Bikki Raveendra Babu, Member - (1.) One of the Directors of M/s. Well Pack Papers and Containers Limited filed this Application under Section 10 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the IB Code"] read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ["Adjudicating Rules" for short], to initiate Corporate Insolvency Resolution Process in respect of M/s. Well Pack Papers and Containers Limited ["the Company" for short]
(2.) The Board of Directors of the Company has passed a Resolution on 21.6.2017 to file an Application under Section 10 of the IB Code read with Rule 7 of the Adjudication Rules to initiate Corporate Insolvency Resolution Process before National Company Law Tribunal, Ahmedabad Bench and authorised Mr. Shambugar Valgar Goswami, Director, to file this Application. In the Application filed in Form No. 6, the Corporate Applicant has shown the following companies as 'Financial Creditors'; 1. K.Z. Leasing & Finance Ltd., 2. Panel Decor Private Limited, 3. Tejal Paper Mills (P) Limited. The amount in default is Rs. 58,00,000/-, Rs. 40,53,483/-, and Rs. 27,00,000/- respectively, totalling to Rs. 1,25,53,483/-. It is stated by the Corporate Applicant that the Company has committed default in payment of financial debts to the aforesaid Financial Creditors.
(3.) Applicant furnished list of Operational Creditors at Page No. 32 of the Application. According to the Corporate Applicant, there are 182 Operational Creditors and the amount due to them is Rs. 6,27,90,404/-.;