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TMI Blog2021 (11) TMI 470X X X X Extracts X X X X X X X X Extracts X X X X ..... invoking the provisions of Section 9 of Insolvency and Bankruptcy Code (hereinafter called the "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The brief facts of the petition are stated herein below: a. The present Petition arises out of the commercial transaction between the Operational Creditor and the Corporate Debtor. b. The Operational Creditors engaged in the business of trading of textile auxiliaries. On the basis of verbal orders placed by Corporate Debtor for supply of Textiles auxiliaries, Operational Creditor complied its order by supplying the required quantity to the Corporate Debtor (hereinafter referred to as 'Said Supply of Goods' and raised various inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13,176.73 12.04.2019 953 68,222.40 17.12.2018 68,222.40 16.01.2019 24.08.2019 220 9,868.88 12.04.2019 954 64,642.47 17.12.2018 64,642.47 16.01.2019 24.08.2019 220 9,351.02 12.04.2019 991 79,170.65 22.12.2018 79,170.65 21.01.2019 24.08.2019 215 11,192.34 12.04.2019 994 48,416.00 24.12.2018 48,416.00 23.01.2019 24.08.2019 213 6,780.89 12.04.2019 1007 48,416.00 28.12.2018 48,416.00 27.01.2019 24.08.2019 209 6,653.55 12.04.2019 1017 68,222.40 01.01.2019 68,222.40 31.01.2019 24.08.2019 205 9,196.01 12.04.2019 1036 70,578.18 02.01.2019 70,578.18 01.02.2019 24.08.2019 204 9,467.14 12.04.2019 1058 116,638.40 08.01.2019 116,638.40 07.02.2019 24.08.2019 198 15,185.36 12.04.2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 77,865.80 26.04.2019 24.08.2019 120 6,502.33 12.04.2019 1378 101,870 27.03.2019 101,870 26.04.2019 24.08.2019 120 6,502.33 12.04.2019 22 114,442.90 03.04.2019 114,442.90 03.05.2019 24.08.2019 113 12.04.2019 23 86,709.34 03.04.2019 86,709.34 03.05.2019 24.08.2019 113 6,841.72 12.04.2019 26 64,009.10 03.04.2019 64,009.10 03.05.2019 24.08.2019 113 4,755.96 12.04.2019 69 140,846.39 03.04.2019 140,846.39 03.05.2019 24.08.2019 113 10,465.08 12.04.2019 89 129,873.47 13.04.2019 129,873.47 13.05.2019 24.08.2019 103 9,649.78 12.04.2019 101 68,222.40 19.04.2019 68,222.40 19.05.2019 24.08.2019 97 4,620.43 12.04.2019 141 101,472.92 01.05.2019 101,472.92 31.05.2019 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency and Bankruptcy Code 2016 calling upon the Corporate Debtor to clear the outstanding dues. g. The Demand Notice in Form 3 and 4 was issued by Operational Creditor on 29th August, 2019. However, even after the receipt of the Demand Notice, the Corporate Debtor has not made any payment towards the amount in default till the date of this application and the entire outstanding amount is due and payable by the Corporate Debtor to the Operational Creditor. h. However, to the shock and surprise of the Operational Creditor, the Corporate Debtor through its Advocate has issued Legal Notice dated 03rd October on the Operational Creditor making false, frivolous and baseless allegation against the Operational Creditor. Hence, the present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s. Cubatics Industries Private Limited. (b) This Bench hereby appoints Mr. Kailas T. Shah, Insolvency Professional, Registration No.: IBBI/IPA-001/IP-P00267/2016-2017/10511 ([email protected]) having office at : 505, 21st Century Business Centre, Near World Trade, Ring Road, Surat 395002 as the interim resolution professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016 (c) The Operational Creditor shall deposit an amount of Rs. 2 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 33, as the case may be.
(h) That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code.
(i) During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP.
(j) Registry shall send a copy of this order to the Registrar of Companies, Mumbai, for updating the Master Data of the Corporate Debtor.
Accordingly, this Petition is allowed.
The Registry is hereby directed to communicate this order to both the parties and to IRP immediately. X X X X Extracts X X X X X X X X Extracts X X X X
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