- (1.) This application was initially filed in the Hon'ble High Court of Delhi on 16.07.2016 under Section 433 (b) (c) (e) and (f) read with Section 434 of Companies Act, 1956. On the issuance of Rules on 07.12.2016 known as Companies (Transfer of Pending Proceedings) Rules, 2016 (for brevity Transfer Rules') the petition was transferred to this Tribunal and it was received on 02.03.2017. According to the Rule 5 of the Rules all Company petitions filed under Section 433 (e) of the Companies Act, 1956 were required to be transferred to the National Company Law Tribunal provided the notice of the petition has not been served on the respondent in accordance with Rule 26 of the Companies (Court) Rules, 1959. All such petitions after transfer to the respective NCLT Benches enjoying territorial jurisdiction, were required to be treated as the one file under Section 7, 8, 9 or 10 of the Code as per the claim of the petitioner and were to be dealt with in accordance with part II of the Insolvency and Bankruptcy Code, 2016. As per the proviso to Rule 5 the petitioner was obliged to submit complete information in that regard necessary for admission of the petition to the Tribunal within sixty (60) days from the date of the issuance of notification failing which the petition was to abate. The information was to include details of proposed insolvency professional. It is appropriate to mention that the period of sixty (60) days was later increased to six (6) months vide notification dated 28.02.2017.
(2.) In accordance with the Transfer Rules and the subsequent notification dated 28.02.2017 the petitioner filed application on 10.04.2017 on the proforma prescribed for such application praying that the petition may be considered as one under Section 9 of the Code.
(3.) Now let us have facts of the case which have led to the initiation of proceedings by the petitioner, Shri Prem Sarup Narula. The Bycell Telecommunications India Private Limited-Respondent No. 1 (for brevity 'Bycell India') was incorporated on 13.10.2005 under the Companies Act, 1956 as a private company with limited liability by shares. It was duly registered with the Registrar of Companies, NCT Delhi and Haryana (Annexure P/l). Its registered office is situated at Shop No.G-8, Plot No. A-6786, Left portion, Ground Floor, Smrat Bhawan, Community Centre, Ranjit Nagar, Delhi 11000. The authorized share capital of the Bycell India is Rs. 30,00,00,000/- (Rupees Thirty crores only) divided into 300,00,000 (Three crores only) equity shares of Rs. 10/- each and the total paid-up capital is Rs. 27,00,00,000/- (Rupees Twenty Seven Crores only). The object of the Bycell India is to carry out the business to manufacture, produce, assemble, repair, install, maintain, convert, export, import etc., in all kinds of items, system, equipment, plants, machines, or things of communications of different models and uses in all branches such as telecommunications, radio communications, satellite communications, wireless communications, space communications etc. The detailed objects are available in the Memorandum of Association which has been placed on record (Annexure P/3).;