9911796707
TMI Blog2022 (1) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... Shree Radhe Metaliks Private Limited ("the Corporate Debtor"), [CIN: U27310MH2010PTC211440]. 2. The Corporate Debtor is a Company incorporated on 27.12.2010 under the Companies Act, 1956, as a Private Company Limited by shares with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U27310MH2010PTC211440. Its registered office is at 512, Ashirwad Building, 64/E, Ahmedabad Street, Carnac Bunder, Masjid Bunder East Mumbai, Maharashtra-400009. Therefore, this Bench has Jurisdiction to deal with the present petition. 3. The present petition was filed on 26.03.2021 by the Operational Creditor before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a total sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 018-19 dated 01.02.2019; viii. Purchase Order No. SRM/32/2018-19 dated 28.02.2019; b) For the purpose of settling the dues the Operational Creditor and Corporate Debtor entered into the Settlement Deed dated 10.03.2019, wherein the mode of payments was stipulated. The mode of payments mentioned in the Settlement Deed is as follows: a) Pursuant to the said Settlement Deed the Corporate Debtor made payment of Rs. 83,30,000/- (Rupees eighty-three lakh thirty thousand only) and Rs. 30,00,000/- (Rupees thirty lakh only) during the month of November, 2020 and December, 2020. The Principal amount of Rs. 4,75,25,524/- (Rupees four crore seventy-five lakh twenty-five thousand five hundred twenty-four only) is still outstanding. However, the la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rupees six crore thirty-three lakh five thousand five hundred twenty-four only). The Corporate Debtor has not denied the supply and the terms of payment. b) The Corporate Debtor has not denied the Settlement Deed dated 10.03.2019 entered into between Operational Creditor and Corporate Debtor. The Corporate Debtor submitted that in view of the COVID-19, the Corporate Debtor was facing difficulty to make payment to the Operational Creditor. c) The Corporate Debtor confirms that the principal amount of Rs. 4,75,25,524/- (Rupees four crore seventy-five lakh twenty-five thousand five hundred twenty-four only) is due and payable but the interest amounting to Rs. 1,02,18,139/- (Rupees one crore two lakh eighteen thousand one hundred thirty-nin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. Findings: 10. We have heard the arguments of Learned Counsel for Operational Creditor and Corporate Debtor and perused the records. 11. The Bench observed that the Operational Creditor and Corporate Debtor had entered into the Settlement Deed for settlement of dues by the Corporate Debtor. The said Settlement Deed clearly shows the liability of Corporate Debtor to pay the outstanding. As per the terms of the Settlement Deed the payment was to be made from 15.06.2018 till 06.03.2019. 12. It is also noticed from the petition that- a) There is unequivocal admission of liability on the part of the Corporate Debtor in its Affidavit in Reply dated 08.12.2021 filed by the Corporate Debtor which is at p. 2, para 6 of the said Reply; b) T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ventura Metal and Alloys, the Operational Creditor, under section 9 of the IBC read with rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Shree Radhe Metaliks Private Limited [CIN: U27310MH2010PTC211440], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) 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; (ii) Transferring, encumbering, alienating or disposing of by the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , registration No. IBBI/IPA-002/IP-N00774/2018-19/12373, as Interim Resolution Professional to carry the functions as mentioned under IBC, the fee payable to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. The IRP shall carry out functions as contemplated by Sections 15, 17, 18, 19, 20, 21 of the IBC. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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