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TMI Blog2021 (8) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... ath Labs Ltd., is seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as 'CIRP') against the Corporate Debtor viz., M/s. Aapka Urgicare Private Limited, declare moratorium and appoint Interim Resolution Professional (hereinafter referred as 'IRP'). 2. The Operational Creditor/Petitioner has averred as follows:- a. The Corporate Debtor executed Memorandum of Understanding dated 18.10.2012, 29.10.2012 and 01.05.2013 with Operational Creditor to avail the diagnostic services being provided by the operational creditor, and to pay the agreed consideration to the operational creditor within agreed timeline and in case there is delay in the payment of a part or whole of the amount raised in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is stated that outstanding amount of Rs. 4,00,000/- along with pendent lite and future interest @ 18% per annum from the date of default in payments as per the settlement agreement dated 29.11.2018 till the actual date of payment fell due on 26.02.2019, 26.03.2019, 26.04.2019 and 26.05.2019 and same has recurred on a monthly basis. 3. The Corporate Debtor has been provided with several opportunities to cause appearance and file objection. However, as none appeared on behalf of the corporate debtor during the proceeding and after being satisfied that the service has been satisfactorily affected as evident from the proof of service filed by the Petitioner, this tribunal proceeded Ex-parte vide order dated 04.01.2021. 4. During the final ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 annexed as Annexure A-8 with the petition. Hence, this Tribunal is inclined to admit this application and accordingly initiate the process of CIRP of the Corporate Debtor. The Applicant has not proposed any insolvency resolution professional. This Tribunal, hereby, appoints Insolvency Professional namely, Mr. Prabhat Jain having Registration Number IBBI/IPA-001/IP-P01980/2020-2021/13123 (Email [email protected]) as Interim Resolution Professional from the List provided by IBBI. 6. The IRP is directed to take charge of the respondent corporate debtor's management immediately. He is also directed to cause public announcement as prescribed under section 15 of the IBC, 2016, within three days from the date of this order received, and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the management of the corporate debtor shall extend all assistance and cooperation to the IRP as stipulated under section 19 for discharging his functions under section 20 of the IBC, 2016. 10. The Petitioner is directed to pay a sum of Rs. 2,00,000/- to the interim resolution professional upon the IRP filing the necessary declaration form as required under the provisions of the Code to meet out the expenses to perform the functions assigned to him in accordance to Regulation 6 of Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The said amount shall be fully accountable by IRP and shall be reimbursed by the Committee of Creditors (CoC) to the petitioner to be recovered as CI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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