R.P. Nagrath, Member - (1.) The company petition was filed against the Corporate Debtor in the Hon'ble High Court of Punjab & Haryana under Sections 433 (e) and 434 of the Companies Act, 1956 for winding up of the company for its inability to pay the debt. The petition was filed in the Hon'ble High Court in November, 2016. While the matter was pending in the Hon'ble High Court, service of the respondent was not effected and therefore, in terms of Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016, this petition was transferred to the Tribunal. Relevant portion of rule 5 of these Rules as amended vide notification dated 29.06.2017 reads as under: "5. Transfer of Pending proceedings of Winding up on the ground of inability to pay debts.- (1) All petitions relating to winding up of a company under clause (e) of Section 433 of the Act on the ground of inability to pay its debts pending before a High Court, and, where the petition has not been served on the respondent under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of Section 419 of the Companies Act, 2013 exercising territorial jurisdiction to be dealt with in accordance with Part II of the Code: Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with rule 7, required for admission of the petition under sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal upto 15th day of July, 2017 failing which the petition shall stand abated: Provided further that any party or parties to the petitions shall, after the 15th day of July, 2017, be eligible to file fresh applications under sections 7 or 8 or 9 of the Code, as the case may be, in accordance with the provisions of the Code: Since the petition was to be treated as a petition under Sections 7, 8 or 9 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred herein-after as the 'Code') and as per the amended Rule 5, the information could be filed before the Tribunal by 15.07.2017, the matter was adjourned sine die on 20.03.2017.
(2.) The petitioner filed application as "Financial Creditor" in Form No.1 as prescribed in Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016 (for brevity the 'Rules'), for initiating the insolvency resolution process under Section 7 of the Code. It is stated that the Respondent-Corporate Debtor has now shifted its registered office to House No. 1317, First Floor, Sector 18-C, Chandigarh-160018 on 15.02.2017 as per the master data available with Ministry of Corporate Affairs Website. The copy of the master data of the company is Annexure at A-1. The master data provides for the particulars of the address, CIN number allotted to the company, name of its Directors/authorised signatories. It is admitted by learned counsel for the parties that the Respondent-Corporate Debtor has been served at the aforesaid addresses. The information thus having been given within the time limited by the Rules, the application is to be considered under Section 7 of the Code. The respondent company was incorporated on 10.12.2004 with authorised share capital of Rs.140,00,00,000.0 (rupees one hundred and forty crores only) and the paid up capital of Rs.72,26,55,000/-.
(3.) The petitioner company was incorporated on 07.07.2008 and filed the company petition before the Hon'ble High Court on the basis of the resolution of the Board of Directors Annexure P-1 attached with the record of the Hon'ble High Court in the company petition. The petitioner has named Harish Taneja as the Interim Resolution Professional (IRP) with registration No.lBBI/IPA-002/IP-N00088/2017-18/10229, in order to comply with the requirement of clause (b) of sub-section (3) of Section 7 of the Code. The proposed IRP has also been given the written communication in Form No.2 at Annexure A-2, dated 01.06.2017 giving all the necessary particulars and the same is found to be in order.;