Rajeswara Rao Vittanala, Member - (1.) The present Company Petition bearing CA No. 159/2017 is filed by M/s. Super Agri Seeds Private Limited, U/s 10 of IBC, 2016 R/w Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) , 2016, by seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Super Agri Seeds Private Limited.
(2.) Brief facts, leading to filing of the present petition, are as follows:- (a) M/s. Super Agri Seeds Private Limited is a Company incorporated on 6th October 2003 as "Super Agri Seeds Private Limited" (herein after referred to as Petitioner/Corporate Debtor) . (b) The main objects of the Company are to take over the Assets and Liabilities of M/s. Super Agro-Tech, a partnership firm including its Trade Marks, Brands, and Licenses etc.; to carry on business of producers, sellers, dealers in all types of Agricultural seed, mother seeds etc Its authorised share capital is Rs. 60,00,00,000/- divided into 1,79,00,000 equity shares of Rs. 10/- each. (c) The Corporate Debtor has taken various loans from SBI/RBL/ ICICI Bank Limited, the details of which are furnished below:- (d) When the Corporate Debtor failed to pay an amount of Rs. 46,38,03,629/- due to SBI, it has initiated SARFAESI proceedings by issuing Demand notice under Section 13(2) by demanding to pay said amount within a period 60 days from date of notice. Subsequently, a possession notice dated 02.09.2016 was issued and also E-Auction sale notice dated 31.07.2017 was published in Indian Express and in Telugu paper by giving dates as 26.08.17 to 30. 08.17 for inspection of documents for sale of movable and immovable mortgaged properties of the Company for outstanding amount of Rs. 52,64,54,508/-. (e) Aggrieved by the e-auction of the properties of the Company, the Petitioner has filed the present Company Petition by seeking to initiate CIRP.
(3.) The case was initially listed for admission on 30.08.2017, and it was adjourned to 13.09.2017. However, the Learned Counsel for the Petitioner has moved CA No. 159 of 2017 U/R 11 of NCLT Rules, 2016 by seeking to advance the date of hearing the case from 13th September, 2017 to 06th September, 2017, i.e. today. Accordingly, the case is listed today.;