9911796707
TMI Blog2020 (9) TMI 746X X X X Extracts X X X X X X X X Extracts X X X X ..... C) by Mr Pooransingh Vijaysingh Rathod, sole proprietor of Meghna Colour Chem (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against JK Coil Coatings Private Limited (Corporate Debtor). 2. The Corporate Debtor is a private company limited by shares and incorporated on 07.08.2006 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U24222MH2006PTC163629. Its registered office is at Neelsiddhi Enclave-Commercial Complex, Plot No.48/9, Sector 14, Vashi, Navi Mumbai 400703, in the State of Maharashtra. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 25.10.2019 before this Adjudicating Authority o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nced when presented for payment, vide return memo dated 18.04.2019. 5. Invoices have been placed on record as Exhibit 'E' at pp.26-54. The invoices do not provide for interest in case of delayed payments. The total debt due and payable to the Operational Creditor is Rs. 33,99,714.00 (Rupees thirty-three lakh ninety-nine thousand seven hundred and fourteen only), as mentioned at page 25 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 12.09.2019 to the Corporate Debtor (Exhibit 'I', pp.63-71) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. Necessary affidavit of No Dispute in terms of section 9(3)(b) of the IBC has been annexed at p.120. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admit the liability. This submission has also been recorded in the daily order sheet of that day (07.01.2020). 12. 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 at the relevant time. 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. 13. The Operational Creditor has not proposed the name of any Interim Resolution Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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). (j) In terms of section 9(5)(i) of the IBC, the Registry and the Operational Creditor are directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the IRP by Speed Post, email and WhatsApp immediately, and in any case, not later than two days from the date of this Order. (k) A copy of this Order be also sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven ..... X X X X Extracts X X X X X X X X Extracts X X X X
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