R.P. Nagrath, Member - (1.) This is an application filed by Super Multicolor Printers Pvt. Ltd. a "Corporate Debtor" itself under Section 10 of Insolvency and Bankruptcy Code, 2016 (for brevity to be referred herein-after as 'the Code') in statutory form No. 6 as prescribed by sub-rule (1) of rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'Rules') for initiating corporate insolvency resolution process. The 'Corporate Debtor" also fails within the term "Corporate Applicant" as defined in Sub-section (5) of Section 5 of The Code', During hearing of the petition on 05.04.2017, it was pointed out to Mr. G.S. Sarin, the practising company secretary, the authorised representative of the applicant, that the affidavit in support of form No. 6 is not in the prescribed format and verification is also not given with respect to certain paragraphs on the basis of knowledge and others on the basis of belief. It was also pointed out that the communication by the proposed Insolvency Professional in form No. 2 is also incomplete and that the list of workers/employees mentioned at Page 283 does not contain their complete address. It was directed that the corporate applicant shall file the revised form No. 6 containing these details and the documents along with the affidavit of Mr. S.K. Guglani, Director. The compliance has been made.
(2.) It is represented by Mr. Sarin that the applicant company was incorporated on 21.7.1992 with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh at Jalandhar. Copy of certificate of incorporation with the Memorandum and Articles of Association is also attached. It is stated that the applicant has been allotted GIN No. U74300CH1992PTC012491. The authorised share capital of applicant company is Rs. 6,00,00,000/- i.e., 60,00,000 equity shares of Rs.10/- each and its paid up capital is Rs.5,45,77,750/- i.e. 5,39,111 equity shares of Rs.100/- each and 13,333 equity shares of Rs.50/- each. The applicant claims that presently the company has on its Board two Directors, namely; Sunil Guglani, Managing Director and Suman Guglani, Director. The list of directors with their distinct DIN numbers has been filed at Page 474 of the application with the affidavit dated 14.03.2017 of Sunil Guglani. There are in all 43 shareholders of the company, as per list of shareholders at Annexure VI(F). According to the applicant, the registered office of the 'Corporate Debtor' is situated at Chandigarh and therefore, this Bench has the territorial jurisdiction to entertain and dispose of this petition.
(3.) The extract of the Resolution passed by the Board of Directors of the company dated 20.03.2017 is at page 434 whereby Mr. Sunil Guglani, Director of the company is authorised to initiate corporate insolvency resolution process as corporate applicant on behalf of the company and also to accept service of process on behalf of the corporate debtor. The applicant company has mentioned the residential address of Sunil Guglani in item No. 2(1) of form No. 6 (placed at page 10 of the application) and also the address of registered office of the company along with email address for service of the process on behalf of the company.;