UCO BANK Vs. KKK COTSPIN PVT LTD

JUDGEMENT

(1.) The petitioner-Bank has filed this petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity, the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for short, the 'Rules') to initiate the insolvency resolution process against the respondent-corporate debtor. The petitioner-'financial creditor' was incorporated on 31.03.1970 under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and has its Head Office at Kolkata and Branch Office at Industrial Area-A, Ludhiana.

(2.) The instant petition has been filed by the bank through Mr. Jitin Sharma, Assistant General Manager of the Branch Office at Ludhiana on the basis of Power of Attorney dated 13.04.2010 (Annexure A-1). The competent authority has also permitted the filing of the application under the provisions of the Code vide letter dated 08.09.2017 (Annexure A-2).

(3.) The respondent-company was incorporated on 18.04.2006 as per the certificate of incorporation issued by the Registrar of Companies, Punjab, H.P. and Chandigarh. The certificate of incorporation is annexed as at Annexure A-3 with Memorandum and Articles of Association. The registered office of the respondent-company is situated at Ludhiana in the State of Punjab and, therefore, the matter falls within the jurisdiction of this Tribunal. The authorised share capital of the company is Rs. 75,00,000 and paid up capital Rs. 73,26,140.