' has been allotted CIN No. U51109HR2007PLC040823.

(3.) The authorised share capital of the 'Applicant Company' is Rs. 2 crores and its paid up capital is Rs. 1,69,45,240/-. There are presently four Directors of the "Applicant Company' with distinct DIN numbers and eight shareholders as per list Annexure 'VI(F)' with major shareholding belonging to:-