IN RE Vs. P & S JEWELLERY LTD

JUDGEMENT

(1.) Petition under consideration filed on 25-05-2017 invoking the provisions of Section 10 of Insolvency & Bankruptcy Code 2016 (hereinafter referred as The Code). Thereupon, listed for hearing on 29-05-2017 for adjudication on 'Admission' before this Vacation Bench due to urgency in the matter.

(2.) Background for filing this petition Under Section 10 of The Code was that the Petitioner Company was stated to be registered as a "Sick Industrial Company" with Board for Industrial and Financial Reconstruction. However from 1st December 2016 the Sick Industrial Companies Repeal Act 2003 stood abated/repealed. The Petitioner has thus moved this Petition before NCLT. The Petitioner has affirmed that this Petition has been filed within the prescribed period of 180 days from the commencement of the I & B Code 2016.

(3.) Admittedly the Petitioner is a 'Corporate Debtor'. The Petition under consideration is submitted on requisite "Form 6" to initiate Corporate Insolvency Resolution Process under The Code. Total amount of Debt has two components, as stated in the impugned petition, i.e. 'Financial Debt' as well as 'Operational Debt'. Main financial creditors are several Banks as Secured creditors having principle outstanding amount of Rs. 6,341,082,097/- as per the statement annexed.