V. Nallasenapathy, Member - (1.) This Insolvency and Bankruptcy Petition is filed by the Financial Creditor Alchemist Asset Reconstruction Company Ltd. (herein after called AARC) u/s. 7 read with Rule 4 of the Insolvency an Bankruptcy(Application to Adjudicating Authority Rules) 2016 against the Corporate Debtor (Abhijeet MADC Nagpur Energy Pvt. Ltd.) saying that the Corporate Debtor defaulted in making the payment of financial debt to the extent of Rs. 9,59,33,21,883/- (Rupees Nine Hundred and Fifty Nine Crores Thirty Three Lakhs Twenty One Thousand Eight Hundred Eight Three Only).
(2.) The Corporate Debtor was incorporated on 12.7.2007 and engaged in the business of developing, designing, constructing, operating and maintaining coal based electric generation plant and other incidental facilities & power generation plant. The operations of the Corporate Debtor have become like open and shut, commenced on 1.8.2011 and suspended in January 2014.
(3.) The Corporate Debtor total paid up Share Capital is Rs. 450.93 crores with Equity Share Capital of Rs. 160.93 crores and Preference Share Capital of Rs. 290 crores as on 31.3.2014. The Maharashtra Airport Development Company Ltd. is holding 26% of the Share Capital of the Corporate Debtor. The corrected Form - 1 filed by AARC reveals that a sum of Rs. 727.64 crores was disbursed by Axis Bank, State Bank of Hyderabad, Bank of Maharashtra and UCO Bank over a period of time from 2.7.2009 to 30.4.2013.;