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TMI Blog2021 (10) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... n Process (CIRP) against Meta Arch Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor was incorporated 09.07.1998 under the Companies Act, 1956. Its Corporate Identity Number (CIN) is U20299PN1998PTC012673. Its registered office is at 110, Pride Silicon Plaza, S.B. Road, Model Colony, Pune, Maharashtra-411016. Brief Facts of the case: 3. The Applicant submits that the Debt occurred on 4th July 2016 and the amount of Debt is Rs. 15,74,692/- including the Principal amount of Rs. 11,69,310/- and Interest @ 18% amounting to Rs. 4,05,382/-. 4. The Corporate Debtor has Authorised Share Capital of Rs. 20,00,000/- and the Paid Up Share Capital is valued at 1,42,000/-. 5. The Applicant is involved in the business of tile fixing a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mple purchase order. Annexed as "Annexure-3" of the reply. 11. The Respondent submits that they had an oral agreement with the applicants to visit the site wherein, the Respondent Company undertakes the work and then that person only decided the required quantity of material for that particular site. 12. The respondent submits that somewhere in October 2016, the Respondent realised that the applicant has supplied more than the required amount of the supplies and it has been done with the intent to fulfill the sales target of the Applicant. 13. The Respondent also submits that since October 2016, there exists a dispute in between the Respondent and the Applicant, of which, the Applicant is completely aware. Thus, under the purview of Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r after a year. 20. The Corporate Debtor has duly received and accepted the said material without any dispute of defect in quality and quantity. The material supplied the Operational Creditor had stipulated expiry dates and the Operational Creditors has never supplied any excess stock as alleged therein, the material supplied by the Operational Creditor are as per demand of the Corporate Debtor. The Corporate Debtor has utilized all the products supplied by them and have never complained of excess material until the demand of payment made by the Operational creditor on or after Year. The last bill issued on 7th October 2015 and alleged complaints of supply of excess material made on 1st November 2016 and i.e. also after balance confirmatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 25. The petition bearing CP (IB) 3546/MB/C-II/2018 filed by Ardex Endura (India) Private limited, the Operational Creditor, under section 9 of the IBC read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. 29. Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 30. Mr. Nitin Om Kothari, Registration No. IBBI/IPA-001/IP-P02310/2020-21/13477, Email Id: [email protected], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as mentioned under IBC. The IRP shall carry ou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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