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TMI Blog2019 (6) TMI 1246X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The definition of Corporate Applicant includes Corporate Debtor as per Section 5(5) of the Code. Therefore, the Corporate Applicant/Corporate Debtor seeks relief to initiate Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") in respect of itself, i.e., M/s. Bhoomi Ginning Pressing Pvt. Ltd. (hereinafter referred to as "Corporate Debtor company"). 2. The registered office of the Corporate Applicant/Corporate Debtor company is situated at, Survey No.323, Jasdan-Atkot Road, Village-Atkot, Taluka-Jasdan, Dist. Rajkot (Guj.) - 360001. The Corporate Applicant company was incorporated on 13th day of May, 2006. 3. It is stated that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Co. 2,39,938/- 4 KPR Mill Ltd. (Karmathampatti) 94,049/- 5 KPR Mill Ltd. (5) 57,501/- 6 Parani Spinning Mills Pvt. Ltd. 3,648/- 7 Vijay Cotton Agencies 71,980/- 8 Sellmore Agency 14,243/- 9 Spectrum International Pvt. Ltd. 25,001/- 5,36,081 6. The Corporate Applicant has given in Part-III the details of the securities, i.e. charged properties as well as the hypothecated assets, held by the State Bank of India, the financial creditor, for availing the credit facilities. 7. The Corporate Applicant filed statement of accounts for the current year and for the last two financial years. Applicant also filed Audited Financial Statements for the last two financial years. 8. The Applicant has stated that a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is unable to pay off its debts, hence, prayed for initiation of CIRP in respect of itself. 12. By this present application, the Corporate Applicant has proposed the name of Mr.Vinod Tarachand Agrawal, Registration No.IBBI/IPA-001/IP-P00641/2017-2018/11090, as an Interim Resolution Professional. It has further annexed a copy of the written communication received from the proposed Interim Resolution Professional in Form-2, showing his willingness to accept such assignment to act as IRP. 13. In response to the present application, respondent - Financial Creditor, i.e. State Bank of India, appeared through its Advocate and submitted that it has no objection if the C.I.R.P is initiated against the Corporate Debtor Company. 14. We have gone th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order- (a) admit the application, if it is complete (b) reject the application, if it is incomplete Provided that Adjudicating Authority shall, before rejecting an application, give a notice to the applicant to rectify the defects in his application within seven days from the date of receipt of such notice from the Adjudicating Authority. (5) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (4) of this section. 17. By perusing the above stated statutory provision and having gone through the present application, it may be seen that the present applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Process or until this Bench approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for Liquidation of Corporate Debtor under Section 33 as the case may be. ii) That this Adjudicating Authority hereby appoint Mr. Vinod Tarachand Agrawal, having IP Registration No. IBBI/IPA-001/IP-00641/2017-2018/11090 and residing at 204, Wall Street-1, Near Gujarat College, Ellisbridge, Ahmedabad-380 006, Gujarat, appointed as "Interim Insolvency Resolution Professional" to carry the functions as mentioned under Insolvency and Bankruptcy Code, 2016. iii) The IRP so appointed shall make public announcement of Corporate Insolvency Resolution Process be made immediately as specified under Section 13 of the Code and by calling ..... X X X X Extracts X X X X X X X X Extracts X X X X
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