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TMI Blog2020 (2) TMI 912X X X X Extracts X X X X X X X X Extracts X X X X ..... btor is in default of a debt due and payable, and the default is more than minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, as the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 4510/MB/C-IV/2018 - - - Dated:- 21-11-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member Bhavika Deora for the Petitioner. ORDER Rajasekhar V.K., This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by Arihant Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3950-16-17 (page 46) 18.11.2016 18.12.2016 2,534/- 2 PKG/483 (not placed on record) 3951-16-17 (page 50) 18.11.2016 18.12.2016 10,694/- 3 PKG/464 (not placed on record) 4022-16-17 (page 47) 22.11.2016 22.12.2016 29,874/- 4 PKG/483 (not placed on record) 4023-16-17 (page 48) 22.11.2016 22.12.2016 31,584/- 5 PKG/483 (not placed on record) 4027-16-17 (page 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total 4,39,963/- The Invoices Purchase Orders have been placed on record as at pp. 27-86 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 17.07.2018 which has been delivered on 23.07.2018 to the Corporate Debtor (Exhibit 'B' to the petition at pp. 19-92) in terms of section 8 of the IBC along with Proof of service of Demand Notice (pp. 17-18). The petitioner further submits that as on the date of Demand Notice, the total outstanding was ₹ 9,39,963/- (Rupees nine lakh thirty-nine thousand nine hundred and sixty-three only) for Invoices raised between period 21.09.2016 to 26.12.2016. 7. In pursuance of Demand Notice t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reply to the Petition. 10. As per section 9(3)(b) of the I B Code, the Operational Creditor has stated on affidavit that in response to the Demand Notice the Corporate Debtor has neither made a payment towards the outstanding dues nor raised any dispute. Further, Operational Creditor states that there is no dispute in existence about the unpaid operational debt. This affidavit is placed at pp. 370-372 of the petition. 11. In compliance of Sec 9(3)(c) of the Insolvency and Bankruptcy Code,2016, the Operational Creditor has submitted the Certificate dated 21.08.2018 from Karnataka Bank Ltd., certifying that no credit from the Corporate Debtor is deposited into the current account of the Operational Creditor. This certificate is placed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, as the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this petition and orders initiation of CIRP against the Corporate Debtor. 16. The Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter. 17. It is, accordingly, hereby ordered as follows: - (a) The petition filed by Arihant Packers, a HUF represented by its karta, Mr. Vijay Tatiya, under section 9 of the IBC read with rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of corporate debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Since the Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter, the IRP shall be appointed by this Adjudicating Authority by a separate order. The fee payable to IRP or, as the case may be, the RP shall be compliant wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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