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TMI Blog2018 (5) TMI 2050X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency Code to be read with Rule-7 of Insolvency and Bankruptcy Rules, 2016 on 29.01.2018 to initiate Insolvency Proceedings against itself in the capacity of Corporate Debtor (Petitioner). The description of the Debt in the application is as under ;- A) The details of Financial Creditors :- Name of Financial Creditor Total Debt raised Bank of India INR 4.95.06.606 11 INR 43,23.64.682 ICICI Bank Limited INR 1.65.34.194 Kotak Mahindra Bank INR 25.61.65.454 Deutsche Ban INR 136.66.71,090 Ricoh Comoany Limited INR 1308,71.06.215.54 Ricoh Asia Pacific Pte Limited INR 200.00.00.000 Connect Residuary Pvt. Ltd. INR 6.18.72.863 B) The details of Operational Creditors:- i) A long list of Local Vendors (Part-A) totalling ₹ 8,43,25,967/-; ii) A long list of Local Vendors (Part-B) totalling ₹ 9,66,43,639/-; iii) A list of Foreign Vendors (Part-C) tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Petition is in respect of various Debts pertaining to Supply and Service of Hardware towards the Rural Information and Communication Technology Solution Project in India.. 5. From the side of the Applicant a brief summary of the events and the total Debt in default is narrate as under 1. The requirements fora corporate debtor t commence insolvency r solution process is set out in section 10 o the IBC r/w Form 6 {at pg. 212 of bare act). The petition can only be refused in terms of section 11 IBC 2. In terms of Form 6, The applicant has prepared financial statement as on 18.01. 2018, showing a net lo s of INF 604 crores (Tab 4 pg. 106). form 6 requires financial statements to be drawn up as at a date not earlier than 14 days from the at o the application. 3. The applicant is also unable to pay operational creditors despite receiving demands - i. Ingram micro India Pvt. Ltd. (amount In default is ₹ 2.92 acres) (demand letter at pg. 61 - Tab 3) ii. Edique Solutions Pvt. L d. (amount in default is ₹ 2.45 crores) (demand notice under IBC together with invoke at pgs. 62-64 - Tab 3} iii. Redington (India) Ltd. (amount in default is s. 1.03 crores) (emai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Limited (Company Appeal AT Insolvency No.81 of 2017) vide Order dated 1st December 2017, the Hon'ble NCLAT has laid down certain principles to deal with the Petition filed under Section 10 of The Code. In the said cited decision, the case was restored back to the stage of NCLT due to the reason that NCLT had dismissed that Petition filed under Section 10 of The Code. It is pleaded that on the same lines, this Petition deserves Admission. 7. In this case RICOH India Limited has approached Securities Exchange Board of India (SEBI) to look into the affairs of the Company and take legal action. SEBI has initiated investigation and thereupon took serious note of the irregularities committed by Key Managerial persons and other Directors. Vide Order dated 12.02.2018 restrained the persons involved, inclusive of KMP and Directors, restraining them from accessing the Security Marketing areas entering into any transaction In Securities. This evidence and the Order (WTM/GM/CFD/87/2017-18) is a direct evidence that the affairs of the Corporate Debtor were not managed as per Law, hence fit to be processed under the provisions of the Insolvency Code. 7.1. The compilation contains s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition U/s.10 of the I B Code as filed by the Corporate Debtor itself deserves to be admitted. 9. The Corporate Debtor has proposed the name of the IRP Mr. Krishna Chamadia, Registration No. IBB1/1PA-001/ip-P00694/2017-18/11220, Address: 3-1804, Raheja Heights, Off Gen. A.K. Vaidya Marg, Dindoshi, Malad (East), Mumbai - 400 097. The IRP has given his consent in Form No.2, and also certified that no disciplinary proceedings are pending against him, placed on record. On due consideration, the appointment of the proposed IRP is hereby confirmed. 10. The Petition is hereby Admitted . As a consequence, the Moratorium shall commence as prescribed under section 14 of the Code which prohibits as under:- (a) 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 other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of Its assets or any legal right or beneficial Interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate deb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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