M.M.Kumar, President - (1.) The Edelweiss Assets Reconstruction Company Ltd (for brevity the 'Financial Creditor') has filed the instant application under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer for initiating the corporation Insolvency Resolution process in the matter of Tecpro systems Ltd. (For brevity the 'Corporate Debtor') The "Financial Creditor' has stated that it has filed the petition in its capacity as the Trustee of EARC Trust SC -124 and Trust (for brevity EARCL and Trust respectively). A copy of the Memorandum of Articles of Association of the 'Financial Creditor' along with declaration of trust dated 17.3.2015 which led to the formation of 'Financial Creditor' have been placed on record (Annexure-1 colly) The 'Financial Creditor' has been allotted CIN No. U67100MH2007PLC174759 and that it was incorporated on 5.10.2007. The registered office of the 'Financial Creditor' is situated at Edelweiss House, off. CST Road, Kalina, Mumbai-400098 (Maharashtra).
(2.) The 'Corporate Debtor' has been incorporated on 7.11.1990 and its CIN NO.L74899DL1990PLC041985. The authorised share capital of the 'Corporate Debtor' is Rs.131,15,00,000/- (Rs. One hundred Thirty One crores Fifteen lacs only). The paid up capital is Rs.50,47,37,910/- (Rs. Fifty crore Forty Seven lacs Thirty Seven thousand Nine hundred and Ten only). Copies of its Memorandum of Association and Articles of Association have been placed on record (Annexure A-3). Corporate Debtor has been incorporated under the provision of the Companies Act, 1956 and its registered office is situated at 106, Vishwadeep Tower, plot No.4 District Centre Janakpuri New Delhi -110058.
(3.) The 'Financial Creditor' has also proposed interim Resolution Professional namely Mr. Venkatesan Sankaranarayanan who has been registered with the IBBI with registration No. IBBI/IPA-001/IP-P00123/20172018/10265. The proposed resolution professional has sent written communication making necessary disclosures in accordance with the provision of Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule 2016. Thus it satisfy the requirement of section 7(3)(b) of the Code.;