IN RE Vs. MIDITECH (P ) LTD

JUDGEMENT

(1.) This is an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code') read with rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules') for initiation of Corporate Insolvency Resolution Process in respect of the applicant company itself.

(2.) The Applicant, 'M/s. Miditech Private Limited is a company incorporated on 31.07.1997 under the Companies Act, 1956 bearing CIN No. U92112DL1997PTC088847. The Applicant Company has its registered office at 261/1, Main Road, Chhatarpur New Delhi-110074. Since the registered office of the applicant company is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of applicant corporate debtor under sub-section (1) of Section 60 of the Code.

(3.) The present application has been filed by one Mr. Nikhil Alva, director and authorised representative of the applicant company for and on behalf of the applicant, M/s. Miditech Private Limited. A perusal of the board resolution dated 20th September, 2017 of the applicant M/s. Miditech Private Limited reveals that there was a resolution authorising Mr. Nikhil Alva, director of the company to file the present application on behalf of the applicant company. In the resolution it has further been resolved to make an application under the Code before the Tribunal for commencement of Corporate Insolvency Resolution Process inter alia on the ground to overcome the distress situation and also to restructure by way of adopting the corporate insolvency resolution process under the Code.