9911796707
TMI Blog2021 (10) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... in delivery, however, no evidence for such claim has been submitted by the Corporate Debtor. Further Corporate Debtor has not returned the medicines to Operational Creditor which were delivered to it - no evidence in support of claim of losses suffered by Corporate Debtor has been brought on record. Thus, it is frivolous or spurious defence which has been made to avoid initiation of CIRP. Hence, there is no merit in such claims made by the Corporate Debtor. It is also noticed that there is no pre existing dispute between Operational Creditor and Corporate Debtor, and no reply was sent by Corporate Debtor against the demand notice under section 8 of IBC, 2016 which was served on Corporate Debtor by hand delivery. It is clear that Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Corporate Debtor and from time to time Operational Creditor supplied medicines to the Corporate Debtor and invoices were raised against the supplied medicine during the period from 25.05.2019 to 15.10.2020 amounting to ₹ 2,60,13,153/- (Rupees Two Crores Sixty Lakhs Thirteen Thousand One Hundred Fifty Three). The Operational Creditor issued demand notice in form 3 under Section 8(1) of the LB. Code, 2016 against the Corporate Debtor for the payment of ₹ 3,67,63,463.80/- (Rupees Three Crore Sixty Seven Lakh Sixty Three Thousand Four Hundred Sixty Three Eighty Paise Only) including interest amount of ₹ 1,07,50,310.80/- (Rupees One Crore Seven Lakhs Fifty Thousand Three Hundred Ten And Eighty Paise Only) on 07.03.2021 whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 3,67,63,463.80/- (Rupees Three Crore Sixty Seven Lakh Sixty Three Thousand Four Hundred Sixty Three Eighty Paise Only). 6. It is further noted that the applicant has proposed the name of IRP Mr. Navin Khandelwal (Reg. No. IBBI/IPA-001/IP-P00703/2017-2018/11301), Mr. Navin Khandelwal who has also consented to be appointed as IRP. 7. Heard the Learned Counsel of Operational Creditor and Learned Counsel of Corporate Debtor, and perused the material on record on this basis it is noted that: A. There is a business relationship between Operational Creditor and Corporate Debtor, and medicines were supplied to the Corporate Debtor as per mutual understanding and on the basis of purchase order raised by Corporate Debtor from time to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the following in terms of Section 14(1) of the Code. (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 debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Adjudicating Authority directs the IRP to make public announcement of initiation of Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1) (b) of the CODE. VI. It is further directed that the supply of goods/service to the Corporate Debtor Company, it continuing, shall not be terminated or suspended or interrupted during moratorium period. VII. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency 85 Bankruptcy Code, 2016. The Operational Creditor is di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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