- (1.) This petition has been filed by Corporate Debtor under Section 10 of Insolvency and Bankruptcy Code, 2016. The Insolvency Resolution Process has been initiated on the basis of the resolution dated 04.05.2017 of the Board of Directors of the petitioner (Annexure-A) . It is submitted by the Authorised Representative of the petitioner company Mr.G.S.Sarin that vide this resolution Mr.Gaurav Bhardwaj has been authorised to execute, sign, affirm and file this petition and also to appoint, hire advocate to do all necessary process of this case and Mr.Gaurav Bhardwaj aforesaid has authorised Mr.G.S.Sarin to file this petition.
(2.) Having perused the records, it would be seen that the petitioner has relied upon notice sent by the Financial Creditor Global Tech Park Limited which is dated 22.03.2016. Reference is also made to the Intercorporate Loan Agreement dated 06.04.2016 (Annexure-E) which shows that the borrower namely Corporate Debtor has failed to supply the furniture to the lender namely Global Tech Park Ltd as a result of termination of the distributorship agreement between the borrower and BoConcept on 28.07.2014. The other demand notice sent by the financial creditor Global Tech Park Limited is dated 14.10.2016. The Authorised Representative of the petitioner further refers to a notice darted 11.05.2017 sent by Earthwise Retail & Holdings Pvt. Limited, the other financial creditor and said notice is at Annexure-G. The petitioner has also attached a notice received on behalf of BoConcept in response to letter dated 9.05.2014 in which a reference has been made to various agreements entered into between the petitioner and BoConcept. These agreements are dated 06.7.2010, 02.05.2011 and 10.4.2012 in which BoConcept has sought payment of outstanding amount to the tune of EUR 1,19,092.44 but the petitioner has not shown aforesaid BoConcept as one of the creditors nor the complete particulars of BoConcept aforesaid can be found in the contents of the document (Annexure-K) .
(3.) Having heard the Authorised Representative of the petitioner, the following defects noticed are required to be removed by the petitioner: 1) Place on record copies of the agreements dated 06.7.2010, 02.05.2011 and 10.04.2012 as referred to in Annexure-K. 2) Affidavit stating how BoConcept has not been mentioned as one of the creditors in application and further to give the complete particulars of BoConcept aforesaid. 3) The affidavit would state further whether the petitioner has sent any reply to the aforesaid notice and attach reply, if any.;