AMBEY CONSTRUCTECH PVT LTD Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This petition has been filed by Ambey Constructech Pvt. Ltd., the corporate debtor itself in form No 6 as prescribed under sub-rule (1) of Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules') for initiating Corporate Insolvency Resolution Process under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for short, to be referred hereinafter as the 'Code'). The corporate debtor also falls within the definition of the term 'Corporate Applicant' as defined in sub-section (5) of Section 5 of the Code.

(2.) The corporate debtor was incorporated on 20.12.2011, having been allotted CIN U45200PB2011PTC035768. Its registered office is at Bhatinda and therefore, the matter falls within the territorial jurisdiction of this Tribunal.

(3.) The authorised share capital of the corporate debtor is Rs. 50 lacs divided into 5,00,000 equity shares of Rs. 10/- each. The issued, subscribed and paid up share capital is Rs. 15,90,000/- comprising of 1,59,000/- equity shares of Rs. 10/- each. The certificate of incorporation of the corporate debtor is at Annexure VII (c) (Page 239) and the petitioner has also annexed the Memorandum and Articles of Association of the company. The instant petition has been filed by the corporate-debtor through Mr. Puneet Garg, one of the Director, who has been authorised to file this petition under section 10 of the 'Code' vide resolution of Board of Directors dated 17.11.2017 [ Annexure VII (A) ]. The contents of the application are supported by the affidavit of Mr. Puneet Garg which is at Annexure-VIII (B). There are nine shareholders of the company, the details of which are given at Sr. No. 2 of Col. 3 of Part-I of the application and the Board of Directors comprises two Directors; namely Mr. Harvinder Pal Singla and Mr. Puneet Garg.