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TMI Blog2021 (3) TMI 1225X X X X Extracts X X X X X X X X Extracts X X X X ..... ages Ltd. is admitted in Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy code, 2016 - Application admitted - moratorium declared. - CP (IB) No.503/9/NCLT/AHM/2019 - - - Dated:- 1-3-2021 - MADAN B. GOSAVI, MEMBER(J) AND VIRENDRA KUMAR GUPTA, MEMBER (T) Learned Senior Counsel Mr. Navin Pahwa a.w Learned PCS Mr. Hitesh Buch for the Operational Creditor. Learned Senior Counsel Mr. Santosh Paul a.w Learned Counsel And Mr. Jaimin Dave for the Corporate Debtor. ORDER PER VIRENDRA KUMAR GUPTA, MEMBER 1. This application has been filed by Huhtamaki PPL Limited- Operational Creditor to initiate CIRP against M/s. Manpasand Beverages Ltd. being Corporate Debtor. The outstanding s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de on behalf of Corporate Debtor on earlier occasion also, it was apparent that Corporate Debtor had nothing to say on merit to defend. It was also claimed from the reply submitted by the Corporate Debtor, that there were certain financial / legal issues with the Corporate Debtor which resulted into a financial distress and on account of that Corporate Debtor could not make the payment of the subject amount. In this regard, reference of action taken by the GST authorities was also made as a cause for the Corporate Debtor not being able to honour its commitments. 6. We have considered the submission made by all parties as well as material on record. As far as maintainability of application is concerned, all provisions of IBC, 2016 stand c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 3. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (I) of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency Bankruptcy Code, 2016, as the case may be. 4. We hereby appoint Mr. Arpan Maheshkumar Shah having Registration No. IBBI/IPA-00I/IP-P01847/2019-2020/ 12862, Email ID [email protected] to act a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a going concern as a part of obligation imposed by Section 20 of the Insolvency Bankruptcy Code, 2016. The Operational Creditor is directed to pay an advance of Rs. (Rupees One Lakh Only) to the IRP within two weeks from the date of receipt of this order for the purpose of smooth conduct of Corporate Insolvency Resolution Process (CIRP) and IRP to file proof of receipt of such amount to this Adjudicating Authority alongwith First Progress Report. Subsequently, IRP may raise further demands for Interim funds, which shall be provided as per Rules. 8. Accordingly, CP(IB) No.503/9/NCLT/2019 is allowed. 9. The Registry is directed to communicate a copy of this order to the Operational Creditor, Corporate Debtor and to the Interim Res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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