STATE BANK OF INDIA Vs. BHUSHAN ENERGY LIMITED

JUDGEMENT

(1.) The 'Financial Creditor'-State Bank of India has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of Bhushan Energy Limited. It is appropriate to mention that the 'financial creditor' is a Bank established by the State Bank of India Act, 1955. It has its registered office at Project Finance Cell, 4Th Floor, Parshvnath Capital Towers, Bhai Veer Singh Marg, Near Gole Market, New Delhi - 110001.

(2.) Mr. Virendra Kumar Sethi, Assistant General Manager of a Financial Creditor-Bank has been empowered by the authorization dated 16.06.2017 (Annexure-1) issued by the Chairman of State Bank of India in accordance with Section 27 of the State Bank of India General Regulations, 1955 read with the Gazette notification dated 27.03.1987 issued by the State Bank of India Central Office, to sign and submit the petition. A copy of the said authorization dated 16.06.2017 along with proof of designation of the authorized person has been placed on record as Annexure-1.

(3.) The Corporate Debtor-Bhushan Energy Limited is a public company limited by Shares and was incorporated on 14.09.2005. The identification number of the Corporate Debtor is U40105DL2005PLC140748 and its registered office is situated at Bhushan Centre, 7th Floor, Hyatt Regency Complex, Bhikaji Cama Place, New Delhi South, West Delhi-110066. Its authorised share capital is Rs. 210,00,00,000/- (Rupees Two Hundred and Ten Crore) and the paid up share capital is Rs. 136,23,00,000/-(Rupees One Hundred and Thirty Six Crores Twenty Three Lakh) as per the details given in master data tendered before the Registrar of Companies by the Corporate Debtor himself. Copies of Memorandum of Association, Articles of Association and the master data have been placed on record as Annexure-3 (Colly).