Bikki Raveendra Babu, Member - (1.) This application is filed by Director of Diamond Power Transformers Ltd. under Section 10 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 7 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 10 of the Code.
(2.) Diamond Power Transformers Ltd. is a company registered under the Companies Act, 1956. Registered office of the company is at 101/B/7, GIDC Estate, Ranoli, Vadodara, Gujarat State. Authorised share capital of Diamond Power Transformers Ltd. is Rs. 22.00 crores divided into 2,20,00,000 equity shares of Rs. 10/- each. Paid up share capital of the company is Rs. 21,97,70,540/- Diamond Power Transformers Ltd. passed a Board Resolution on 05.05.2017 authorising Mr. Jayramrao Chandravadan Marathe, Director of the company to file application under sub-section (1) Section 10 of the Insolvency and Bankruptcy Code, 2016 in form 6 to initiate Corporate Insolvency Resolution Process before this Tribunal. In fact, along with the petition, at page 274 and 275 copy of Board Resolution dated 5th May, 2017 was enclosed. In the said resolution it is mentioned that Mr. Amit Bhatnagar, Managing Director and Sumit Bhatnagar, Director are authorised to file petition under section 10 of the Insolvency and Bankruptcy Code, 2016 before this Tribunal. But, along with addendum, petitioner has filed the Board Resolution dated 05.05.2017 wherein Jayramrao Chandravadan Marathe was authorised to file this petition. According to the petitioner, due to clerical mistake, the name of Amit Bhatnagar was typed in the resolution instead of Jayramrao Chandravadan Marathe, Director. Petitioner also served the addendum along with which correct resolution to the respondents and filed proof of service.
(3.) According to the petitioner corporate applicant, the debt due to the financial creditors are as follows:- JUDGEMENT_186_LAWS(NCLT)6_2017_1.html;