V. P. Singh, Member (J) - (1.) The petitioner has filed this application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as I & B Code ) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to Adjudicating Authority Rules, 2016) for initiation of corporate insolvency process against corporate debtor, Tayo Rolls Ltd.
(2.) Brief facts of the case are the following: The applicant operational creditor is Mr. Suresh Narayan Singh whose identification No. is not given in the application, having his office at 47, P. Road, Bistupur, Jamshedpur, District East Singhbhum, Jharkhand - 831001. The Corporate debtor is Tayo Rolls Ltd. whose identification No. is L27105JH1968PLC000818 having its registered office at 3, Circuit House Area, (North East) , Road No. 11, Bistupur, Jamshedpur, Jharkhand - 831 001.
(3.) The petitioner has stated that the respondent/corporate debtor Tayo Rolls Ltd. has applied for closure of their industrial undertaking under sub-section(l) of Section 25(0) of the Industrial Disputes Act, 1947. The proposed date of closure mentioned in the application was 6/12/2016. The petitioner had further stated that 182 workers covered by Payment of Wages Act, 1936 had filed individual claim cases for unpaid wages before the Labour Court, Jamshedpur, which was registered as P.W. Case No.l to 182 of 2017 and award was passed for Rs.2,19/83,760/- regarding unpaid wages and Rs.21,98,37,600/- for compensation .;