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TMI Blog2022 (2) TMI 795X X X X Extracts X X X X X X X X Extracts X X X X ..... tatutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. Hence, this Adjudicating Authority is inclined to commence CIRP against the Corporate Debtor as envisaged under the provisions of IBC, 2016. Application admitted - moratorium declared. - CP No. (IB) 275/9/JPR/2019 - - - Dated:- 31-1-2022 - Deep Chandra Joshi, Member (J) And Raghu Nayyar, Member (T) For the Appellant : Brij Kishore Sharma, PCS For the Respondents : Mitul Jain and Rohan Mittal, Advs. ORDER Deep Chandra Joshi, Member (J) 1. This Application has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('Code'/'IBC') read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('Rules') by Mr. Anil Kumar Jain, Chief Financial Officer of M/S. Sangam (India) Limited ('Applicant'), claiming to be an Operational Creditor with a prayer for initiation of Corporate Insolvency Resolution Process ('CIRP') against M/S. Suzuki Textiles Limited ('Respondent'/'Corporate Debtor'). 2. The Applicant having its registered office at Atun, Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 2,13,16,728/- along with further interest @ 18% per annum on the invoices from 01/07/2019 until full payment, within 10 days of receipt of notice vide e-mail dated 07.08.2019. The demand notice was accompanied by computation of interest, details of invoices and relevant dates of default. Copy of Demand Notice dated 06.08.2019 and postal receipt along with e-mail of notice dated 07.08.2019 sent to the Respondent are annexed at Annexure 8 and Annexure 9 of the Application respectively. The said demand notice was neither replied to nor disputed by the Respondent till the filing of the present petition. 8. The Applicant has also filed Statement of Bank Account maintained with State Bank of India from 19.08.2019 to 20.09.2019 at Annexure 6 of the Application. It is stated that there is no repayment of unpaid operational debt by the Respondent. Thus, the present Application under Section 9 of the Code. 9. As claimed by the Applicant, the Respondent is liable to pay an amount of ₹ 2,13,16,728/- (Rupees Two Crore Thirteen Lakh Sixteen Thousand Seven Hundred and Twenty-Eight Only), as an outstanding amount, as reflected in Part IV of the Form - 5 filed with the Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion as per Article 137 of the Limitation Act, 1963. The Applicant has, vide diary No. 2717/2019 dated 20.11.2019, submitted an affidavit under Section 9(3)(c) of the Code undertaking that the Operational Creditor has not received any sum or any part of the outstanding/dues, any manner of satisfaction nor security whatsoever, from the Corporate Debtor during the period . 14. This Adjudicating Authority has perused all the relevant papers and found them to be in order. The Registered Office of the Respondent is situated in Bhilwara and therefore this Adjudicating Authority has jurisdiction to entertain and try this Application. Also, the matter is within the purview of Law of Limitation as the last payment as stated was made on 07.03.2017 and the Application was filed on 15.10.2019. It is a settled principle that when payment on account of a debt is made before the expiration of the prescribed period, a fresh period of limitation shall be computed from the time when the payment was made. Therefore, the present application has been filed within limitation. 15. The first issue for consideration is whether the demand notice in Form No. 3 dated 06.08.2019 was served upon the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal ('IRP') but it is not obliged to do so. In the instant case, the Operational Creditor has proposed the name of Mr. Prashant Agrawal to be appointed as IRP. The Applicant has filed Consent in Form 2 under Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016, stating therein that no disciplinary proceedings are pending against the named IRP, which is annexed as Annexure-3. 20. In view of this Mr. Prashant Agrawal, duly registered with the Insolvency and Bankruptcy Board of India, with Registration No. IBBI/IPA-001/IP-P00053/2017-18/10127 (email: [email protected]; mobile No.: +91-9828355000), is hereby appointed as the IRP. The IRP is directed to take all such steps as are required under the statute, inter-alia in terms of Sections 15, 17, 18, 19, 20 and 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, and Rules and Regulations thereunder. 21. Consequences of initiation of CIRP shall be inter-alia as follows: (i) The IRP appointed by the Adjudicating Authority, Mr. Prashant Agrawal, is directed to take over the affairs of the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X
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