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TMI Blog2022 (2) TMI 562X X X X Extracts X X X X X X X X Extracts X X X X ..... ent and the remaining amount has not yet been paid - From the records it is apparent that the goods were supplied and delivered and a debt towards it is due and payable in favour of the Operational Creditor. The petition made by the Operational Creditor is complete in 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 the minimum amount of one lakh rupees as stipulated under section 4(1) of the Code at the relevant time. There is no defence from the side of the Corporate Debtor. Therefore, the default stands established and there is no reason to deny the admission of the petition - this Adjudicating Authority admits this petition and orders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two hundred and twenty-five only) along with interest @ 24% per annum from the due date of invoice, total amounting to ₹ 16,62,721/- (Rupees sixteen lakh sixty-two thousand seven hundred and twenty-one only) from the date of default, i.e., 30.13.2018. 4. The learned Counsel for the Operational Creditor states as follows:- a. The Operational Creditor supplied Pet Preform to the Corporate Debtor between 05.02.2018 and 28.02.2018 and raised invoices but subsequently the Corporate Debtor failed to make the payment for the outstanding invoice dated 28.02.2018 amounting to ₹ 15,99,930/- out of which ₹ 13,00,225/- remains outstanding. The copy of the outstanding invoice due along with the consignor copy, E-waybills purc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e parties have entered into settlement and a part payment of ₹ 2,00,000/- (Rupees two lakh only) has been received by the Operational Creditor. However, on 18.02.2021, after the settlement was entered into, the Corporate Debtor has failed to adhere to and comply with the settlement of payment and the remaining amount has not yet been paid. 8. From the records it is apparent that the goods were supplied and delivered and a debt towards it is due and payable in favour of the Operational Creditor. 9. The petition made by the Operational Creditor is complete in 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 the minimum amount of one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... king as on- (a) 31st December, 2019; or (b) the date of expiry of his authorisation for assignment. of the Insolvency Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. He cannot, therefore, be appointed as the IRP, and the Adjudicating Authority shall appoint another insolvency professional from the panel of names made available to this Bench by the IBBI. 11. It is, accordingly, hereby ordered as follows: a. The petition bearing CP (IB) No. 377/ALD/2019 filed by Manjushree Technopack Limited, the Operational Creditor, under section 9 of the Code read with rule 6(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against Hansraj Agrofresh Priv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 coercive steps will follow. h. The IRP/RP shall submit periodical reports to this Adjudicating Authority with regard to the progress of the CIRP in respect of the Corporate Debtor. 12. CP (IB) No. 377/ALD/2019 to come up on 20.04.2022 for periodical report. 13. A certified copy of this order may be issued, if applied for, upon comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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