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TMI Blog2020 (9) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... 95] ("the Operational Creditor"), a company within the meaning of section 2(20) of the Companies Act, 2013 and represented by its Director, Mr Suresh Murarka, on the basis of a Board Resolution dated 27.06.2019 seeking to initiate Corporate Insolvency Resolution Process ("CIRP") against Sangeeta Tex Dyes Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 30.10.2009 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U17120MH2009PTC196784. Its registered office is at Swami Samarth Compound, Next to Reebok Showroom, Nasik Highway Road, Near Majiwada Flyover, Thane (West) 400 601, in the State of Maharashtra. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor's ability to discharge its debts and its commercial solvency. (para 8 at page 6 of the Petition). 5. Invoices have been placed on record as Exhibit 'A' at pp.11-147. The invoices provide for interest in case of delayed payments, to be charged at the rate of 24% per annum. The total debt due and payable to the Operational Creditor is Rs. 59,87,358.00 (Rupees fifty-nine lakh eighty-seven thousand three hundred and fifty-eight only), as mentioned at pages 168-170 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 03.07.2019 to the Corporate Debtor (Exhibit 'C', pp.159-163) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. The Demand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.11.2019 for producing copy of the Board Resolution. 13. On 26.11.2019, the learned Counsel for the Operational Creditor produced a copy of the Board Resolution dated 27.06.2019, which was taken on record. At the hearing, Mr Ganesh Krishna Patil, the other director of the Corporate Debtor, appeared in person and sought some time to work out a settlement with the Operational Creditor. At request and in the interest of settlement, time was granted and the matter was posted to 16.12.2019. 14. On 16.12.2019, the learned Counsel for the Operational Creditor was present. Mr Ganesh Krishna Patil, director of the Corporate Debtor, was present and once again sought time to work out a settlement. The request was accepted and the matter was adjourn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, hereby ordered as follows: - (a) The petition bearing CP(IB) No.3071/MB/C-IV/2019 filed by Research Dye Chem Private Limited, the Operational Creditor, under section 9 of the IBC read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Sangeeta Tex Dyes Private Limited [CIN: 400 601], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr Suresh Chandra Jena, Registration No.Reg. No. IBBI/IPA-001/IP-P-01540/2019-20/12473, having address at No.501, Ruby Isle, Royal Palms, Aarey Milk Colony, Goregaon (East), Mumbai, Maharashtra 400065 [email: [email protected]], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the IBC. He is directed to file his consent in Form 2 with the Registry immediately. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his function ..... X X X X Extracts X X X X X X X X Extracts X X X X
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