JUDGMENT

(Hybrid Mode)

[Per: Arun Baroka, Member (Technical)]

The present Appeal is being filed by the Appellant / Corporate Debtor, a member of the suspended board of directors of the Corporate Debtor under Section 61 of the Code against the Impugned Order, passed in C.P. (IB) 657/CHD/PB/2019 by the Hon’ble Adjudicating Authority, wherein the Hon’ble Adjudicating Authority admitted the application filed by Respondent No.1 under Section 9 Code and initiated the Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor.

Brief Background of the case

2. The Corporate Debtor was incorporated on 06/12/2010 under the provisions of the Companies Act, 1956 with CIN No. U17119PB2010PTC034482, with its registered office at B-VI-I, Kucha No.1, Madhopuri, Ludhiana, Ludhiana, Punjab, India, 141008. The Appellant / Corporate Debtor, Mr. Gulshan Kumar Ahuja, is a member of the suspended Board of Directors of the Corporate Debtor.

3. The Respondent No. 1 / Operational Creditor is a sole proprietor of Aggarwal Enterprises and is engaged in the business of trading and supplying cotton and the same is registered with the GST Department vide GSTIN 03AAJCA0093R1ZF.

4. The Respondent 2 is the