LAWS(NCLT)-2018-3-1

IN RE Vs. AEROMECH TECHNOLOGIES PRIVATE LIMITED

Decided On March 02, 2018
IN RE Appellant
V/S
AEROMECH TECHNOLOGIES PRIVATE LIMITED Respondents

JUDGEMENT

(1.) Heard on 04.12.2017, 07.12.2017, 08.01.2018, 05.02.2018, 15.02.2018 20.02.2018 and 27.02.2018. This petition has been filed by the Petitioner corporate debtor for initiating corporate insolvency resolution process under Section 10 of the I & B Code, 2016 against the petitioner company. The facts of the case in brief are stated as under: The Corporate applicant Company was incorporated on 01.12.2006 bearing Corporate Identification Number U 15490PB2010PLC034368.

(2.) The main objects of the Corporate applicant Company as per the memorandum and Articles of Association of the Company is to carry on the business of manufacturing, importing, exporting, buying, selling, distributing, exchanging, converting, altering, processing and otherwise dealing in and handling of all kinds of manufacturing of components related to Aeronautical Industry, Automotive Industry, Die and Mould Industry, machine Tool Industries, other related testing and inspection equipments and other allied Engineering activities.

(3.) A copy of the Memorandum and Articles of the Company is produced and marked as Annexure/3. The authorised share capital of the Corporate debtor company is Rs.3,00,00,0007-(Rupees three crores only) comprising of 30,00,000 (thirty lakhs) equity shares of Rs. 10/- each and the issued, subscribed and paid up share capital is Rs. 1,92,12,000/- (Rupees one crore ninety two lakhs and twelve thousand only) comprising of 19,01,200 equity shares of Rs.10/-each. The Corporate Debtor Company was promoted by 4 professionals from Machine Tool, Engineering and Finance disciplines and commenced manufacturing Precision Components in 2007.