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TMI Blog2021 (1) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... : Mr Raghunath Bhandari, PCS a/w Mr Bhubesh Dhumatkar, Advocate ORDER This is a Company Petition filed by IGOPL Offshore Private Limited, through its Managing Director, Mr. Jai Kishan Thappa (hereinafter called Corporate Applicant ), under section 10 of the Insolvency Bankruptcy Code, 2016 ( the Code ) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, for initiation of Corporate Insolvency Resolution Process. 2. The Corporate Applicant was incorporated on 03.06.2008 having a paid up share capital of ₹ 24,18,700/- (Rupees Twenty-Four Lakh Eighteen Thousand and Seven Hundred Only) was engaged in the business of subsea diving and Grouting. 3. Its Board of Direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been filed against the Corporate Petitioner in October 2018 by one of the Operational Creditors. Thereafter almost thirty Petitions have been filed. Some of which are listed for hearing. The Corporate Petitioner further by way of Interlocutory Application No. 1037 of 2020 submits that its financial status is in a precarious condition. It has been unable to pay salary and wages amounting to ₹ 19,34,005/- (Rupees Nineteen Lakh Thirty-Four Thousand and Five) as on 01.07.2020, to its permanent employees for the past 6 months. The Applicant as on 01.07.2020, also owes ₹ 46,73,620/- (Rupees FortySix Lakh Seventy-Three Thousand Six Hundred and Twenty) to the Contractual workers. Due to the current pandemic and other legal predicament ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly adding more stress to the Financial status of the Petitioner. 10. The Corporate Applicant submits that the Petitioner also owes ₹ 1,15,77,705/- (Rupees One Crore Fifteen Lakh Seventy-Seven Thousand Seven Hundred and Five Only) to Government of India towards TDS and GST dues. 11. The Corporate Applicant has enclosed the following to the Petition. a. The names and addresses of the Directors and Promoters of the Company along with their respective shareholding. b. Copy of its Certificate of Incorporation dated 03.06.2008. c. Copy of the its Memorandum of Association. d. Copy of Board Resolution dated 30.04.2020 approving the filing of the present Application. e. List of Financial and Operational Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14. This Bench has gone through the Petition and heard the arguments of the counsel and came to a conclusion that the Corporate Applicant is unable to make payment to various creditors and thus has defaulted in making payments of its Debts. 15. On reading the Petition and the supporting documents annexed with the Petition, it is noticed that the Petitioner Corporate Applicant has submitted all relevant particulars and information, supported by document, to meet the requirement of the I B Code. Hence the present I B Petition is found complete and its filing is found in order in all respect. Hence the present I B petition is admitted with following direction: (a) The moratorium is pronounced u/s 14 of the Code. (b) That this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es the resolution plan under sub-section (1) of Section 31of the Code or passes an order for liquidation of Corporate Applicant under Section 33 of the Code, as the case may be. (i) That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under Section 13 of the Code. (j) That this Bench hereby appoints Mr. Bhavesh Rathod, (having Registration No. IBBI/IPA-001/IP-P01200/2018-19/11910 and having address A/101, Shelter CHSI, CSC Road, Opp. Shakti Nagar, Dahisar East, Mumbai 400068) as Interim Resolution Professional to carry out the functions as mentioned under the Code. 16. Accordingly, this Petition is admitted. 17. The Registry is hereby directed to communicate a c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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