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TMI Blog2019 (12) TMI 1582X X X X Extracts X X X X X X X X Extracts X X X X ..... any relevant Authority. The application made by the Operational Creditor is complete in all respects as required by law. The Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 2119/MB/C-IV/2019 - - - Dated:- 17-12-2019 - Mr. Rajasekhar V.K.: Hon'ble Member (Judicial) And Mr. Ravikumar Duraisamy: Hon'ble Member (Technical) For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Creditor is as follows: - (a) The Corporate Debtor placed order for Fixed Carbon, Moisture of various quantity for an amount of ₹ 75,00,000/- (Rupees seventy-five lakh only) by its three purchase orders and the details are given at pp. 214-215 Exhibit F of the Petition. (b) Pursuant to the orders placed by the Corporate Debtor, invoices were raised on the Corporate Debtor between 21.06.2018 and 04.09.2018 (at page 12-170 of the Petition). (c) The Corporate Debtor issued certain Debit Notes from 23.06.2018 to 24.10.2018, which are placed at pp. 220-231 of the Petition. (d) On 06.03.2019, the Corporate Debtor vide email forwarded a copy of the ledger account maintained by it to the Operational Creditor for confirmation, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er three purchase order (pp 2-3 para 3(a) of reply).: i) Purchase Order no. KAL-II/2018/19/038 dated 19.06.2018 for 300 MT of Coke for ₹ 75,60,000/- ii) Purchase Order no. KAL-II/2018/19/046 dated 14.07.2018 for 40 MT of Coke for ₹ 7,14,000/- iii) Purchase Order no. KAL-II/2018/19/052 dated 23.07.2018 for 500 MT of Coke for ₹ 7,80,000/- b) Due to delay in delivery of the raw materials and supply of interior quality of raw materials and shortage of supplies, the Corporate Debtor had to suffer losses. During the period from 23.06.2018 till 24.10.2018, inferior quality of raw materials of the value of ₹ 23,97,616/- have been supplied by the Operational Creditor for which Debit Notes have been raised by the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t not on the registered office. Operational Creditor also submitted the tracking report of the Postal Department in support of his claim. ii) Operational Creditor also submitted that towards some wastage in delivery of goods, the Debit Notes priced by the Corporate Debtor and Credit Notes were issued by the Operational Creditor for the same. It is further submitted that various payments made by the Corporate Debtor has been duly reflected in the Bank Statement of the Operational Creditor and the same has been placed at pp. 172-242 of the Petition. Therefore, an amount of ₹ 34,11,111/- is outstanding amount which due and payable by the Corporate Debtor and prayed for admission of the Petition and to initiate CIRP against the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : - (a) The petition bearing CP(IB) 2119/MB-IV/2019 filed by Vedant.Com Worldwide Limited, 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 Karthik Alloys Limited Limited [CIN: U31200GA1992PLC001969], 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) Tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess for Corporate Persons) Regulations, 2016. (f) Mr. Anneel Saraogi, Registration No. IBBI/IPA-001/IP-P01320/2018-19/12009, having address at P1 Hyde Lane, 7th Floor, Suite-7B, Kolkata 700073, email: [email protected], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as mentioned under IBC. The IRP shall carry out functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. The fee payable to IRP/RP shall be compliant with Regulations, Circulars and Directions issued by the Insolvency Bankruptcy Board of India (IBBI) as may be applicable. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may ..... X X X X Extracts X X X X X X X X Extracts X X X X
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