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TMI Blog2019 (1) TMI 1943X X X X Extracts X X X X X X X X Extracts X X X X ..... y Code, 2016 (herein after referred to as a "Code") seeking for initiation of C.I.R.P. against the Corporate-Debtor, namely, M/s. Swastik Seracon Limited. The Operational-Creditor Company M/s. True Value Paper Co. is registered under the provisions of Companies Act, 1956. The registered office of the company is situated at Gate 4, Plot 9, Shreeji Industrial Estate, Raipur Mill Compound, Saraspur, Ahmedabad, India. 2. The present petition is filed against Respondent/ Corporate Debtor, namely M/s. Swastik Ceracon Limited. The company was incorporated on 31.01.2005 with the CIN: U26920GJ2005PLC045383. The nominal share capital of the company is Rs. 23,50,00,000/- (Rupees Twenty-Three Crores Fifty Lakhs only) and the paid-up share capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were described as Annexure-II, to support its claim/operational debts which, for the sake of convenience is reproduced herein below: The Applicant/Operational-Creditor sent a demand notice through its Counsel, Mr. Lalit M. Patel under Section 8 of the Insolvency and Bankruptcy Code, 2016, read with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to the Corporate Debtor Company by EMail on 16.03.2018 and by RPAD on 19.03.2018. However, there is no reply /objection from the Corporate-Debtor relating to dispute of the unpaid Operational debts until this date. 5. It is submitted that a demand notice dated 16.03.2018 is duly served upon the registered office of the Corporate Debtor by RPAD on 19.03. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th as on 31.03.2018. As per the same, the company is in loss of Rs. 437.75 lakhs. It has also furnished the details of it loan availed by the company from Secure and Unsecured creditors and payments due to the operational and sundry creditors, which aggregating to amount of Rs. 44,50,70,942/- (Rupees Forty-Four Crores Fifty Lakhs Seventy Thousand Nine Hundred and Forty-Two only); while the company has availed secured loan of Rs. 18,44,19,078/- (Rupees Eighteen Crores Forty-Four Lakhs Nineteen Thousand Seventy-Eight Only). 9. Thus, it may be seen that the company duly admits about its financial position through its affidavit dated 02.06.2018 stating categorically that, it is facing financial difficulties and now unable to pay its credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st him with the IBBI Board or Institute of Company Secretaries of India and thus he IRP is eligible to be appointed as an IRP/RP in respect of the Corporate-Debtor-Company. 12. By considering the above given fact of the case, as narrated in detail in the prescribed format of the application, read with the affidavit dated 02.06.2018 and supplementary affidavit dated 22.06.2018, it is undisputed position that the debt mentioned in the present IB petition is not only admitted by the Corporate-Debtor but has been defaulted because while admitting its debt, it has shown its liability to make payment thereof in near future. 13. Therefore, the present application is found complete in terms of provision of Section 9 of the IB Code read with relev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. The order of moratorium shall have effect from the date of such order till the compilation of the corporate insolvency resolution process. 15. This Adjudicating Authority hereby appoints Mr. Ravi Kapoor, Residential Address: 402, 4th Floor, Shaival Plaza, Nr. Gujarat College, Ellis bridge, Anmedabad-380006, Email ID: [email protected], having Interim Resolution Registration No. IIBI/IPA-002/IP-NO0121/2017-18/10290 as an Interim-Resolution-Professional; as his name has been proposed by the petitioner in the present I.B. Petition. Further, steps under the I.B. Code and to cause public announcement of moratorium immediately af ..... X X X X Extracts X X X X X X X X Extracts X X X X
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