R.P. Nagrath, Member - (1.) M/S Bhushan Power & Steel Limited has filed this petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') as Operational Creditor by filing application in Form No.5 as prescribed under Rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules') to initiate the insolvency resolution process against the Respondent-Corporate Debtor. The petitioner is a company incorporated under the Companies Act, 1956 with CIN No.U27100DL1999PLC108350 and filed this petition through Satya Parkash, General Manager (Legal) on the basis of resolution of the Board of Directors of the Company dated 27.03.2017 as at page 41 of the paper book. Vide this resolution, authority has been given by the Company to Mr. R.P.Goyal, Director (Commercial), Mr.Sunil Gupta, Executive Director, R.K.Gupta, President and Company Secretary and Mr.Satya Parkash, General Manager (Legal) severally to file applications/petitions etc. under the Code and to do all the necessary acts in the progress of the case.
(2.) The Respondent-Corporate Debtor is a Company incorporated on 12.11.1990 with CIN No.U28991PB1990PLC010832. The authorised share capital of the company is Rs.10,10,00,000/- and paid up capital Rs.1,02,89,820/-, having its registered office at Ludhiana and therefore, the matter falls within the territorial jurisdiction of this Tribunal.
(3.) The facts, briefly stated, are that the Respondent-Corporate Debtor placed purchase orders to the petitioner company from time to time. The goods were supplied to various units of the respondent situated in Punjab and Madhya Pradesh.;