EXPORT IMPORT BANK OF INDIA Vs. CHL LIMITED

JUDGEMENT

(1.) The 'Financial Creditor'-Export Import 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 CHL Limited. The 'Corporate Debtor' is a guarantor of loan advanced to its subsidiary namely CHL International Tajikistan. It is appropriate to mention that the 'financial creditor' was constituted pursuant to an enactment of the Parliament being the Export-Import Bank of India Act, 1981 (for brevity the Act, 1981') and was incorporated vide gazette notification dated 11.08.1981. It has its registered office at Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai-400005 and acting through its representative office at Ground Floor, Statesman House, 148, Barakhamba Road, New Delhi-110001. A copy of the extract of Section 5 of the Act, 1981 and a copy of the gazette notification dated 11.08.1981 have been placed on record as Annexure 2 (Colly).

(2.) Mr. Manish K. Joshi, Deputy General Manager of the Financial Creditor-Bank has been authorized to sign and submit any such petition by the power of attorney dated 12.09.2017 (Annexure-1) issued by the Managing Director of the Financial Creditor in accordance with Section 5 (2) of the Act, 1981 r/w gazette notification dated 11.08.2017 authorising him to issue such a power of attorney.

(3.) The Corporate Debtor-CHL Limited was incorporated on 16.03.1979. The identification number of the Corporate Debtor is L55101DL1979PLC009498 and its registered office is situated at Hotel The Suryaa, New Friends Colony, New Delhi-110025, Its authorised share capital is Rs. 30,00,00,000/- (Rupees Thirty crores) and the paid up share capital is Rs. 10,96,36,580/-(Rupees Ten crores Ninety Six Lakhs Thirty Six Thousand Five Hundred and Eighty). Copies of the Memorandum of Association and Articles of Association of the Corporate Debtor have been placed on record as Annexure-3 (Colly).