9911796707
TMI Blog2020 (9) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... admits this Petition and orders initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared. - CP (IB) No.3071/MB/C-IV/2019 - - - Dated:- 29-1-2020 - Mr. Rajasekhar V. K. : Hon'ble Member (Judicial) And Mr. Ravikumar Duraisamy : Hon'ble Member (Technical) For the Operational Creditor : Ms Shilpa Kapil, Advocate For the Corporate Debtor : No representation ORDER Per : Rajasekhar V.K., Member (Judicial) 1. This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 ( IBC ) by Research Dye Chem Private Limited [CIN: U24114MH1994PTC077495] ( the Operational Creditor ), a company within the meaning of section 2(20) of the Companies Act, 2013 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... days from the date of each invoice (para 3 at page 4-5 of the Petition); (c) The Operational Creditor has also paid VAT and GST on the sale of the products. The Corporate Debtor has taken credit of the amounts in their VAT and GST returns (para 4 at page 5 of the Petition); (d) The Operational Creditor has, from time to time, brought to the notice of the Corporate Debtor that the amounts remained outstanding. However, there was no payment made in this regard (para 5 at page 5 of the Petition); (e) The Corporate Debtor's persistent default in making payment to the Operational Creditor has raised a bona fide apprehension about the Corporate Debtor's ability to discharge its debts and its commercial solvency. (para 8 at page ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... At the hearing held on 16.10.2019, Mr Jatinder Mehta, Director of the Corporate Debtor was present in person and admitted the liability. He also submitted that the factory of the Corporate Debtor has been closed down from 24.06.2019. The matter was therefore reserved for orders. 12. However, when the order was being dictated, it was noticed that the Operational Creditor had not placed on record the requisite Board Resolution for initiation of the present proceedings against the Corporate Debtor. Therefore, the matter was put back on the board for clarifications. On that date, there was no representation on behalf of the Corporate Debtor. The matter was adjourned to 26.11.2019 for producing copy of the Board Resolution. 13. On 26.11.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atil, director of the Corporate Debtor was present. He, however, submitted that the Corporate Debtor was not in a position to make payment. 17. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, 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. 18. It is, accordingly, hereby ordered as follows: - (a) The petition bearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orium 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 from the date of this order till the completion of the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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