Ratakonda Murali, Member - (1.) This Application is filed on behalf of Corporate Applicant/Corporate Debtor under section 10 of Insolvency and Bankruptcy Code, 2016 read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process.
(2.) The averments made in the Company Application are briefly described hereunder:- The Corporate Debtor i.e., DCS International Private Limited was incorporated on 12th April 2004. The Registered office of the Corporate Debtor is situated at 18/2, 7ih Mile Srinivasa Industrial Estate, Next to Metro, Kanakapura Main Road, Bangalore-560078.
(3.) The latest authorised share capital is Rs.50,00,000 divided into 5,00.000 equity shares of Rs. 10/- each and the issued, subscribed and paid-up share capital is Rs.45,00,000/- divided into 4,50,000 equity shares of Rs. 10 each. It is further averred that, the Corporate Applicant is unable to pay its large pending dues and Corporate Applicant committed default.;