Bikki Raveendra Babu, Member - (1.) Jalaram Cotton & Proteins Limited ["the Company" for short] by its Board Resolution dated 21st April, 2017 resolved to file a Petition under the provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") before the National Company Law Tribunal for Resolution Process, and further resolved to call Extra-ordinary General Meeting.
(2.) The Company in its Extraordinary General Body Meeting held on 24th May, 2017 resolved to file necessary Application before the Adjudicating Authority under the provisions of the IB Code. The General Body also authorised the Board of Directors to give effect to the Resolution by filing necessary Application before the Adjudicating Authority. The Petitioner is the Whole-time Director of the Company. He filed this Application to trigger Corporate Insolvency Resolution Process under Section 10 of the Code in respect of the Company/Corporate Debtor. The Registered Office of the Corporate Debtor is situated in Jasdan in Rajkot, Gujarat State. The Paid-up Share Capital of the Corporate Debtor is Rs. 13,15,46,500/- consisting of 81,54,650 equity shares of Rs. 10/- each and 50,00,000 preference shares of Rs. 10/- each fully paid up.
(3.) Petitioner in Part III of Form-6 disclosed that Respondents No. 1 to 5 are Financial Creditors apart from 131 Operational Creditors. According to the Petitioner, the Corporate Debtor has committed default to the extent of Rs. 54,34,25,440.85/- ps. in respect of Financial Creditors as per following details; 2 img The Petitioner also stated that the Corporate Debtor committed default to the tune of Rs. 7,20,54,888.82/- in respect of Operational Creditors as follows; img2;