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TMI Blog2020 (5) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... any incorporated on 16-2-2004 under the Companies Act, 1956, represented by its Assistant Manager (Accounts), Mr. Abhijeet Sharma, on the basis of a Board Resolution dated 8-3-2019, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Windcastle Exports Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares incorporated on 8-8-1996 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U51900MH1996PTC101756. Its registered office is at No. 7-A, Giriraj Building (Ground Floor), No. 73, Sant Tukaram Road, Iron Market, Masjid Station (East), Mumbai 400009. Therefore, this Bench has jurisdiction to deal with this petition. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under section 9(3)(b) of the IBC has been placed on record at pp.346-347 of the Petition. 7. The Corporate Debtor has unequivocally acknowledged the debt vide its letter dated 18-11-2016, as seen from the Petition at p.320. 8. Court Notice dated 20-8-2019 has been served on the Corporate Debtor on 22-8-2019. The affidavit of service filed in this behalf by the counsel for the Operational Creditor is taken on record. 9. Mr Karan Vyas, Learned Advocate appeared on behalf of the Corporate Debtor and made his submissions. 10. In its reply dated 16-9-2019, the Corporate Debtor has stated as follows:- (a) The Corporate Debtor is facing heavy losses in business due to the recession in the market, due to which a lot of money of the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11-2016. Further, in the reply dated 16-9-2019 also, the Corporate Debtor has stated categorically in para 4 at p.2 thereof, that the Respondent is in grave financial crisis and is not in a position to repay the amount to the Petitioner. 14. The Operational Creditor has proposed the name of Mr. Pranav Damania [Reg. No. IBBI/IPA-001/IP-P00079/2016-17/10164] as the Interim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 15. The application made by the Operational Creditor is complete in all respects as required by law. It clearly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Operational Creditor shall deposit a sum of Rs. 1,00,000/-(Rupees one lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) The Registry is directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of this Order. (j) A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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