Viiai Pratap Singh, Member - (1.) The Company Petition (IB) No.213/KB/2017 has been filed by Corporate Debtor, M/s. Stewarts and Lloyds of India Limited (SLIL) , Kolkata under section 10 of the Insolvency & Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 alleging that the total current liabilities of the applicant company is Rs.82.1071 crores and it exceeds the assets of the company and the company has been making losses in its operation for the years 2015-16 and 2016-17 and the cash flow for both the years has been negative.
(2.) This petition under section 10 of Insolvency & Bankruptcy Code, 2016 was admitted by an order dated 1st May 2017 and by the recommendation of the Corporate Applicant, Shri Sandeep Kumar Gupta, Resolution Professional was appointed as Interim Resolution Professional.
(3.) The Interim Resolution Professional filed his progress report on 15th July 2017 along with the Minutes of 1st Meeting of the Committee of Creditors held on 12th June 2017.;