9911796707
TMI Blog2021 (5) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Decent Laminates Private Ltd. ("the Corporate Debtor") to start the Corporate Insolvency Resolution Process against the Corporate Debtor on the ground that Corporate Debtor committed default in paying the operational debt of Rs. 20,15,647/-. 2. The following facts are not in dispute. 3. By two invoices dated 05.09.2019 and 09.07.2019, the Operational Creditor sold and supplied the Corporate Debtor, melamine bags. The total sale price was Rs. 17,62,920/-. The Corporate Debtor did not make payment as agreed. However, both of them had entered into agreement under which, the Corporate Debtor delivered the Operational Creditor, eight (08) post-dated cheques towards the payment of price of the goods. 4. It is the say of the Operational Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor it could not make payment of operational debt, due and payable due to his weak financial condition. 7. We have every sympathy with the Corporate Debtor but ultimately, the fact proved on record is that the Corporate Debtor is an insolvent and its insolvency has to be resolved by the process of law. We admit the Corporate Debtor in Corporate Insolvency Resolution Process. 8. The Operational Creditor did not suggest the name of any Insolvency Professional and left the matter discretion of this authority. 9. The application is defect free Hence, we admit the Corporate Debtor in the Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016 by following order: ORDER 1. The Corporate Debtor, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the case may be. 4. We hereby appoint Mr. Jaykumar Pesumal Arlani having Registration No. IBBI/IPA-001/IP-P01582/2018-2019/12443, Email ID [email protected] to act as an IRP under Section 13(1)(c) of the Code. He shall conduct the Corporation Insolvency Resolution Process as per the provision of Insolvency and Bankruptcy Code, 2016 r.w. Regulation made thereunder: 5. The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extending every assistance and co-operation ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
