Ravikumar Duraisamy, Member - (1.) The present Company Petition, CP(IB) No. 13/10/HDB/2017, has been filed by VNR Infra Metals Private Limited (hereinafter referred as the Company) under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of VNR Infra Metals Private Limited.
(2.) Sh. Rajesh Bohra, Learned Counsel for the Petitioner, while reiterating the contents raised in Form No. 6, further submits that VNR Infra Metals Private Limited, which was originally incorporated as VNR Logistics Private Limited and subsequently changed to its current name in the year 2014 and the present CIN is U63090TG2009PTC065104. The main objects of the Company is to carry on the business as traders, agents, distributors in all major metals, minerals, infrastructure developers, contractors, etc. The Nominal Share Capital of the Company is Rs. 4000 lacs and the Paid up capital is Rs. 3724.27 lacs.
(3.) The Learned Counsel submits that the defaulted dues of corporate debtor to the financial creditors as on the date of filing of the present petition/application was about Rs. 88.33 crores, which includes principle and interest outstanding. Further, he submits that the Financial creditors have initiated the recovery process against the Corporate Debtor and served notices under Section 13(4) of SARFAESI Act, 2002 on 22.09.2016 and subsequently, the Corporate Debtor has filed a Petition before the Hon'ble Debt Recovery Tribunal, Hyderabad challenging the action taken by financial creditors and the case is still pending before DRT, Hyderabad. Accordingly, he approached this Tribunal in prescribed format, duly complying the procedure mentioned in the said provisions.;