R.P. Nagrath, Member - (1.) This is an application filed by Recorders and Medicare Systems Pvt. Ltd., a "Corporate Debtor" itself under Section 10 of Insolvency and Bankruptcy Code, 2016 (for brevity to be referred here-in-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 15.03.2017, it was pointed out by Mr. J.K. Grover that form No. 6 does not contain the information relating to the loan from HDFC Bank against property and also the unsecured loan borrowed from Suman Jolly, Promoter Director, Rita Jolly, promoter and Shri Jalesh Kumar Grower, Independent Director. St was directed that the corporate applicant shall file the revised form No. 6 containing these details and the documents along with the affidavit of Suman Jolly. The compliance has been made.
(2.) It is represented by Mr. Grover that the applicant company was incorporated on 15.12.2003 with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. Copy of certificate of incorporation with the Memorandum and Articles of Association is at Annexure VII(B) having been allotted CIN No. U33110CH2003PTC026619. The authorised share capital of applicant company is Rs. 12,00,00,000/- i.e., 1,20,00,000 equity shares of Rs. 10/- each and its paid up capital is Rs. 9,71,91,000/- i.e., 97,19,100 equity shares of the same value. The applicant claims that presently the company has on its Board two Directors, namely; Mr. Suman Jolly and Mr, Jalesh Kumar Grover, the Independent Director The fist of directors with their distinct DIN numbers has been filed with the affidavit dated 14.03.2017 of Suman Jolly. It is represented that earlier Rita Jolly was Promoter Director, but at present, she is not in the Board of Directors of the Company. There are in all 56 shareholders of the company with major shareholding held by Mrs. Rita Jolly to the extent of 7.61%, Suman Jolly 35.29%, HBM Bio Ventures (NR) 7.17%, Baymill International Ltd. (NR) 45.98% as per the list of shareholders 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 of the company 20.01.2017 is at page 529 whereby Mr. Jalesh Kumar Grover Director is authorised to attend the hearing of the case on behalf of the company and submit the information, as may be required by the Tribunal, Mr. Grover also refers to the Board Resolution dated 20.01.2017 Annexure VII(A), authorising Suman Jolly Director to file application under Section 10 of the Code and the rules framed thereunder. Mr. Grover has also been authorised to accept notice under the Code on behalf of the Corporate Debtor'. The affidavit dated 07.03.2017 in support of the contents of the application sworn in by Suman Jolly is at page 30 of the paper book. The applicant company has mentioned the residents address of Suman Jolly in column No. 3 of form No. 6 and also his address of registered office of the company along with email address for service of the process on behalf of the company.;